Yes joseygnacyo, but that cubesat attitude stabilization system proposed by you has a few catches, the most important being that you can not really control well the orientation in space of the satellite. It will still spin and try to align to the earth's magnetic lines of force. Because the cubesat moves around the planet quickly, an always changing force will act on it which will result in a complicated behavior of oscillations.
The cubesat do not stay one hour in a place to have enough time to align with the local magnetic line of force."
Passive Magnetic Attitude Stabilization SystemPrice: 4500 Euro

- Cubesat Passive Magnetic Attitude Stabilization System from ISIS. Price 4500 Euro.
- Cubesat Passive Magnetic Attitude Stabilization System.JPG (5.77 KiB) Viewed 1850 times
OverviewThe Passive Magnetic Attitude Stabilization System (PMASS) provides attitude stabilization and motion damping for CubeSats. After deployment of the satellite the PMASS will enforce a semi-fixed attitude with respect to the local geomagnetic field.
By using a permanent magnet and two orthogonal hysteresis rods only, there is no need for any peripheral subsystems and is 100% stand-alone. As such,
the PMASS system is a highly reliable attitude control solution, as long as there are no requirements on the specific orientation of the satellite.
Features Extremely simple and reliable system
Cheapest solution for attitude control No software, no electronics, no power use
1 permanent magnet aligned to Z-axis to lock CubeSat on the Earth magnetic field.
2 hysteresis rods aligned to X- and Y- axis to dissipate kinetic (rotational) energy through the magnetic hysteresis effect.
Standard PC/104 form factor PCB
Fits between two boards of the CubeSat
Design based on Heritage from the Delfi-C3 satellite (2008)
Compatible with ISIS and CubeSatShop products
Compliant to latest CubeSat standard
Available options Custom form factor PCB
Parts only, with mounting provisions for integrations by customer
Product Properties Mass (depends on configuration): 60 to 90g Form Factor: PC/104 format PCB
Stacking Height: < 15 mm
Thermal range: -50 to +100°C"
Source:
http://www.cubesatshop.com