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Exhibit 99.1 NEWS RELEASE UROPLASTY, INC. REPORTS
FISCAL 2004 YEAR END RESULTS Thursday, July 29, 2004 MINNEAPOLIS, MN  Uroplasty, Inc. (OTC: UPST  news) reports its worldwide
financial results for the fourth quarter and the fiscal year ended March 31,
2004. For the quarter, the Company had worldwide net sales of $1,732,563, a
17% increase over the net sales for the same quarter in the prior year. Net
sales for the fiscal year ended March 31, 2004 were $5,714,896, representing a
$371,240 or 7% increase over the net sales in fiscal year 2003. The sales
increase is the result of favorable fluctuations in foreign currency exchange
rates between the U.S. dollar (the functional reporting currency) and the euro
and the British pound (currencies of the Companys subsidiaries). Excluding
the fluctuations in foreign currency exchange rates, sales for the quarter
increased by 1% and decreased approximately 8% for the fiscal year. Management
believes this fiscal year decrease in sales is related to increased competition
and healthcare reform in many European countries with procedures being limited
or rationed through reimbursement systems designed to decrease overall costs to
the various national healthcare systems. Management believes future sales will
increase as the company implements new targeted marketing programs. General and Administrative Expense: General and administrative (G&A) expenses
increased 70% from $1,214,300 during fiscal 2003 to $2,069,568 during fiscal
2004. Increased foreign retirement costs, consulting, legal, insurance and
shareholder expenses, combined with general price increases and fluctuations in
foreign currency exchange rates caused the increase in G&A expenses. The
consulting fees and shareholder expenses relate to the consulting agreements
with the Executive Advisory Group (EAG) to perform services for and on behalf
of the Company, and the consulting agreement with CCRI Corporation to provide
investor relations and development services. The two agreements accounted for
$601,013 of the increased expense. Research and Development Expense: Research and Development (R&D) expenses
decreased $241,064, or 12%, from $2,061,754 during fiscal 2003 to $1,820,690
during fiscal 2004. The decrease in R&D expense resulted from a decrease in
clinical costs primarily due to the completion of patient enrollment in the
Companys U.S. IDE clinical study in 2003. Selling and Marketing Expenses: Selling and marketing (S&M) costs increased
$577,612, or 51% from $1,136,863 during fiscal 2003 to $1,714,475 during fiscal
2004. The increase resulted from employee recruitment fees, staffing,
dismissal payments, travel and costs relating to trade shows, conventions and
congresses, marketing materials, general price increases and fluctuations in
foreign currency exchange rates. Net loss for fiscal year 2004 was $1,511,293 compared to a net income of
$133,218 for fiscal 2003. Uroplasty is a medical device company developing, manufacturing and marketing a
family of injectable implant products used for soft-tissue augmentation for
specific indications in the urology, urogynecology, colon and rectal,
otolaryngology and plastic surgery markets. The Companys products offer
physicians and their patients a minimally invasive treatment option for urinary
incontinence, vesicoureteral reflux, fecal incontinence, vocal cord
rehabilitation and dermal augmentation. Uroplastys products are CE marked for
these indications and sold in markets outside the United States. The Company
is conducting a multi-center U.S. IDE clinical trial with its urethral bulking
agent MACROPLASTIQUE®as a minimally invasive, office-




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based procedure for treating female stress urinary incontinence. Summary of Operations: Fiscal year ended
    
    Fourth quarter ended3/31/04
    
    3/31/03(restated)
    
    3/31/04
    
    3/31/03(restated)Net sales
    
    $
    5,714,896
    
    
    
    5,343,656
    
    
    
    1,732,563
    
    
    
    1,480,940Operating loss
    
    
    (1,342,168
    )
    
    
    (663,269
    )
    
    
    (192,374
    )
    
    
    (232,455
    )Net income (loss)
    
    
    (1,511,293
    )
    
    
    133,218
    
    
    
