Urodynamix Technologies Ltd.

Urodynamix Technologies Ltd.

May 03, 2011 19:37 ET

Urodynamix Enters Into Consulting Agreements

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 3, 2011) - Urodynamix Technologies Ltd. (TSX VENTURE:URO) ("Urodynamix" or the "Company") is pleased to announce that it has entered into consulting agreements with each of Jim Heppell and David Raffa, pursuant to which Heppell and Raffa, through their respective management companies, will provide all of the management services necessary for overseeing the business and operations of the Company. Each of the agreements provides for an annual consulting fee of $60,000, and a potential bonus based on the EBITDA, if any, produced by the Company.

With the sale of the medical device business now completed, Heppell and Raffa have aggressively cut back on expenses and are actively engaged in pursuing new business opportunities for the Company. Announcements in this regard will be made as these activities progress.

Steps have been commenced to schedule the 2011 Annual General Meeting of the shareholders of the Company. The Company will provide further particulars when the meeting and agenda have been finalized.

Forward-looking Statements:

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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