Biomagnetics Prepares to File Form 10

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SAN FRANCISCO--(BUSINESS WIRE)-- Biomagnetics Diagnostics Corp., (PINK SHEETS:BMGP - News) a developer of revolutionary diagnostic systems and technology for HIV, hepatitis, tuberculosis, Cholera and malaria detection, and other innovative technologies, today announced the Company has prepared form 10 to file with the Securities and Exchange Commission.

Clayton Hardman, CEO of Biomagnetics Diagnostics Corp. states, “Our SEC attorney has completed the necessary application and sent it to Bob Beers at Seale & Beers, CPA’s. As part of SEC regulations, two years of audited financials is required, Seale and Beers, our former auditors will verify that the financials presented in the Form 10 represent a true validation of the audit they performed.”

Mr. Hardman continues, “We have worked very hard to get to this point and look forward to becoming fully reporting and continue meeting our 2011 goals.”

About Biomagnetics Diagnostics Corp.

Biomagnetics Diagnostics Corporation is an advanced medical device and biotechnology company and an acquirer of other innovative technologies. The Company is currently developing a waveguide-based advanced integrated optical biosensor through its cooperative research and development agreement with Los Alamos National Security, LLC, which will initially be used for cholera, tuberculosis and malaria diagnosis. More information on Biomagnetics Diagnostics Corp. can be seen at www.biomagneticsbmgp.com.