The initial order is valued in excess of $2m, but is expected to grow as manufacturing capabilities increase and as the company acquires additional credit.

In July 2010, Biomagnetics acquired all assets of Lanzhou New Sunshine Plastic Manufacturing facility.

In addition to the assets of Lanzhou, Biomagnetics will inherit an ongoing contract for plastic film products for a minimum of two years and the initial order will represent the first shipment against this contract.

Biomagnetics CEO Clayton Hardman said that they are excited to announce this event in the life of their company whereas they have decided to spin off the recently acquired bio-fuel assets and plan to operate Lanzhou in order to capitalise on the demand that exists within China.