Biomagnetics Announces LOI to Acquire Lanzhou
New Sunshine Plastics Industry LTD Fourth
Chinese Asset Targeted at $1.50 BMGP Share
August 30, 2010 09:33 AM Eastern Daylight Time
SAN FRANCISCO--(EON: Enhanced Online News)--Biomagnetics Diagnostics Corp., (PINK SHEETS:BMGP)
a developer of revolutionary diagnostic systems and technology for HIV, hepatitis, tuberculosis and malaria
detection, and other innovative technologies, today announced the signing of a Letter of Intent (LOI) with Lanzhou
New Sunshine Plastics Industry LTD. This expected acquisition is the fourth planned acquisition targeted at a share
price of US $1.50 for Biomagnetics Diagnostics’ common shares.
Under the terms of the LOI, Biomagnetics will acquire all assets of New Sunshine Plastics manufacturing facility, and
issue 4,220,000 shares of Biomagnetics common stock. Biomagnetics intends to use this manufacturing facility to
house the equipment and technologies being acquired from Lanzhou Sanhuan New Technology Development Ltd. in
order to meet the strong and growing Chinese and worldwide demand for biodegradable PVA plastic film.
Clayton Hardman, President and CEO of Biomagnetics commented, “We originally planned to build a new
manufacturing plant to produce our PVA biodegradable plastic, but when this opportunity was presented, it was
obvious this would be our best course of action. By acquiring New Sunshine we will be able to avoid the time and
expense of new construction allowing us to begin producing this revolutionary biodegradable PVA plastic film much
sooner. There is clearly a huge demand for this product and considering the large contract we already have for this
plastic film, getting to the revenue production phase quicker will significantly benefit our Company and its
About Biomagnetics Diagnostics Corp.
Biomagnetics Diagnostics Corporation is an advanced medical device and biotechnology company and an acquirer
other innovative technologies. The Company is currently developing a wav