Novadaq Technologies Inc.
TSX : NDQ

Novadaq Technologies Inc.

August 23, 2006 09:00 ET

Novadaq Hires Divisional Vice President of Sales, Cardiac

TORONTO, ONTARIO--(Marketwire - Aug. 23, 2006) - Novadaq® Technologies Inc. (TSX:NDQ), a developer of medical imaging systems for the operating room, today announced that it has hired Jack Randle as Divisional Vice President, Sales of its Cardiac Surgery Business to further enhance the commercialization of the SPY® System for open-heart surgery.

"Jack brings with him a wealth of experience and a track record of achieving sales objectives through innovative thinking and a unique management style," said Dr. Arun Menawat, President and Chief Executive Officer of Novadaq Technologies Inc. "His addition to Novadaq will help to drive the adoption of the SPY System as a standard of care in cardiac surgery."

Jack Randle joins Novadaq Technologies Inc. from Toshiba America Medical Systems, where he served as Director of Ultrasound Clinical Sales for the United States. Mr. Randle also worked with General Electric Healthcare, Philips Medical Systems and Dow Chemical. Mr. Randle brings a diverse background in the sales of medical equipment and a history of achieving significant revenue, profitability, market share penetration and process improvement objectives. Mr. Randle holds a Bachelor of Science in Business Communications from Ohio University.

About Novadaq Technologies

Novadaq Technologies Inc. (TSX:NDQ) develops and commercializes medical devices based on its proprietary imaging platform for the diagnosis and treatment of human vascular, ophthalmic, and neurologic diseases and conditions. Novadaq's SPY Intra-operative Imaging System, commercially available worldwide, enables cardiac surgeons to visually assess coronary vasculature and bypass graft functionality during the course of open-heart bypass surgery. Novadaq's ophthalmic product, the OPTTX® System, is aimed at the diagnosis, evaluation and treatment of wet Age-related Macular Degeneration (AMD) by using the same core imaging technology that is used in the SPY System. Novadaq filed for a CE Mark for the OPTTX System at the end of Q2 2006 and expects a limited launch in Europe by year end. Novadaq's product for nerve visualization in prostate surgery, LUNA™ is designed to enable surgeons to visualize nerve bundles during the course of radical prostatectomy in order to reduce negative outcomes including impotency. For more information, please visit the Company's website at www.novadaq.com.

This press release contains certain information that may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Forward-looking information may relate to management's future outlook and anticipated events or results, and may include statements or information regarding the future financial position, business strategy and strategic goals, research and development activities, projected costs and capital expenditures, financial results, research and clinical testing outcomes, and plans and objectives of or involving Novadaq. Particularly, information regarding future sales and marketing activities, future revenues and research and development activities, expectations for regulatory approval and commercial launch of the OPTTX System, as well as the Company's plans for each of the SPY, OPTTX and Luna Systems, is forward-looking information.

Forward-looking information is based on certain factors and assumptions regarding, among other things, market acceptance and the rate of market penetration of Novadaq's SPY System, the clinical results of the use of the SPY System, the results from clinical tests of the OPTTX System, the likelihood of regulatory approval in Europe for the OPTTX System, and potential opportunities in the AMD treatment market, and potential opportunities in image guided conventional and minimally invasive urological applications including nerve-sparing radical prostatectomy. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what we currently expect. These factors include risks relating to the transition from research and development activities to commercial activities, market acceptance and adoption of the SPY System, dependence on key suppliers for components of the SPY System and the OPTTX System, regulatory and clinical risks, risks relating to the protection of intellectual property, risks inherent in the conduct of research and development activities, including the risk of unfavorable or inconclusive clinical trial outcomes, potential product liability, competition and the risks posed by potential technological advances, and risks relating to fluctuations in the exchange rate between the US dollar and the Canadian dollar.

You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Novadaq may elect to, Novadaq is under no obligation and does not undertake to update this information at any particular time.

For further information visit our website at www.novadaq.com.

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