Urodynamix Enters Into Consulting Agreements
04 May 2011 - 9:37AM
Marketwired
Urodynamix Technologies Ltd. (TSX VENTURE: URO) ("Urodynamix" or
the "Company") is pleased to announce that it has entered into
consulting agreements with each of Jim Heppell and David Raffa,
pursuant to which Heppell and Raffa, through their respective
management companies, will provide all of the management services
necessary for overseeing the business and operations of the
Company. Each of the agreements provides for an annual consulting
fee of $60,000, and a potential bonus based on the EBITDA, if any,
produced by the Company.
With the sale of the medical device business now completed,
Heppell and Raffa have aggressively cut back on expenses and are
actively engaged in pursuing new business opportunities for the
Company. Announcements in this regard will be made as these
activities progress.
Steps have been commenced to schedule the 2011 Annual General
Meeting of the shareholders of the Company. The Company will
provide further particulars when the meeting and agenda have been
finalized.
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. Jim Heppell Chief
Executive Officer Jheppell@lionscapital.com www.urodynamix.com
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