MISSISSAUGA, ONTARIO--(Marketwire - April 24, 2009) - Covalon Technologies Ltd. (the "Company" or "Covalon") (TSX VENTURE: COV) is pleased to announce that it has entered into a strategic alliance agreement with Amsino International Inc., a business unit of Amsino Medical Group, a leading global manufacturer of single-use medical devices.
The agreement provides that the companies will:
- Jointly pursue world-wide business development opportunities with customers in the medical device market utilizing Covalon's technologies.
- Enter into a manufacturing agreement for the production of Covalon's medical products, as appropriate, at Amsino's facilities.
William Jackson, Covalon Chief Business Officer and co-Founder stated, "This agreement is significant for both companies. It allows Covalon access to Amsino's large base of manufacturing customers which include a number of the world's major medical device companies. At the same time it allows Amsino to offer Covalon's new value-added technologies to many of its customers".
Dr. Richard Lee, Chairman and CEO of Amsino Medical Group said, "We are pleased to embark on this strategic alliance with Covalon. There are numerous co-marketing and manufacturing opportunities that we are now in a position to jointly pursue and develop."
Dr. Frank DiCosmo, President , CEO and co-Founder of Covalon said, "We have visited with Amsino both in the United States and at their vast and impressive, state-of-the-art manufacturing facilities near Shanghai in China. The synergy and chemistry between our two organizations is excellent."
Established in 1993 and headquartered in Pomona, California, Amsino Medical Group is a vertically integrated company providing clinically superior products and reliable manufacturing services to the international medical device community. Clients include top tier medical device Original Equipment Manufacturers from the United States, Europe and Japan. Amsino's product and service portfolio includes infusion products and access devices, blood collection and transfusion devices, anesthesia and surgical products, urological products, enteral feeding and irrigation products, respiratory therapy products, patient care products, and a full-service contract manufacturing business.
Covalon Technologies Ltd. is an advanced medical products company that has developed, patented and commercialized 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.