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Biomagnetics, Hubei Tianyuan Chemical sign merger agreement

Biomagnetics Diagnostics, a developer of diagnostic systems and technology for HIV, hepatitis, tuberculosis and malaria detection, has completed formal signing of a merger agreement with Hubei Tianyuan Chemical with a closing date set for 30 September 2010.

The merger brings $42m in assets to Biomagnetics, including land to expand, when necessary, to meet future production levels to fill anticipated market demands.

Biomagnetics president Clayton Hardman said that this merger is the king pin to their marketing and manufacturing of Bio-Fuels and with their existing foundations and similar vision they have dramatically reduced their lead time to market and revenue streams.

“Doing business overseas has always been a stressful experience, but the experienced management staff Chairman Yu has assembled will provide strength and stability in moving forward,” Clayton said.