Uroplasty (UPI) to Delay 10-K Filing

Uroplasty, Inc. (NASDAQ: UPI) announced that it will delay the filing of its Annual Report on Form 10-K for the year ended March 31, 2013, until the completion of a review of its internal control over financial reporting. In connection with a review of employee expense reimbursements conducted after the end of the fiscal year, the Company uncovered limited issues related to the internal controls surrounding the employee expense reimbursement approval process. The Company preliminarily concluded that these issues were unlikely to materially affect its financial statements. However, as a result of this review, the Company later uncovered issues in internal control related to the recognition of orders and the payment of sales commissions at the end of fiscal quarters. The Company concluded that further review was advisable. The review is being conducted at the direction of the Audit Committee of the Board of Directors of the Company, with the assistance of independent advisors. Based upon facts available, the Company does not currently believe that a material revision of its previously released earnings is likely. However, the review of internal control issues has not been completed and the Company is unable at this time to fully assess the potential impact on its financial statements. The Company has placed Mahedi Jiwani, its Chief Financial Officer, on administrative leave pending completion of the internal control review.

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