Covalon Technologies Ltd.

Covalon Technologies Ltd.

March 27, 2007 16:37 ET

Covalon Grant of Options

MISSISSAUGA, ONTARIO--(CCNMatthews - March 27, 2007) - On March 27, 2007, the board of directors of Covalon Technologies Ltd. ("Covalon" or the "Company) (TSX VENTURE:COV) granted 975,000 options to purchase common shares to certain of its directors and officers. The options have an exercise price of $1.53 per share, and expire on the fifth anniversary of the date of grant.

Covalon Technologies Ltd. is a developer of advanced medical products which has patented therapeutic biomaterials for wound care and surgical applications, and coatings for medical devices. Polymer chemistry and surface coating technology have been combined to create a range of time-release drug delivery platforms that can be applied to many medical devices. A variety of applications for this technology have been identified and specific products have been developed. These products feature solutions to many of the problems caused by the material properties of the medical devices currently offered by most manufacturers and suppliers.

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 not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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