    (124,129
    )
    
    
    (254,220
    )Net income (loss)
per common share:Basic
    
    $
    (0.33
    )
    
    
    0.04
    
    
    
    (0.03
    )
    
    
    (0.06
    )Diluted
    
    $
    (0.33
    )
    
    
    0.03
    
    
    
    (0.03
    )
    
    
    (0.06
    )Weighted average
common shares
outstanding:Basic
    
    
    4,517,979
    
    
    
    3,762,165
    
    
    
    4,570,268
    
    
    
    4,448,971Diluted
    
    
    4,517,979
    
    
    
    3,847,555
    
    
    
    4,570,268
    
    
    
    4,448,971
 Consolidated Balance Sheet
Data
March 31, 2004 and 2003 2004
    
    2003(restated)AssetsCurrent assets
    
    $
    4,517,054
    
    
    
    4,988,843Property, plant, and equipment, net
    
    
    1,071,116
    
    
    
    833,234Intangible assets, net of accumulated
Amortization
    
    
    51,495
    
    
    
    48,214Non-current deferred tax assets
    
    
    123,893
    
    
    
    94,159Total assets
    
    $
    5,763,558
    
    
    
    5,964,450Liabilities and Shareholders EquityCurrent liabilities:Accounts payable
    
    $
    225,315
    
    
    
    199,673Accrued liabilities
    
    
    577,519
    
    
    
    381,653Current maturities  long-term debt
    
    
    42,301
    
    
    
    37,502Total current liabilities
    
    
    845,135
    
    
    
    618,828Long-term debt  less current maturities
    
    
    479,720
    
    
    
    462,787Accrued pension liability
    
    
    334,470
    
    
    
    241,208Total liabilities
    
    
    1,659,325
    
    
    
    1,322,823Shareholders equity
    
    
    4,104,233
    
    
    
    4,641,627Total liabilities and shareholders equity
    
    $
    5,763,558
    
    
    
    5,964,450




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***

The Private Securities Litigation Reform Act of 1995 provides a safe harbor
for certain forward-looking statements. This press release contains
forward-looking statements, including our internal projections of anticipated
future operating results, which reflect our views regarding future events and
financial performance. These forward-looking statements are subject to certain
risks and uncertainties, including those identified below, which could cause
actual results to differ materially from historical results or those
anticipated. The words aim, believe, expect, anticipate, intend,
estimate and other expressions which indicate future events and trends
identify forward-looking statements. Actual future results and trends may
differ materially from historical results or those anticipated depending upon a
variety of factors, including, but not limited to: the effect of government
regulation, including when and if we receive approval for marketing of our
products in the United States; the impact of international currency
fluctuations on our cash flows and operating results; the impact of
technological innovation and competition; acceptance of our products by
physicians and patients, particularly since our principal product contains
silicone; our reliance on a single product for most of our current sales; our
intellectual property and the ability to prevent competitors from infringing
our rights; the ability to receive third party reimbursement for our products;
the results of our current human clinical trial; our continued losses and the
possible need to raise additional capital in the future; our ability to manage
our international operations; our ability to hire and retain key technical and
sales personnel; our dependence on key suppliers; future changes in applicable
accounting rules; and volatility in our stock price.

Uroplasty, Inc. stock is usually traded on the OTC Bulletin Board system under
the symbol UPST.OB. Because of our late filing of our annual report on Form
10-KSB for the fiscal year ended March 31, 2004, our stock is currently traded
under the symbol UPSTE.OB. We expect this temporary symbol will terminate
upon filing of our annual report.

FOR FURTHER INFORMATION: visit Uroplastys web page at www.uroplasty.com or
contact Mr. Holman.

UROPLASTY, INC.
Daniel G. Holman, President / CEO
2718 Summer Street NE, Minneapolis, MN 55413-2820
Tel: 612-378-1180
Fax: 612-378-2027
E-mail: danielh@uroplasty.com