Sep 10 2010
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, has filed a patent application for a unique formulation of biofuel created by the owner of Zhuhai Oil Energy Science and Technology Ltd. (“Zhuhai”), located in Guangdong Province, China.
Last month, Biomagnetics announced it had signed a Letter of Intent (LOI) with Zhuhai to acquire all assets of that company including the intellectual property for proprietary formulations of a very low carbon footprint bio-fuel blend.
“We are excited about the unique formulation of bio-fuel and our planned acquisition of the Zhuhai asset. We are also excited about our participation in the ‘Green Revolution’, occurring throughout China,” commented Clayton Hardman, CEO of Biomagnetics. “The Zhuhai low carbon footprint bio-fuel formulations significantly reduce particulate and carbon emissions while remaining cost competitive, a great combination for success in the bio-fuels industry,” continued Hardman.
“The situation in Guangdong is very different from other provinces. Environmental pressures are forcing a rapid change in electricity generation, with many of the Guangdong fuel oil power plants turning toward natural gas or cleaner burning fuel oils. Zhuhai has drawn interest from several companies with high fuel needs and is currently in negotiations with Foshan Ceramic Company to purchase 10,000 tons per month. With the patent filing, Zhuhai plans to prepare delivery of its bio-fuel product to buyers upon completion of the acquisition by Biomagnetics.” Clay Hardman advised, “We believe the acquisition of Zhuhai will bring Biomagnetics a significant high margin revenue stream and contribute significantly toward increasing shareholder value. We at Biomagnetics could not be more excited about our current future outlook as we move toward this closure and the closure of the other pending Chinese acquisitions.”