Covalon Technologies Ltd.

Covalon Technologies Ltd.

April 18, 2007 12:39 ET

Covalon Announces Appointment of Mr. Brad Williams as Independent Chairman of the Board

MISSISSAUGA, ONTARIO--(CCNMatthews - April 18, 2007) - Covalon Technologies Ltd. (the "Company" or "Covalon") (TSX VENTURE:COV) is pleased to announce that effective March 27, 2007, its Lead Director, Bradford Williams, has assumed the position of Chairman of the Board previously held by the Company's President and Chief Executive Officer, Frank DiCosmo.

Dr. DiCosmo stated: "It has been a pleasure to have served as Chairman of the Board for the past year, as well as focusing on the tasks of Chief Executive Officer. I am now extremely pleased to welcome Brad Williams to his new position as an independent Chairman of the Board. Brad has developed many strong relationships with a large base of medical device companies, clinicians, surgeons and industry thought leaders during his over 30 years of experience in the industry. His leadership will continue to build additional strength to drive Covalon toward increased market leadership and profitability. I am looking forward to working closely with Brad and the other Directors in building continuing business excellence and innovation. As a leader, there is no greater satisfaction than ensuring the success of Covalon. The Board shares my personal enthusiasm and strong commitment to Brad's important role with Covalon."

Mr. Williams stated, "It is such honour and pleasure for me to accept the Chair responsibilities at Covalon. Since arriving here as the Lead Director last year, I have been impressed with the talented team of employees and the innovative products and technology invented at the Company. Frank DiCosmo has done an outstanding job dedicating his time and energy building a company that holds so much promise for growth and expansion. We all are indebted to Frank for his leadership in building the Company and I look forward to working closely with him fulfilling his vision of the Company in the months and quarters ahead of us."

Mr. Williams' career spanned 30 years in medical devices with 21 years in various leadership positions at Stryker Corporation ("Stryker"). He started at Stryker in 1984 as an International Product Manager, and in 1987 he led the marketing efforts for Latin America. In 1988 Mr. Williams was promoted to Director of Stryker Canada, and later General Manager / Divisional Vice President, Stryker Canada, on the strength of his success building Stryker Canada's direct sales organization, sales having multiplied seven-fold under his leadership. He joined Stryker's Osteonics Division in 1996 as their International VP where he led the efforts toward improving the division's market share outside the USA. In 1998, Mr. Williams was promoted to lead the Knee Business Unit for Stryker Orthopaedics as their Vice President and General Manager, where he focused on driving innovation and marketing on a global basis. In 2002 he was promoted to Senior Vice President for Reconstructive Marketing and R&D, and finally in 2005 assumed overall responsibility for the Marketing, Business Development and Intellectual Property functions. Mr. Williams has earned a reputation as a leader dedicated to the hiring and support of talented people focused on achieving results, and building great teams. He currently is a medical device consultant.

"I had the pleasure to work with Brad at Stryker Canada and was impressed with his drive and focus on achieving exceptional results quarter after quarter. He built strong teams of talented people that consistently performed at the highest level in our industry. Since joining the Board at Covalon last year, we have see the same energy, determination and focus on strategy and execution. Covalon is looking forward to Brad's continued contributions in his new role as our Chairman" stated William Jackson, CFO and COO.

Covalon Technologies Ltd. is a company with advanced medical products that has developed and patented advanced 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 many 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 document contains forward-looking statements. These statements relate to future events or future performance. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue" or the negative of any of these terms or comparable terminology. Such statements reflect the current views of management of the Company with respect to future events. Actual events or results may differ materially. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.

The TSX Venture Exchange has not reviewed and 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)