Covalon Technologies Ltd.

Covalon Technologies Ltd.

August 29, 2007 18:11 ET

Covalon Q3 Results

MISSISSAUGA, ONTARIO--(Marketwire - Aug. 29, 2007) - Covalon Technologies Ltd. ("Covalon" or the "Company) (TSX VENTURE:COV) released its Management Discussion and Analysis and the consolidated financial statements (unaudited, prepared by management) for the period ending June 30, 2007.

In the quarter ended June 30, 2007, Covalon transitioned production for, and distribution from Hartmann-Conco to Smith & Nephew. Hartmann AG is a company with a smaller share of the global market in traditional wound care; Hartmann-Conco is the US subsidiary of Hartmann AG. In contrast, Smith & Nephew has globally the largest market share of 21% in advanced wound management with distribution in 33 countries. Smith & Nephew is a world leader in innovative wound management, with an excellent sales force of over 100 sales representatives in the US. Smith & Nephew's 2007, Q2 interim financial results showed US growth by 11% in advanced wound management. Smith & Nephew treats more wounds than anyone else.

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 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
    President and CEO
    (905) 568-8400
    (905) 568-5200 (FAX)