Novadaq Technologies, Inc. to Release Fiscal 2008 Year-End and Fourth Quarter Financial Results on March 16-Conference Call to Follow

TORONTO, ONTARIO--(Marketwire - March 09, 2009) - Novadaq® Technologies Inc. (TSX: NDQ), a developer of real-time medical imaging and image guidance systems for the operating room, will announce its fiscal 2008 year-end and fourth quarter financial results prior to the market opening on Monday, March 16, 2009.

Novadaq is pleased to invite all interested parties to participate in a conference call on March 16 at 10:00 a.m. Eastern Time during which the results will be discussed.

Those wishing to access the live conference call by telephone should dial 1-877-407-0778 (within Canada and the United States) or 201-689-8565 (international callers) several minutes prior to the beginning of the call. A telephonic replay of the conference call will be made available until March 30, 2009 at midnight and can be accessed by dialing 1-877-660-6853 (within Canada and the United States) or 201-612-7415 (international callers) and entering the account number 286 and the conference identification number 316222 when prompted.

The call will also be webcast live and archived for 365 days on the company’s website at http://www.novadaq.com under the “Events” tab in the Investors section. In addition, a replay of the call will be available for download to a portable audio player or computer, as an MP3 or podcast file, at the same location on Novadaq’s website.

About Novadaq Technologies Inc.

Novadaq develops and commercializes real-time imaging and image guidance systems for use in the operating room. Novadaq’s SPY® Imaging System uniquely enables surgeons to visualize blood vessels, tumors, tumor margins, blood flow and the lymphatic system in real-time during surgery. This core technology is now being applied to and across multiple surgical markets such as cardiac, plastic and reconstructive, urological, general, micro and transplant. The PINPOINT™ System for endoscopic autofluorescence imaging is Novadaq’s first minimally invasive product. PINPOINT allows surgeons to differentiate between healthy and cancerous tissue in the lung and other hollow organs. Expanding its portfolio of minimally invasive products, Novadaq’s SPY2 scope combines the typical features of a standard endoscope with the capabilities of SPY imaging. The SPY2 scope may unlock the full potential of certain minimally invasive surgeries by effectively addressing the limited field of vision that has until now constrained surgeons. Novadaq also leverages its core technology to offer the OPTTX® System, which is designed for the diagnosis, evaluation and treatment of wet Age-related Macular Degeneration (AMD). Novadaq is the exclusive United States distributor of PLC Medical’s CO2 HEART LASER™ System, which is used in the same cardiac procedures as the SPY Imaging System. For more information, please visit the company’s website at http://www.novadaq.com.

Forward-Looking Statements

Certain statements included in this press release may be considered forward-looking. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on Novadaq’s current beliefs as well as assumptions made by and information currently available to Novadaq and relate to, among other things, results of future clinical tests of PINPOINT, SPY2 scope and the SPY Imaging System, anticipated financial performance, business prospects, strategies, regulatory developments, market acceptance and future commitments. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by Novadaq in its public securities filings actual events may differ materially from current expectations. Novadaq disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.