Covalon Technologies Ltd.
TSX VENTURE : COV

Covalon Technologies Ltd.

December 17, 2007 09:26 ET

Covalon Announces Appointment of New CFO

MISSISSAUGA, ONTARIO--(Marketwire - Dec. 17, 2007) - Covalon Technologies Ltd. (the "Company" or "Covalon") (TSX VENTURE:COV) is pleased to announce the appointment of Francis K. Lindayen as Chief Financial Officer of the Company, effective December 17, 2007. In keeping pace with the Company's recent growth, Mr. William Jackson will relinquish his responsibility as Chief Financial Officer and will continue as Chief Business Officer in the Company.

Mr. Lindayen will have primary responsibility for directing and coordinating all Company financial objectives. He has over 20 years of experience in both public and private companies in the areas of fund management, education, technology, manufacturing, financial services and real estate industries. His background encompasses corporate finance, mergers and acquisitions, planning, treasury, operations and public accounting. He has a Bachelor of Commerce degree from University of Toronto and is a member of the Institute of Chartered Accountants of Ontario and Canadian Institute of Chartered Accountants.

Mr. Jackson has been with Covalon since its inception in late 1999, and the Company's board of directors credits Mr. Jackson for his valuable contributions. The Company's recent growth has necessitated the separation of Mr. Jackson's previous responsibilities as both CFO and CBO. "It's exciting to see that Covalon has matured to the point where the separation of roles is required to take the Company through the next stage of success", stated Mr. Jackson.

The Board of Directors of Covalon has expressed gratitude to the Company's CFO, William Jackson, who assumes his new role as CBO on December 17, 2007, and who has led the Company's financial department since its inception. "We are grateful to William for his hard work as CFO and look forward to his success as CBO", said Dr. DiCosmo, President & CEO.

Upon commencement of his duties, the Board of Directors awarded 100,000 stock options to Mr. Lindayen pursuant to Covalon's Stock Option Plan. These options are exercisable at $3.29 per share, vesting over the next four years until September 30, 2011, and expiring September 30, 2012.

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. The TSX Venture Exchange has neither approved nor disapproved of the contents of this release.

Contact Information

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