Covalon Technologies Ltd.

Covalon Technologies Ltd.

May 18, 2006 10:51 ET

New Covalon Board Prepares the Company for Growth

MISSISSAUGA, ONTARIO--(CCNMatthews - May 18, 2006) - Covalon Technologies Ltd. ("Covalon") (TSX VENTURE:COV) announces that four new outside directors were elected to its Board on May 11, 2006. The selection of these directors reflects Covalon's objective of recruiting independent directors with strong, industry relevant experience that will assist the Company in executing its growth strategy.

At Covalon's Annual and Special Meeting, the shareholders elected Mr. John Andrew, Mr. Martin Bernholtz CA, Dr. Greg A. Merrell MD, and Mr. Bradford J. Williams. Also re-elected were Dr. Frank DiCosmo, CEO and President, and Mr. William Jackson, COO and CFO, of Covalon's current management team.

Mr. Andrew is a senior partner at Lang Michener LLP in Toronto. He practices corporate and commercial law, with a particular focus on corporate finance and merger and acquisition transactions. He counsels a wide range of public and private corporations regarding governance issues, corporate structures, shareholder agreements, commercial contracts and technology licenses. Mr. Andrew thanked the shareholders for their support and stated "I look forward to working closely with my fellow directors and the management team to grow Covalon and build value for its shareholders".

Mr. Martin Bernholtz, CA is Vice President Finance of Kerbel Group Inc. He has served on various Public and Private Boards of Directors and has experience both as a Board Chairman and as an Audit Committee Chairman.

Dr. Merrell holds degrees in finance from the Wharton School of Business and a MD from Yale. He has been consultant at Bain and Company, strategic consultants for Fortune 500 companies and has been an advisor to Fidelity Mutual Funds, Biotechnology and Life Sciences Fund. Dr. Merrell said "Covalon is just scratching the surface of the potential medical applications for its technology. I will be working closely with them to build a formidable company which will have evolutionary advances in several therapeutic modalities and consequently improve the outcome of patients worldwide. The new directors bring a diverse set of skills and contacts from the top echelons of business and medicine to help Covalon reach its goals".

Mr. Williams held policy level senior executive and general manager positions during a 21 year career at Stryker Corporation and has an impressive track record of building talented teams focused on delivering exceptional results. Mr. Williams quotes "It is extremely exciting to be involved with Covalon, especially at this time, as we drive our exciting, new products into the hands of customers who can benefit greatly from these technologies."

The newly elected directors bring many years of experience and expertise in business, marketing and corporate finance and law to the Board of Covalon.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this release.

The TSX Venture Exchange has reviewed, but does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Covalon Technologies Ltd.
    William Jackson
    CFO & COO
    (905) 568-8400
    (905) 568-5200 (FAX)