Urodynamix Technologies Ltd. To Evaluate Strategic Alternatives
10 December 2009 - 1:30AM
Marketwired
Urodynamix Technologies Ltd. (TSX VENTURE: URO) today announces
that its Board of Directors has initiated a process to review
strategic alternatives including the sale of part of or all of the
Company's assets. In addition, in light of recent changes to US
reimbursement (CPT Codes) and its impact on the future US sales of
uroNIRS(TM), the Company has taken steps to enhance shareholder
value by further reducing expenditures and headcount in all
departments to the minimum required to support the uroNIRS bladder
products and their worldwide customers and distribution partners.
The Company will continue to support the uroNIRS bladder products
including manufacturing capabilities, sales, technical and clinical
support. "The Board of Directors and management team are committed
to maximizing value for our shareholders" said Barry Allen,
President and Chief Executive Officer. "We believe this is the
right time for us to explore our strategic alternatives to maximize
the value our investment in our technology platform including
uroNIRS(TM)."
The Company does not intend to disclose developments with
respect to the strategic review process unless and until the Board
of Directors has approved a definitive transaction or strategic
option, unless otherwise required by law.
About Urodynamix Technologies Ltd.
Urodynamix Technologies Ltd. is a Canadian medical device
company developing and commercializing non-invasive medical
technology based on proprietary applications of near-infrared
spectroscopy (NIRS). The Company is currently focused on products
that aid in the diagnosis and treatment of urinary incontinence,
lower urinary tract symptoms, prostate cancer, benign prostatic
hyperplasia, and traumatic increases in intra-abdominal pressure
that cause abdominal compartment syndrome. Urodynamix's
breakthrough medical technology has the potential to beneficially
affect more than 200 million people worldwide.
Certain information contained in this press release may be
forward-looking and is subject to unknown risks, which could cause
actual results to differ materially from those set forth or implied
herein. Although the Company believes that the expectations
reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove correct.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Urodynamix Technologies Ltd. Jonathan Jackson, CA
Chief Financial Officer (604) 638-0248 jjackson@urodynamix.com
www.urodynamix.com
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