Biomagnetics Diagnostics has signed the formal merger agreement and all necessary governmental approvals are expected to be completed mid-week.

Biomagnetics CEO Clayton Hardman said that they have selected the Zhuhai merger for early closure for several reasons, the most important of which is the near-term revenue opportunity this provides to Biomagnetics.

“We believe Biomagnetics and our partner, Zhuhai Energy and Science Technology, can be important participants in this dynamic shift in the world’s fastest-growing major economy,” Hardman said.

“We have been working diligently to set up our wholly owned Chinese business entity and we have already received governmental approval for this new Chinese company, which has been named Zhuhai Biomagnetics New Energy Science and Technology.”