MISSISSAUGA, ONTARIO--(Marketwire - June 15, 2010) - Covalon Technologies Ltd. (the “Company” or “Covalon”) (TSX VENTURE: COV), an advanced medical technologies company, announced today that it has signed a multi-year expanded agreement with an affiliate of C. R. Bard, Inc. (“Bard”). The agreement allows Bard to use Covalon’s proprietary coating technology in an additional field of Bard products in return for an upfront payment of $500,000 USD and future royalty payments.
“Covalon has worked seamlessly with Bard’s research and development group to deliver a complex and highly specialized coating for its products,” stated William Jackson, Covalon Chief Business Officer. “This expanded application reaffirms the validity of our coating technology.”
“I am extremely impressed with Covalon’s team of scientists and engineers who delivered valuable product enhancements and allowed us to expand our relationship with Bard so quickly after signing the initial agreement,” stated Brain Pedlar, Covalon President and CEO. “As we combine our skills in the lab with a strong commercialization model, we will be able to add significant value to our clients’ product lines.”
About Covalon
Covalon Technologies Ltd. is a unique medical technologies company engaged in the research, development, and commercialization of advanced tissue repair applications, infection control, and specialized coatings for medical and consumer products. Together, our technology platforms, wound care products, and consulting services deliver a suite of cost-effective solutions to help our customers achieve product differentiation through improved patient outcomes. Our technologies address important healthcare issues such as infection control, medical device biocompatibility and healthy tissue repair. To learn more about Covalon, visit our website at www.covalon.com.
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.
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Contacts:
Covalon Technologies Ltd.
Brian Pedlar
CEO
(905) 568-8400 x 233
(905) 568-5200 (FAX)
www.covalon.com
