Biomagnetics signs LOI to acquire Zhuhai Oil Energy

Biomagnetics Diagnostics, a medical device and biotechnology company, has signed a letter of intent (LOI) with Zhuhai Oil Energy Science and Technology, a producer of gasoline and diesel biofuel blends. Under the terms of the LOI, Biomagnetics will acquire all assets of Zhuhai, including the intellectual property for proprietary formulations for very low carbon footprint biofuel blends, future patents to be filed for these formulations, and rights to a previously signed three-year contract to supply this biofuel to an electricity power plant, also located in Guangdong, China. Biomagnetics and Zhuhai reportedly plan to file for both Chinese and international patents on these formulations, shortly after the closing of this proposed acquisition. (July 22, 2010)