Urodynamix Closes Definitive Agreement for Sale of NIRS Business to HEGLN (Dalian) Pharmaceuticals Inc.
08 December 2010 - 1:30AM
Marketwired
Urodynamix Technologies Ltd. (TSX VENTURE: URO) ("Urodynamix" or
the "Company") announces today that it has closed the transaction
with HEGLN (Dalian) Pharmaceuticals Inc. ("HEGLN") for the sale of
the majority of its assets. As part of the final negotiations for
completing the transaction, Urodynamix entered into a license
termination agreement with the University of British Columbia and
an early termination agreement with the National Research Council
of Canada.
According to the asset purchase agreement with HEGLN made as of
July 2, 2010, Urodynamix received a deposit representing 10% of the
$2.1 million purchase price in September and a further 40% of the
purchase price on closing. The Company will receive 30% of the
purchase price upon transfer of the physical assets and tooling,
and the final 20% upon transfer of manufacturing know-how. The
transfer of physical assets, tooling and manufacturing know-how is
expected to be completed prior to year-end.
"Management and the Board of Directors are actively pursuing
strategic alternatives for the Company post transaction to maximize
shareholder value," said Barry Allen, President and CEO of
Urodynamix.
Forward-looking Statements:
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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Urodynamix Technologies Ltd. Barry Allen President and
Chief Executive Officer (604) 638 0241 ballen@urodynamix.com
www.urodynamix.com
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