Covalon Technologies Ltd. Announces Expansion Into China With New Subsidiary In Shanghai
MISSISSAUGA, ON, Dec. 10, 2015 /CNW/ - Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV), an advanced medical technologies company, announces that it has established a legal entity and office in Shanghai, China through the establishment of a "Wholly Owned Foreign Entity". Covalon's new location is expected to service the healthcare markets in China and other neighbouring regions.
Covalon's new Shanghai office will allow the Company to import and distribute medical products in China and help Covalon to build and expand long-term business relationships in one of the world's top five medical device markets. The Company has identified a number of products that can be immediately introduced to the China market through the Company's new entity in Shanghai. In addition, a number of Covalon's patented products are manufactured in North America and are expected to be imported into China by the Company's Chinese subsidiary, once regulatory approval is obtained.
A physical presence in China will also allow Covalon to provide enhanced customer experience through local knowledge of the healthcare environment resulting in a continuously tailored selection of products for its customers within China and in adjoining Asian markets. As Covalon continues with its strong history of product development, the Shanghai office is anticipated to streamline the regulatory process and allow these new products to expediently reach the healthcare markets of China.
"We are excited to have an official presence in China as this will help to facilitate and support our anticipated growth in the region while providing access to millions of patients within China to our advanced medical devices intended to help improve their quality of life." said Brian Pedlar, Covalon's CEO. "The Shanghai office shows our commitment to international expansion and is a testament to the growth of the demand for our products and technologies around the world."
The Company's new legal entity will be located within the new Sky SOHO building in the Hongqiao Linkong Economic Zone in the Changning District. The new location offers easy access within Shanghai and to other major cities in region, as the SOHO office building is located near the Shanghai Hongqiao International Airport and Shanghai Hongqiao Railway Station.
About Covalon
Covalon Technologies Ltd. researches, develops and commercializes new healthcare technologies that help save lives around the world. Covalon's patented technologies, products and services address the advanced healthcare needs of medical device companies, healthcare providers and individual consumers. Covalon's technologies are used to prevent, detect and manage medical conditions in specialty areas such as wound care, tissue repair, infection control, disease management, medical device coatings and biocompatibility. To learn more about Covalon, visit our website at www.covalon.com
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.
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.
SOURCE Covalon Technologies Ltd.
