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Investor Relations:
Suzie Robinson, APR Novadaq
Technologies Inc. 972-488-6508
srobinson@novadaq.com

Novadaq to Present on SPY Imaging at Needham Conference

TORONTO, ONTARIO - January 11, 2010 - Novadaq® Technologies Inc. (TSX: NDQ), a developer of real-time imaging systems for use in the operating room, today announced that Dr. Arun Menawat, President and Chief Executive Officer, will present at the 12th Annual Needham & Company, LLC Growth Conference at 8:00 a.m. (Eastern) on Thursday, January 14, 2010, at the New York Palace Hotel, New York, NY.

Dr. Menawat will provide a corporate update, including recent clinical and economic results from studies involving the SPY®Imaging System. The presentation will include the company’s strategy within the open and endoscopic surgical markets, and a short discussion on the potential for future strategic partnerships.

Needham and Company, LLC's 12th Annual Growth Conference is a forum for institutional investors to hear the latest updates from senior management teams of both public and private companies in the Clean Technology, Communications, Consumer, Enterprise Infrastructure, Industrial & Diversified Growth, Internet & Digital Media, Medical Devices, Semiconductors & Semiconductor Equipment and Software & Services sectors. The conference is one of the largest growth conferences on Wall Street with over 300 presenting companies and close to 1,500 institutional investors and venture capital professionals.

One-on-one meetings with Novadaq are available during the conference on January 13 and 14. For those who are unable to attend, a webcast of the presentation will be available on www.novadaq.com.

About Novadaq Technologies Inc.
Novadaq Technologies develops and markets real-time fluorescence imaging for use in the operating room. The company’s core technology platform, SPY Imaging, provides clinically relevant, anatomic and physiologic images during open and minimally invasive surgical (MIS) procedures. SPY empowers surgeons to more effectively treat vascular blockages and evaluate anastomotic patency; assess poor or inadequate tissue perfusion; identify cancerous tumors and delineate margins; and visualize relevant lymph nodes for removal during complex operating procedures. SPY is ideal for use across a variety of surgical specialties including cardiac, plastic reconstruction, upper and lower gastrointestinal, and general surgeries. More than 30 peer-reviewed publications show that SPY imaging leads to improved clinical outcomes and reduced post-operative complications. The SPY Imaging System, installed in more than 100 U.S. hospitals, is designed for use during open surgical procedures. The SPY Endoscopic Imaging System is developed for use in MIS. The SPY scope includes SPY imaging capabilities plus the state-of-the-art, high definition (HD) white light visualization capabilities of a conventional endoscope. In January 2009, Novadaq announced a technology alliance with Intuitive Surgical Inc., to integrate SPY imaging into the 3-D HD imaging capabilities of the da Vinci® Surgical Robotic System. The company continues to explore technology alliances with other companies in other areas of surgical specialties. Novadaq is also the exclusive U.S. distributor of PLC Medical’s CO2 HEART LASER System, used in the same cardiac procedures as the SPY System.

Forward-Looking Statements
Certain statements included in this press release may be considered forward-looking. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, and 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 by and information currently available to Novadaq and relate to, among other things, results of future clinical tests of PINPOINT, SPY scope and the SPY Imaging System, anticipated financial performance, business prospects, strategies, regulatory developments, market acceptance and future commitments. Business strategies, especially those involving arrangements with third parties, are subject to various risks and uncertainties and there can be no assurance that any such arrangements, whether joint venture, partnership or otherwise, will occur, or if they occur, as to the terms thereof. 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 risks and uncertainties, including the risks and uncertainties 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.