VANCOUVER, BRITISH COLUMBIA--(Marketwire - December 07, 2010) - 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.
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.