Biomagnetics Diagnostics, US-based developer of revolutionary diagnostic systems and technology for HIV, hepatitis, tuberculosis and malaria detection, and other innovative technologies, has announced its formal signing of a merger agreement between Biomagnetics Diagnostics and China-based 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.
Biomagnetics has signed a formal merger agreement with Hubei Tianyuan Chemical, with a closing date set for September 30, 2010. This merger brings $42 million in assets, including land to expand, when necessary, to meet future production levels to fill anticipated market demands.
Clayton Hardman, president of Biomagnetics states, “This merger is the king pin to our marketing and manufacturing of bio-fuels. With their existing foundations and similar vision, we have dramatically reduced our lead time to market and revenue streams.”
Clayton continues, “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.Our team is currently traveling to Fuzhou, China to meet with potential customers for the Hubei Chemical’s existing product line and our newly added bio-fuels.