VANCOUVER, BRITISH COLUMBIA--(Marketwire - December 09, 2009) - 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™, 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™."
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.