Biomagnetics Diagnostics, a company that has designed and patented diagnostic equipment and immunoassays, headquartered at Orangevale, California announced that it is sending a representative to China to meet with Government sponsored fund managers overseeing the development of Chinese based high-tech companies. On the table is a joint venture to further develop and market Biomagnetic’s proprietary technology through a separate Chinese based public company which would be partially owned by Biomagnetics and its shareholders.
Mr Clayton Hardman, President and CEO of Biomagnetics Diagnostics, said, “We are very interested in this new program the Chinese government is setting up; it falls within our international corporate development strategy. To pursue this and other Asian opportunities we will be forming a separate Chinese Corporation (a subsidiary of Biomagnetics Diagnostics) to establish a functioning presence in China. It is our intention to apply to the Shenzhen or Hong Kong stock exchange for trading of the new company’s shares, and if successful, distribute a portion of Biomagnetics’ shares in the new company to our shareholders through a spin off stock dividend (subject to market conditions, successful completion of the project and conformity with SEC Regulations).”
Mr Hardman also noted that the previously announced negotiations to purchase an interest in Tianjin Automatic Science & Instrument would be further enhanced by the creation of the new subsidiary. Tianjin Auto Science has been in business for over 15 years. By acquiring an interest in Tianjin Auto Science, Biomagnetics Diagnostics will gain access to over 1,250 distributors, a laboratory client base of 10,000 and skilled manufacturing in the business community's most exciting markets.
Biomagnetics has patented a diagnostic system that will detect the presence of any pathogen (including HIV) and delivers test results in minutes at a fraction of the cost of other testing alternatives. It also defines its markets for the first line of products as public, private laboratories and blood banks. The Chinese deal is an important part of the world marketing plan for Biomagnetics; the world market size for manufacturing alone is $25 billion and the US retail market is $37 billion.