Toronto, Ontario - January 3, 2012- 

Novadaq® Technologies Inc. (TSX: NDQ), a developer of real-time imaging systems for use in the operating room,MAQUET Cardiovascular, a leader in providing innovative products for cardiac surgery, vascular interventioncardiac support, announced today that the companies have signed an agreement naming MAQUET Cardiovascular as the exclusive distributor of Novadaq's CO2 Heart Laser™ Systemsprocedure kits in the United States (U.S.).

The CO2 Heart Laser System for Transmyocardial Revascularization (TMR) is indicated for use in patients suffering from severe angina that is not amenable to traditional medical or coronary revascularization therapies. During the TMR procedure, the CO2 Heart Laser creates small channels in the heart tissue which stimulate improvements in blood flow to regions of the heart.

"This distribution agreement with Novadaq for the CO2 Heart Laser fits well into MAQUET's current portfolio of cardiac surgery productsallows us to provide our customers additional therapies to meet their patients' needs," said Raoul Quintero, President, U.S. SalesService Organization, MAQUET Medical Systems. "Being able to strategically augment our product portfolio through distribution agreements such as these allows us to ensure we are constantly providing the most innovative technologies to the physicianspatients we serve."

"The alliance with MAQUET represents Novadaq's fourth commercial agreement with a market leader," added Dr. Arun Menawat, PresidentCEO, Novadaq. "We are excited that the CO2 Heart Laser will now be sold in the U.S. by the industry's largest specialized cardiac surgery sales force,we look forward to continuing to support our customers' service requirements."

Information About MAQUET
As a trusted partner for hospitalsclinicians since 1838, MAQUET is a global leader in medical systems that advance surgical interventions, cardiovascular procedurescritical care. MAQUET developsdesigns innovative productstherapeutic applications for the operating room, hybrid OR/cath lab, intensive care unitpatient transport within acute care hospitals, improving outcomesquality of life for patients.

Cardiovascular specialties include intra-aortic balloon counterpulsation (IABC) therapy for cardiac assist, coronary artery bypass surgery, aorticperipheral vascular surgery,extracorporeal circulation.

The Critical Care portfolio includes market-leading intensive care ventilatorsanesthesia machines.

MAQUET also equips Surgical Workplaces with critical infrastructure such as flexible room design for ORICU, OR tables, lightsceiling supply units,OR integration for image data management.
MAQUET is a subsidiary of the publicly listed Swedish Getinge Group. In 2010, Maquet generated nearly half of the Group's annual revenue of 2.3 billion Euros. The Getinge Group has more than 12,000 employees worldwide, including around 5,000 MAQUET employees in 36 international salesservice organizations, as well as a network of more than 250 sales representatives. For more information please visit .

MAQUET - The Gold Standard.

About Novadaq Technologies Inc.
Novadaq Technologies developsmarkets real-time fluorescence imaging technologies for use in the operating room. The Company's core technology platform, SPY imaging, provides clinically relevant, anatomicphysiologic images during a wide variety of complex openminimally invasive surgical ("MIS") procedures. SPY empowers surgeons treating life-threatening illnesses such as breast, colonother cancerscardiovascular disease to more effectively treat vascular blockagesassess tissue perfusion. More than 40 peer-reviewed publications demonstrate that SPY imaging leads to fewer post-operative complicationsreduced hospital costs. The SPY imaging System is cleared by the United States FoodDrug Administration ("FDA") for real-time use during openMIS surgical procedures. The endoscopic SPY System combines all of the capabilities of SPY imaging with state-of-the-art high definition ("HD") visible light visualization offered by conventional endoscopes. Novadaq announced its first alliance with Intuitive Surgical®, Inc., in January 2009, to integrate SPY Imaging into the 3-D HD imaging capabilities of the da Vinci® Surgical Robotic System. The integrated system received FDA 510(k) clearance to market in February 2011. In addition, in September 2010, Novadaq entered into an exclusive North American salesmarketing alliance with LifeCell™ Corporation, a Kinetic Concepts ("KCI"), Inc. Company, for SPY in open plasticreconstructive, gastrointestinalheadneck surgery. On November 30, 2011, Novadaq signed exclusive, multi-year salesmarketing agreements with Kinetic Concepts, Inc. (KCI),its LifeCell business unit, for the commercialization of Novadaq's SPY® System in additional surgicalwound care applications. Novadaq's cardiac surgery products include the SPY imaging for cardiac applications, marketed through a direct sales team,the CO2 Heart Laser™ System, distributed by MAQUET Cardiovascular. For more information, please visit the Companies' websites at http://www.novadaq.comhttp://www.maquet.com.

Forward-Looking Statements
Certain statements included in this press release may be considered forward-looking. Such statements involve knownunknown risks, uncertaintiesother factors that may cause actual results, performance or achievements to be materially different from those implied by such statements,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 byinformation currently available to Novadaqrelate to, among other things, results of future clinical tests of PINPOINT endoscopic technology, autofluorescence technologythe SPY Imaging System, anticipated financial performance, business prospects, strategies, regulatory developments, market acceptancefuture 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 risksuncertainties, including the risksuncertainties 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.
Note: LifeCellTM Corporation is a business unittrademark of Kinetic Concepts, Inc. Intuitive Surgicalda Vinci are registered trademarks of Intuitive Surgical.

Contacts: 

InvestorMedia Relations Contacts

David C. Martin
Vice President, Business DevelopmentInvestor Relations
Novadaq Technologies Inc.
905-629-3822 ext: 218
dmartin@novadaq.com

Media Contact
Susan Neath
Invigorate Communications
212-301-7182
sneath@wcgworld.com