Covalon Technologies Ltd.

Covalon Technologies Ltd.

March 11, 2008 09:29 ET

Covalon Welcomes Newest Board Members

MISSISSAUGA, ONTARIO--(Marketwire - March 11, 2008) - Covalon Technologies Ltd. (the "Corporation" or "Covalon") (TSX VENTURE:COV) announced during its Annual General Meeting on March 7, 2008 that it has invited Mr. Joe Cordiano and Mr. Abe Schwartz to join its Board of Directors.

Mr. Cordiano was a former Ontario Minister of Economic Development and Trade. In addition to his ministerial position, Mr. Cordiano also had responsibilities as GTA Regional Minister and as a member of the influential Priorities and Planning Committee of Cabinet.

Mr. Schwartz has been actively building and managing companies for over 25 years, from start-up to maturity. Between September 2002 and June 2005, Mr. Schwartz was CEO of Cedara Software Inc., a medical imaging public company traded on both the Toronto Stock Exchange and NASDAQ.

The Covalon Board is now comprised of five members. The five members are: Mr. Brad Williams, Dr. Frank DiCosmo, Mr. Martin Bernholtz, Mr. Joe Cordiano and Mr. Abe Schwartz.

We would like to thank two departing directors, Mr. John Andrew and Dr. Gregory Merrell, MD for their contributions to the Board over the past two years. Dr. Frank DiCosmo, Covalon's CEO states "we are grateful for the time and dedication these two gentlemen have extended to the Company. The contributions made by Mr. Andrew and Dr. Merrell have served Covalon well and have laid the framework for continuing growth of Covalon".

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 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. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release, and has neither approved nor disapproved of the contents of this release.

Contact Information

  • Covalon Technologies Ltd.
    Francis K. Lindayen, CA
    (905) 568-8400
    (905) 568-5200 (FAX)