Healthcare Industry News: Novadaq Technologies
News Release - May 3, 2007
Xillix Completes Sale to NovadaqRICHMOND, BC, May 3 (Healthcare Sales & Marketing Network) - Xillix Technologies Corp. (TSX: XLX ) today announced that it has completed the sale of certain business assets, including its intellectual property, certain capital assets and inventory, to Novadaq Technologies Inc. of Toronto, Ontario. In exchange for these assets, Novadaq has paid consideration in the amount of CDN $3,000,000, of which $1,075,000 was paid in cash and CDN $1,925,000 was satisfied by the issuance of 224,883 common shares of Novadaq.
The sale to Novadaq was approved by the British Columbia Supreme Court (the "Court") on May 1, 2007, at which time the Court also extended the protection provided to the Company under the Companies' Creditors Arrangement Act until June 4, 2007. This extension, together with the continuation of the forbearance arrangements between the Company and its secured creditor, provides management of the Company with more time to develop and implement a reorganization plan.
"Statements contained in this document which are not based on historical fact, including without limitation, statements containing the words "may", "will", "plans", "intends", "expects", "anticipates", "believes", "estimate", "continue" and similar expressions, constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements contained in this document may involve, but are not limited to, statements relating to the Company's objectives, priorities, strategies, actions, targets, expectations and outlook. Forward-looking statements are necessarily based upon assumptions and predictions with respect to the future, including but not limited to the factors referred to below. As a result, forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied thereby. These risks, uncertainties and other factors include, but are not limited to the factors referred to in the Company's Annual Information Form dated March 28, 2006 and its other filings with the applicable Canadian securities regulatory authorities. In light of these uncertainties, assumptions and risks, readers are cautioned not to place undue reliance on such forward-looking statements, and the Company assumes no obligation to update or revise such information to reflect later events or developments, except as required by law."
Source: Xillix Technologies
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