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Shanghai Demonstrations of Biofield Device Lead to MOU to Form Chinese JV with Biofield's Master Licensee.

HONG KONG & PHILADELPHIA -- Biofield Corp. (OTC:BZET) today reported that demonstrations of the Biofield Breast Diagnostic System (BDS) were recently conducted in Shanghai before Shanghai Jiashen Lifecare Investment Management Company Limited (CareLife) at the Shanghai International Medical Exchange Centre, a division under the Shanghai Municipal Health Bureau (SIMEC), a leading testing center in Shanghai for new medical technologies for China. Patients with known malign and benign tumors were tested; each time BDS accurately identified the nature of the tumor. A follow-up trip was arranged to train doctors and technicians closely related to SIMEC and to begin to collect data for studies in Shanghai, China's largest city considered the heart of China's medical community.

As result of the Shanghai demonstrations, the MacKay Group (MKG) has signed a memorandum of understanding (MOU) with Carelife's appointed agent, China International Medical Exchange Ltd (CIME), to form a joint venture in China with Carelife, anticipated to close in June 2008. MKG holds the exclusive worldwide distribution, development, and manufacturing rights with regard to BDS under to a master license agreement. Biofield will receive royalties on China sales. Carelife works with the Shanghai Municipal Health Bureau and leading Chinese medical testing centers, insurance companies, financial institutions, businesses (domestic and foreign), hospitals, and doctors to provide healthcare coverage for persons referred by banks and insurance companies in China and is setting up medical centers throughout China. One of Carelife's focuses is to provide health coverage for cancer. Carelife is also setting up an electronic data collection system to collect critical medical data to help early detection.

CareLife is discussing with insurance company and banking partners mandating at least 1 BDS test per year as part of its members' policy eligibility/renewal. The tests can be paid utilizing smartcards provided by MKG affiliate, Versa Card, Inc. (OTC:IGLB), which can also aid Carelife's data collection system by recording individual usage, medical history and other information. Given China's challenges with counterfeit or substandard medical technology, Carelife has also asked MKG to protect each of the BDS devices, 18 single-use sensors needed for each BDS test, and smartcards used to pay for each BDS test with a leading anti-counterfeiting technology. MKG has appointed True Product ID, Inc. (OCT:TPDI) as the exclusive provider for the anti-counterfeiting solutions for the Carelife joint venture, and TPDI has accepted the appointment and agrees to provide such anti-counterfeiting solutions.

About MacKay Group Limited:

MacKay Group Limited is a private corporation that pursues diverse and significant opportunities around the globe. It has a portfolio of investments in a variety of companies, ventures, and projects including those associated with advanced technology, healthcare, the financial sectors, sports, mining, port development, oil/gas, among others. MKG has gained the respect of government and industry leaders around the world. For more information go to:

About Biofield Corp.:

Biofield Corp. is a development-stage medical technology company that has developed a device to assist in detecting breast cancer in a non-invasive procedure. The Company's breast cancer diagnostic device, the Biofield Diagnostic System (BDS), employs single-use sensors designed by Biofield and a measurement device to detect and analyze changes associated with the development of epithelial cancers, such as breast cancer. The Biofield Diagnostic System takes multiple readings from an array of test points on the skin surface of the symptomatic breast and asymptomatic breast to measure differentials that may exist between test points. For more information go to:

SAFE HARBOR STATEMENT: This news release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that our products may not achieve customer acceptance or perform as intended, that we may be unable to obtain necessary financing to continue operations and development, and other risks. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements
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Comment:Shanghai Demonstrations of Biofield Device Lead to MOU to Form Chinese JV with Biofield's Master Licensee.
Publication:Business Wire
Geographic Code:9CHIN
Date:May 23, 2008
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