Press Release: Source Biomagnetics Diagnostics Corporation

Biomagnetics Technological Review Monday March 03, 6:00 AM ET

ORANGEVALE, Calif.--(BUSINESS WIRE)-March 03, 2008--Biomagnetics Diagnostics Corp. (OTC: BMGP - News) a statement from the president of Biomagnetics Diagnostics Corp., Clayton M. Hardman. Broadening our product line and opening up more markets.

Our approach to expanding the market is simple; add additional assays and enter additional markets (countries).

The Company has also applied for a patent, for a new diagnostic system designed for multi-analyte testing for blood banks titled "SYSTEM AND METHOD FOR DETECTING SPECIFIC BINDING REACTIONS USING MAGNETIC LABELS." This technology uses a combination of opposing magnetic fields and light refraction.

Blood banks receive and test approximately 14 million units of blood annually. Each unit is tested for 9 infectious diseases totaling 126 million diagnostics tests. We hope to bring this new system to market in 2009. The costs of performing these diagnostics including assays, staffing and general overhead which exceeds all revenues. Our system will perform all 9 required tests in a single assay, thus substantially reducing the costs blood banks will incur.

Generally speaking all blood banks operate in the red. We believe our new system will save 30 to 40 percent on blood diagnostics and turn their red into black overnight.

About Biomagnetics Diagnostics Corporation

Biomagnetics Diagnostics Corporation, through its wholly owned subsidiary, Biospectrum Technologies, Inc., a company that has designed and patented revolutionary diagnostic equipment and immunoassays, will identify market inadequacies and fill those needs with new technologies, and highly specific and sensitive assays that are qualitative (yes/no) and quantitative (viral load/degree of infection), easily performed and cost effective.

For more information please visit: www.biomagneticsbmgp.com

Forward-Looking Statement

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.

Contact: Paul Hardman, (916) 987-7078
Source: BioMag Corp.