Novadaq Technologies Inc.

Novadaq Technologies Inc.

May 12, 2008 09:00 ET

Novadaq Appoints John T. Reidy Chief Financial Officer

TORONTO, ONTARIO—-(Marketwire – May 12, 2008) - Novadaq® Technologies Inc. (TSX:NDQ), a developer of real-time imaging and image guidance systems for use in the operating room, today announced that John T. Reidy, has been appointed Chief Financial Officer of Novadaq Technologies Inc., assuming the role on June 1, 2008. Novadaq also announced today that Roger Deck, current Chief Financial Officer, will move to a senior business management role within the Company and will work closely with Dr. Rick Mangat, Novadaq VP and General Manager, to further strengthen operating activities of the business.

Mr. Reidy joins Novadaq with more than twenty years of financial management experience. Prior to his appointment at Novadaq and since 2004, Mr. Reidy led the finance department at GE Healthcare Canada where he served as Country Financial Officer and was responsible for a portfolio of business units. Between 1998 and 2004, Mr. Reidy held the position of Head of Risk Management and Operational Review for Amersham, PLC a United Kingdom (U.K.) multinational $2 Billion diagnostics and life sciences company listed in both the U.K. and United States. Throughout his career, Mr. Reidy has held various executive financial management positions with other companies including NCR. Mr. Reidy holds an M.B.A. from the Manchester Business School in Manchester and accounting designations in both the U.K. and Canada.

"John is a veteran of the healthcare and IT industries and is a perfect addition to Novadaq's executive team, as his wealth of experience will further strengthen our collective knowledge and capabilities," said Dr. Arun Menawat, President and CEO of Novadaq Technologies Inc. "I am also excited to have Roger in his new role, as he has made significant contributions during his tenure at Novadaq."

About Novadaq Technologies

Novadaq Technologies Inc. commercializes real-time imaging and image guidance systems for use in the operating room. With one set of proprietary core technologies, Novadaq's products have multiple applications. Novadaq's SPY® System enables cardiac surgeons to diagnose intra-operatively by visually assessing coronary vasculature and bypass graft functionality during the course of heart bypass surgery. The SPY System is also indicated for use during other surgeries, such as cardiovascular, plastic, reconstructive, organ transplant and urological procedures. SPY can be used to visualize blood vessels, tumors, tumor margins and the lymphatic system. Novadaq introduced PINPOINT™, its first minimally invasive imaging system for autofluorescence in October 2007. PINPOINT™ allows surgeons to differentiate between healthy and cancerous tissue in the lung and other hollow organs. Further expanding its portfolio of minimally invasive products, Novadaq is developing SPYscope which combines the typical features of a standard endoscope with the additional capabilities of SPY imaging. Novadaq is the exclusive United States distributor of PLC Medical's CO2 HEART LASER System, used in the same cardiac procedures as the SPY System. Novadaq also offers the OPTTX® System, which leverages the company1s core imaging technology and is designed for the diagnosis, evaluation and treatment of wet Age-related Macular Degeneration (AMD). For more information, please visit the company's website at

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 and the SPY 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.

Contact Information