Toronto, Ontario – April 25, 2006 Novadaq® Technologies Inc. (TSX: NDQ), a developer of medical imaging systems for the operating room, announced today that it will be showcasing the SPY® System at the 86th Annual Meeting of the American Association for Thoracic Surgery (AATS), presenting the OPTTX® System at the 2006 Association for Research in Vision and Ophthalmology (ARVO) Conference and presenting corporate highlights at BioFinance 2006.

Novadaq will showcase the SPY System at the Sorin Group booth exhibit at AATS, taking place at the Pennsylvania Convention Center. On Monday, May 1 at 12:30 p.m., guest speaker Dr. Christine McCarty, cardiac surgeon at Harrisburg Hospital in Pennsylvania, will engage visiting guests in a discussion focusing on her clinical experience with the SPY System.

Dr. Giovanni Staurenghi, Associate Professor of Ophthalmology, Department of Clinical Science Luigi Sacco, University of Milan, Italy, will present a poster at ARVO on clinical research completed using Novadaq’s OPTTX System for the diagnosis and treatment of wet Age-related Macular Degeneration (AMD). The poster, entitled Dye-enhanced Photocoagulation (DEP) for Treatment of Choroidal Neovascularization in Age-related Macular Degeneration, will take place in Hall B/C of the Greater Fort Lauderdale/Broward County Convention Center at 3:00 p.m. on May 1, 2006.

Arun Menawat, President and CEO of Novadaq, will present a corporate overview and update of the company and its development programs at BioFinance. The presentation, highlighting the commercialization of the SPY® System for real-time imaging during bypass graft surgery, as well as a growing pipeline of medical imaging devices for the operating room, will take place in Trinity Room I at 11:00 a.m. on May 3, 2006 at the Toronto Marriott Eaton Centre Hotel.

About Novadaq Technologies

Novadaq® Technologies Inc. (TSX: NDQ) develops and commercializes medical devices based on its proprietary imaging platform for the diagnosis and treatment of human vascular, ophthalmic, and neurologic diseases and conditions. Novadaq's SPY® Intra-operative Imaging System, commercially available worldwide, enables cardiac surgeons to visually assess coronary vasculature and bypass graft functionality during the course of open-heart bypass surgery. Novadaq's ophthalmic product, the OPTTX® System, is aimed at the diagnosis, evaluation and treatment of wet Age-related Macular Degeneration (AMD) by using the same core imaging technology that is used in the SPY System. The OPTTX System is currently being evaluated in clinical trials. Novadaq's product for nerve visualization in prostate surgery, LUNA™ is designed to enable surgeons to visualize nerve bundles during the course of radical prostatectomy in order to reduce negative outcomes including impotency.

For more information, please visit the company's website at www.novadaq.com.

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, anticipated financial performance, business prospects, strategies, regulatory developments, market acceptance and future 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 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.

For additional information:

Arun Menawat, PhD, MBA
President & CEO
Novadaq Technologies Inc.
Phone: 905-629-3822 x 202
amenawat@novadaq.com

Investor Relations:
Michael Moore
The Equicom Group
Phone: 416-815-0700 x 241
mmoore@equicomgroup.com