Dec 6 2010
Biomagnetics Diagnostics Corp., (PINK SHEETS: BMGP) a developer of revolutionary diagnostic systems and technology for HIV, hepatitis, tuberculosis and malaria detection, and other innovative technologies, today announced the Company has established Zhuhai Energy Science and Technology, LTD as a wholly owned subsidiary that will contain all of the polyvinyl acetate (PVA) production assets recently purchased by Biomagnetics as part of its acquisition of Zhuhai Energy Science and Technology.
Biomagnetics recently purchased Zhuhai Energy Science and Technology in September of this year.
Additionally, Biomagnetics and its new wholly owned subsidiary also announced today they will form a new product display showcase warehouse in a tax free zone located on mainland China. The site of the new product display warehouse is in a prime location that enables the Company to enjoy the benefits of a tax free zone while also being near regional business hubs such as Hong Kong and Macau. Importantly, this will enable a significant number of manufacturers with various interests in the creation of PVA based products to easily view the Company´s production capabilities and various raw PVA finished goods. Zhuhai Energy Science and Technology owns all patent rights that were issued in 2008 for the equipment required to manufacture the Bio-Degradable PVA film.
Clayton Hardman, CEO of Biomagnetics commented, "The opening of our new PVA display facility, scheduled for the 1 st quarter of 2011, is tailored toward the needs and interests of worldwide users of plastic film and is a great success for Biomagnetics. We expect this will in turn lead to increased opportunities and business contracts to work with global product suppliers as we are seeing huge demand for biodegradable PVA plastics as China and other countries continue to `turn green´."
Hardman continued, "PVA based products continue to gain traction worldwide as an environmentally friendly option that holds the promise of significantly reducing pollution. We here at Biomagnetics are very pleased to be able to introduce to the world Zhuhai Energy Science and Technology´s revolutionary biodegradable plastic film that we believe will meet the demand for large quantity, low-cost supplies of PVA material for the consumer goods market."
Source: http://www.biomagneticsbmgp.com/