VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 08, 2010) - Urodynamix Technologies Ltd. (TSX VENTURE: URO) ("Urodynamix" or the "Company") announces today that it has signed a definitive agreement with HEGLN (Dalian) for the sale of the majority of its assets for CAD$2,100,000. HEGLN is a leading Chinese biotechnology company. The acquisition of the Urodynamix assets will allow HEGLN to expand its product offering in its domestic and worldwide markets.
"As described in the press release dated December 9, 2009, the Company has been investigating strategic initiatives to maximize shareholder value in light of the previously announced changes in US reimbursement for its uroNIRS products," said Barry Allen, President and CEO of Urodynamix. "This transaction will also insure that this valuable technology will continue to be available worldwide."
"We are excited by the opportunity to acquire such valuable technology. We will continue to work with our network of researchers, contractors and distributors to further develop and market the uroNIRS products worldwide," said Zhe Qin, President of HEGLN.
This agreement is subject to the approval of the University of British Columbia, the National Research Council of Canada, and the Company's shareholders. Further information and details will be available in the Company's information circular, which will be mailed to shareholders shortly. Shareholder approval will be sought at the Company's Annual General and Special Meeting to be held prior to August 30th, 2010.
Following closing, the transaction, Urodynamix management will evaluate alternatives to maximize shareholder value and will provide updates as they become available.
Urodynamix 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, erectile dysfunction, prostate cancer, benign prostatic hyperplasia, and traumatic increased 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.
About HEGLN (Dalian)
HEGLN (Dalian) Pharmaceutical Co., Ltd. is located in Dalian, China. The company is one of the leading medical product companies in the Northeastern China. HEGLN employs over 1,000 employees, with more than 200 R&D staff. The company has successfully commercialized forty-five proprietary products, and has a research pipeline of over thirty proprietary products. HEGLN is ISO certified and US FDA compliant.
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.