MISSISSAUGA, ON, Nov. 13, 2020 /CNW/ - Covalon Technologies Ltd.
(the "Company" or "Covalon") (TSXV: COV) (OTCQX: CVALF), an
advanced medical technologies company, today is pleased to announce
the appointment of Amir Boloor,
President of Caspian Equity Partners, Inc., as Chair of the
Company's Board of Directors. Mr. Boloor, an independent director
of the Company, is also Chair of the Company's recently announced
Special Committee, appointed to explore and evaluate a range of
strategic alternatives available to the Company in order to enhance
shareholder value.
Abe Schwartz, former Chair of the
Board said, "I am delighted that Amir has accepted the appointment
as Chair of the Board during a time where the Company is
undertaking a strategic review process in order to ensure that all
available alternatives to enhance value for our shareholders are
being evaluated. Amir has earned the respect of his colleagues on
the Board." Mr. Schwartz, the largest shareholder of the
Company, is continuing as an active member of the Board.
"Amir has an impressive track record in accelerating growth and
creating shareholder value as an investor and capital markets
leader," said Brian Pedlar,
President and CEO of Covalon. "We are delighted to have Amir assume
the role of Chair."
Amir Boloor, an independent
director of the Company, is the President of Caspian Equity
Partners, Inc., a Vancouver, British
Columbia private investment firm he founded in 2012. He has
specialized in helping entrepreneurs accelerate growth and optimize
performance while propelling long-term profitability and value.
Prior to founding Caspian Equity Partners, Inc., Mr. Boloor held
various positions in the Mergers & Acquisitions and Diversified
Investment Banking groups of TD Securities, Inc. where he advised
Boards and executive teams of mid-market and large-cap companies on
numerous strategic review mandates, initial public offerings,
mergers, acquisitions, divestitures, corporate restructures,
leveraged buyouts, and takeover defenses. Mr. Boloor has a Bachelor
of Commerce with Honours Finance from the University of British
Columbia. Mr. Boloor is a Chartered Financial Analyst from the CFA
Institute.
The Company also announces the results of the matters voted upon
at the Company's fiscal 2019 Annual and Special Meeting of
Shareholders ("AGM") held on November
12th, 2020.
Shareholders voted in favour of all items of business and each
item of business was approved by the requisite number of votes. The
matters included the election of the Board of Directors, the
appointment of auditors, and the approval of the Company's amended
and restated stock option plan. The total number of shares
represented, either in person or by proxy, totaled 11,211,257 or
43.42%. The voting results are detailed below.
1) The Election of the Board of Directors
Name of
Nominee
|
Votes FOR
|
%
|
Votes
WITHHELD
|
%
|
Amir
Boloor
|
10,847,180
|
99.38
|
67,200
|
0.62
|
Joseph
Cordiano
|
10,817,380
|
99.11
|
97,000
|
0.89
|
Myrna
Francis
|
10,817,780
|
99.12
|
96,600
|
0.88
|
Martin
Goldfarb
|
10,698,090
|
98.02
|
216,290
|
1.98
|
Brian
Pedlar
|
10,667,790
|
97.74
|
246,590
|
2.26
|
Abe
Schwartz
|
10,668,690
|
97.75
|
245,690
|
2.25
|
Ron Smith
|
10,817,380
|
99.11
|
97,000
|
0.89
|
2) The Appointment of the Auditor
|
Votes FOR
|
%
|
Votes
WITHHELD
|
%
|
PricewaterhouseCoopers,
LLP
|
11,152,882
|
99.76
|
26,600
|
0.24
|
3) The Approval of the Company's 2019 Amended and Restated Stock
Option Plan
|
Votes FOR
|
%
|
Votes
WITHHELD
|
%
|
Amended and
Restated
Stock Option Plan
|
10,625,770
|
97.36
|
288,610
|
2.64
|
Final voting results of all matters voted on at the meeting will
be filed on SEDAR at www.sedar.com and further details of the voted
matters can be found in the Company's management information
circular dated October
8th, 2020.
About Covalon
Covalon Technologies Ltd. is a researcher, developer,
manufacturer, and marketer of patent-protected medical products
that improve patient outcomes and save lives in the areas of
advanced wound care, infection management and surgical procedures.
Covalon leverages its patented medical technology platforms and
expertise in two ways: (i) by developing products that are sold
under Covalon's name; and (ii) by developing and commercializing
medical products for other medical companies under development and
license contracts. The Company is listed on the TSX Venture
Exchange, having the symbol COV and trades on the OTQX Market under
the symbol CVALF. To learn more about Covalon, visit our website
at www.covalon.com.
Certain statements contained in this press release may
constitute forward-looking information. These statements relate to
future events or future performance. The use of any of the words
"could", "intend", "expect", "believe", "will", "projected",
"estimated", "proposed" and similar expressions and statements
relating to matters that are not historical facts are intended to
identify forward-looking information and are based on the Company's
current belief or assumptions as to the outcome and timing of such
future events. Such forward-looking information is subject to risks
and uncertainties that may cause actual results, performance or
developments to differ materially from those contained in the
statements. In particular, this press release contains
forward-looking information relating to the anticipated filing of
the Company's interim financial report for the quarter
ended June 30, 2020. Various assumptions or factors are
typically applied in drawing conclusions or making the forecast or
projections set out in forward-looking information. Those
assumptions and factors are based on information currently
available to the Company. The forward-looking information contained
in this press release is made as of the date hereof and the Company
is not obligated to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by applicable securities laws.
Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly
qualify any forward-looking information contained herein.
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SOURCE Covalon Technologies Ltd.