Covalon Technologies Ltd.

Covalon Technologies Ltd.

October 23, 2009 16:15 ET

Covalon Appoints William Jackson as Chief Financial Officer and Board Director

MISSISSAUGA, ONTARIO--(Marketwire - Oct. 23, 2009) - Covalon Technologies Ltd. (the "Company" or "Covalon") (TSX VENTURE:COV), an advanced medical products company, announced that it has appointed William Jackson as its Chief Financial Officer and has appointed him a member of the Board of Directors. Mr. Jackson succeeds Peter Hobbes who has resigned from the Company.

Dr. Frank DiCosmo, Covalon President, CEO and Co-Founder stated, "Covalon's previously announced decision to partner with Amsino International Inc. for the manufacturing of its medical coating technologies has meant that it does not need a fulltime CFO at this time. Since Covalon has an extremely capable Controller who can deal with most accounting issues, it made most sense for Covalon to continue to trim its expenses while concentrating its resources on the research and development of advanced medical technologies. We enjoyed working with Peter and we genuinely wish him all the best in his future endeavours."

Dr. DiCosmo continued, "I am especially pleased to have William rejoin the Board and once again take on the role of CFO, positions he previously held with Covalon from its inception in 1999 until 2007. He is smart, dedicated and hard working and as a co-founder of Covalon, he knows our company inside-out. William will continue with his important role as Covalon's Chief Business Officer, a job he is doing very well."

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.

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 x 246
    (905) 568-5200 (FAX)