Covalon Technologies Ltd.

Covalon Technologies Ltd.

January 15, 2010 07:00 ET

Covalon Announces New Board Members

- Dr. Murray Miller and Mr. Brian Pedlar are Appointed Directors

- Mr. Martin Bernholtz Becomes Chairman of the Board

- Outgoing Directors, Mr. Brad Williams and Mr. David McFaul, Receive Much Thanks

MISSISSAUGA, ONTARIO--(Marketwire - Jan. 15, 2010) - Covalon Technologies Ltd. (the "Company" or "Covalon") (TSX VENTURE:COV), is pleased to announce that Dr. Murray Miller and Mr. Brian Pedlar have been appointed to the Board of Directors.

Dr. Murray Miller is the managing director of Trillium Imaging Inc. which operates medical imaging centres in Mississauga and Toronto. He has served as Chief Radiologist at Trillium Health Centre - West Toronto, and has been a consultant to the medical industry, including medical device manufacturers and medical imaging vendors.

Mr. Brian Pedlar is President of Pedlar Ventures Limited, a private venture investment and consulting firm based in Oakville, Ontario. He has served in senior executive positions with public companies including Merge Healthcare, Cedara Software Corp. and IMAX Corporation. Mr. Pedlar is a Chartered Accountant.

Dr. Miller and Mr. Pedlar replace outgoing Directors, Mr. Brad Williams and Mr. David McFaul.

Mr. Martin Bernholtz, who has for the past four years served as a Covalon director and Chairman of the Audit Committee, has been appointed Chairman of the Board, a position previously held by Mr. Williams. Mr. Pedlar has been appointed to take over as Chairman of Covalon's Audit Committee.

Dr. Frank DiCosmo, Covalon President, CEO and Co-Founder stated, "I cannot express how delighted I am that we have been successful in recruiting two new Directors of the caliber, experience and enthusiasm that Dr. Miller and Mr. Pedlar possess. There are a number of exciting projects and initiatives we are currently working on at Covalon and we very much look forward to working with them to gain the benefit of their ideas and insights."

Mr. Martin Bernholtz, Covalon's newly-appointed Chairman of the Board stated, "I would like to extend my heartfelt thanks for the enormous contributions made by outgoing Directors, Mr. Brad Williams and Mr. David McFaul. It was not easy for them to contribute the ever-increasing amount of time required to be Directors of a public company, especially given the travel distance between Covalon and their residences in the United States. They served diligently and deserve a sincere vote of thanks from all Covalon Directors, staff and shareholders. I am delighted they have graciously offered to continue to share their counsel when needed in the future."

About Covalon

Covalon Technologies Ltd. is an advanced medical products company that develops, patents and commercializes therapeutic biomaterials for wound care and surgical applications and coatings. Polymer chemistry and surface coating technology have been combined to create a range of time-release drug delivery platforms that are applied to medical devices to treat many critical conditions. A variety of applications for these technologies have been identified and specific products have been developed. The products offer features and benefits providing solutions to many of the problems caused by current devices and their material properties which are used by most medical device manufacturers and suppliers. The problems include infection, poor biocompatibility and microbial attachment.

This news release contains forward-looking statements which reflect the Company's current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the difficulty in predicting product approvals, acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, the regulatory environment, fluctuations in operating results and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industry; others are more specific to the Company. Investors should consult the Company's ongoing quarterly filings for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. The Company assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.

ISO 13485:2003 certified

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Covalon Technologies Ltd.
    Frank DiCosmo, Ph.D.
    President & CEO
    (905) 568-8400
    (905) 568-5200 (FAX)