Covalon Technologies Inc. And Perfusion Therapeutics Sign Letter Of Intent For Covalon Technologies Inc. To Acquire Cell Engineering Platform For Angiogenesis And Improved Wound Healing

Covalon Technologies Ltd. ("Covalon") (TSX VENTURE: COV) today announced that it has signed a non-binding Letter of Intent with Perfusion Therapeutics Inc., (Perfusion) of Montreal to acquire Perfusion's cell engineering platform for improving localized blood flow. The technology, previously a part of Angiogene's intellectual property portfolio was assumed by Perfusion. Covalon intends to acquire the technology in exchange for 1,100,000 common shares in Covalon to be released upon the completion of various milestones. The Letter of Intent is subject to a number of conditions, including the execution of a definitive acquisition agreement and approval of the transaction by the TSXV.