Biomagnetics Diagnostics Corp., (PINK SHEETS:BMGP - News) 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 Hubei Tianyuan Chemical Co., Ltd. of Yangxin Nacheng Chemical Industry Zone, located in Hubei Province, China. This expected acquisition is the third of several planned acquisitions targeted at a share price in excess of US $1.50 for Biomagnetics Diagnostics' common shares. Biomagnetics plans to rapidly transition the trading of its shares to the OTCBB.
“The use of DME as a fuel substitute is growing at a rapid pace within China. The Hubei Tianyuan Chemical plant is currently producing this product and is achieving significant revenue streams and growth, which will be fully integrated into our income statement”
Under the terms of the LOI, Biomagnetics will acquire all assets of Hubei Tianyuan Chemical, a manufacturer of the organic compound dimethyl ether (DME). DME is widely used in China as a substitute for propane used as fuel in household and industry applications.