Covalon Announces Two New Board Members Following Annual Meeting

MISSISSAUGA, ON, June 16, 2014 /CNW/ - Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV), an advanced medical technologies company, is delighted to announce the election of The Honourable Elinor Caplan and Dr. Ian Brindle to the Company's Board of Directors at its annual shareholders meeting.

Hon. Elinor Caplan is the Chief Executive Officer of Canada Strategies Inc. She served as former Health Minister and Chair of Management Board for the Province of Ontario and has served as Minister of Citizenship and Immigration as well as Minister of National Revenue in the Cabinet of former Prime Minister, Rt. Hon. Jean Chrétien. Ms. Caplan has served on numerous boards and advisory groups in Canada and internationally and is the co-author of the book, From Innovation to Transformation.

Dr. Ian Brindle is the former Vice President of Research and Dean of Chemistry of Brock University.  Dr. Brindle is a professor of Chemistry, holds a Chancellor's Chair in Research Excellence, is a fellow of the Royal Society of Chemistry (UK) and is author of more than 70 publications in analytical chemistry. The University of Manchester awarded Dr. Brindle the degree of Doctor of Science for belonging to that group of scientists who "have distinguished themselves as authorities in the field by their substantial and original contributions to the advancement of knowledge."

"We are honoured to have Hon. Elinor Caplan and Dr. Ian Brindle join Covalon's Board of Directors," said Abe Schwartz, Chairman of the Board.  "I have had the good fortune to know Elinor and Ian for a number of years and am certain that their broad experience, judgement and enthusiasm will result in a meaningful contribution to Covalon's Board. Elinor and Ian are joining Covalon at a time when the Company has made significant advances in its financial position and is building on these positive financial results with the introduction of new products and the securing of new licensing and distribution relationships for the benefit of its clients, shareholders and staff."   

The Company also announced Board approval of the granting of an aggregate of 102,500 options, vesting annually over three years, at an exercise price of $2.00 to be exercised within five years to Covalon's six independent Board Directors and certain of its employees.

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.

To learn more about Covalon, please contact: Brian Pedlar, CEO, Covalon Technologies Ltd., Email: [email protected], Phone: [phone] x 233, Toll free: 1.877.711.6055, Web site: www.covalon.com, Twitter: @covalon