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(TM), 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(TM)."
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.
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