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Updated: July 8th, 2008 05:26 PM CDT

Novadaq Announces Health Canada Approval of LUNA for Urological Procedures

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This press release contains certain information that may constitute forward-looking information within the meaning of securities laws. In somecases, 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, commercialization plans and strategies, research and development activities, projected costs and capital expenditures, financial results, research and clinical testing outcomes, taxes and plans and objectives of or involving Novadaq. Withoutlimitation information regarding future sales and marketing activities, SPYSystem placement targets and utilization rates, the implementation of are imbursement code for the SPY System, future revenues and research and development activities and future commercialization strategies, as well as the Company's plans for each of the SPY System, the OPTTX System and LUNA, 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 effect of a recommended reimbursement code for the SPY System, the clinical results of the use of the SPY System, the results from clinical tests of the OPTTX System and LUNA, 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 thetransition from research and development activities to commercial activities, market acceptance and adoption of the SPY System, the OPTTX System and LUNA, the risk that a recommended reimbursement code will not be fully implemented or that it will not affect acceptance of the SPY System, risks related to third party contractual performance, dependence on key suppliers forcomponents of the SPY System, the OPTTX System and LUNA, 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.

This press release was prepared by management from information available to December 12, 2006 .


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