MINNEAPOLIS, Feb. 02, 2016 (GLOBE NEWSWIRE) -- Urologix, Inc. (OTC Pink:ULGX), the leading provider of in-office procedures for the safe, durable and effective treatment of BPH, announced today that as of the close of business on January 29, 2015 substantially all of the operating assets of Urologix, Inc. including the Urologix name were surrendered to a secured creditor and subsequently purchased by a private company to partially address the secured debt owed to the secured creditor. The sale of Urologix’s operating assets was contemplated by a forbearance agreement entered into with the secured creditor on December 7, 2015. The buyer will operate the existing business through an entity named “Urologix, LLC.”
The transaction will enable Urologix, LLC to provide urology customers and their patients with both Cooled ThermoTherapy and Prostiva RF Therapy products and services to treat BPH in the comfortable setting of a urologist’s office.
Concurrent with these events, Urologix, Inc. was renamed 21st North Inc. Immediately following the transaction, 21st North Inc. has no operations and has commenced an orderly wind down. Accordingly, 21st North intends to submit a proposal to its shareholders in the ensuing weeks to approve a plan of dissolution. The Company will not be making liquidating distributions to shareholders at any time.