Covalon Technologies Ltd.

Covalon Technologies Ltd.

July 07, 2005 16:38 ET

Covalon Technologies Ltd.: Grant of Options

MISSISSAUGA, ONTARIO--(CCNMatthews - July 7, 2005) - On 9 June, 2005, the board of directors of Covalon Technologies Ltd. (TSX VENTURE:COV) granted 445,000 options to purchase common shares to certain of its employees and consultants. No options were awarded to officers or directors at this time. The options have an exercise price of $0.70 per share and expire on the fifth anniversary of the date of grant.

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 in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this release.

Covalon Technologies Ltd.
405 Britannia Road East, Suite 106
Mississauga, Ontario
Canada L4Z 3E6

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