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Published in Stocks and Investing on Monday, March 30th 2009 at 6:48 GMT, Last Modified on 2009-03-30 06:50:01 by Market Wire
MISSISSAUGA, ONTARIO--(Marketwire - March 30, 2009) - Dr. Frank DiCosmo, President, CEO and co-founder of Covalon Technologies Ltd. (the "Company" or "Covalon") (TSX VENTURE:COV) is pleased to announce that Abe Schwartz has agreed to serve as Advisor to the Company.
Mr. Schwartz has approximately 35 years experience as a successful entrepreneur. He is a former director of the Company and served as CEO of Cedara Software Corp., a medical imaging company listed on the TSX and NASDAQ, where he led an extremely successful turnaround.
Mr. Schwartz will spend a substantial portion of his time assisting with, amongst other things, the negotiation of technology distribution deals, strategic alliances and acquisitions. He will also assist with financial management, strategic planning, human resources, investor relations and other corporate issues.
Dr. DiCosmo said, "We are very excited that Abe Schwartz has agreed to work so closely with Covalon. I have had the opportunity to get to know Abe very well over the past year while he served as a Director on Covalon's Board. He has a great deal of business experience to offer and I am confident his skills will greatly benefit the Company."
In order to best utilize the Company's cash reserves, Mr. Schwartz has offered to provide his services to the Company without the payment of any cash compensation. Covalon's Board of Directors has agreed to award Mr. Schwartz 1,200,000 options. The options will vest over a two year period at the rate of 50,000 options a month. As per Covalon's normal practice, the Board offered Mr. Schwartz these options at an exercise price equal to the previous day's closing price of $0.19. Mr. Schwartz waived this offer and instead agreed to an exercise price of $0.40 a share. Subject to TSX approval, the options will expire five years after the grant date.
Abe Schwartz commented, "Covalon has a great wealth of medical technology. I am looking forward to helping with all aspects of the business including the acceleration of the deal-making process to ensure that Covalon becomes the commercial success I believe it can be."
William Jackson, Covalon co-founder and Chief Business Officer said, "Abe Schwartz has already identified a number of ways to improve Covalon's deal-making capability. He clearly has a great deal of experience in architecting deals that can not only improve Covalon's financial performance, but just as important, deliver tremendous value and benefits to Covalon's clients and business partners. I am energized by his knowledge, integrity and creativity."
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.
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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
