Don't think so:

http://www.bedini.com/

Bedini's guff mentions "electromagnetic beams" (which could mean he has torch bulbs in there), as opposed to demagnetising.

One of Mr. Bedini's other claims to fame is the devising of perpetual motion machines, which gives you some idea of the trustworthiness of his ideas. He has even patented some, getting round the USPTO's instructions to its examiners to refuse all such patent applications by heavily disguising them and naturally never using anywhere the words "perpetual" and "motion".