HONG KONG--(BUSINESS WIRE)--Biofield Corp. (OTC:BZEC) today reported that the closing documents were executed at the June 16 signing ceremony for the new Chinese national healthcare JV arranged by James MacKay and the MacKay Group -- Worldwide Lifecare Limited (the Carelife JV) -- which will provide Biofield’s Breast Cancer technology and other comprehensive medical technology and services in China.

The Carelife JV will open a network across China of medical clinic centers, call centers and data centers for R&D. The first medical clinic center will open in October 2008 at Carelife’s China Headquarters in Shanghai. In partnership with China’s National Labor Union and funded with an investment by Chinese Government and others of approximately US$363 million, the Carelife JV will open more than 500 medical clinic centers across China before 2012 at different Labor Union centers covering 60% of China’s urban population. This national network will be part of China’s national healthcare program to instill best healthcare management practices and to address critical problems related to its aging population. China’s top insurance companies (China Life Insurance and Ping An Insurance) and top bank, China Industrial Commercial Bank, have agreed to refer subscribers, employees, and clients to join the Carelife network.

The Carelife JV will provide Biofield’s BDS technology, among others, through this national 500+ medical clinic center network. The medical clinic centers will also introduce BDS to hospitals and government-owned medical care units for China’s general population. Carelife’s target diagnostic penetration rate in urban China is 20% - representing at least 25 million diagnoses per year by 2012. As previously announced, the MacKay Group has agreed to vend back its master license into Biofield. The Carelife JV will also help arrange for the BDS device to be manufactured in China.

This National Healthcare Network will also provide its members the latest smartcard and anti-counterfeiting technology from Versa Card Inc. (OTC:IGLB.OB) and True Product ID, Inc. (OTC:TPID). Versa Card’s medical smartcards will allow Carelife members to make membership, healthcare-related and other payments and will also provide an electronic data base for members’ medical records and history. TPID’s S-DNA and KMACK technology will protect members’ medical smartcards as well as the medical devices, sensors and other products provided to members against the counterfeiting and substandard quality epidemic in China.

In response to the critical demand in China for quality elderly healthcare, the Carelife JV will also develop the first medical and elderly care integrated community in China. The exclusive community will be set up on a 450 acre site in Shanghai and will provide housing, a resort and a medical center for the elderly and their families in China. China looks for this project to be the model solution for its aging population which can be replicated across China. The communities will act as a gateway to introduce the latest medical technology to China and provide valuable medical information. These exclusive communities hope to attract clientele not just in China but from other parts of Asia and the world.

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: www.themackaygroup.net.

About Biofield Corp.

Biofield Corp. is a developmental stage medical technology company that has developed the Biofield Diagnostic System (BDS), a device for detecting breast cancer in a non-invasive procedure. 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. For more information go to: www.biofield.com.

SAFE HARBOR STATEMENT: This news release contains "forward-looking statements" made pursuant to the safe harbor provisions of the 1995 Private Securities Litigation Reform Act. "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." Such statements are subject to 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