Covalon Unaware of Any Material Change
At the request of the Investment Industry Regulatory Organization of Canada (“IIROC”), Covalon Technologies Ltd. (“Covalon” or
the “Company”) wishes to confirm that the Company’s management is unaware of any material change in the Company’s operations that
would account for the recent increase in market activity. Management of the Company does not believe, based on its
communications with the Company’s partner in Saudi Arabia, that the reported dispute between the Government of Canada and the
Government of Saudi Arabia will have a negative impact on Covalon’s business in the Middle East.
News reports have indicated that the Government of Saudi Arabia is suspending “new” contracts with Canadian firms. Covalon
announced on May 7th, 2018 that it had been awarded a contract for an estimated $100 million dollars over a three-year
period from the Executive Board of Health Ministers’ Council for Gulf Cooperation Council States which is comprised of 6 countries
in the Middle East including Saudi Arabia. The Company has no reason to believe that existing awarded contracts for Covalon’s
life-saving medical products would be affected.
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 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.
Covalon Technologies Ltd.
Brian Pedlar, CEO,
Email: bpedlar@covalon.com
Phone: 905-568-8400 x 233
Toll free: 1.877.711.6055
Web site:
www.covalon.com
Twitter: @covalon
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