MISSISSAUGA, ON, June 30,
2020 /CNW/ - Covalon Technologies Ltd. (the "Company" or
"Covalon") (TSXV: COV) (OTCQX: CVALF), an advanced medical
technologies company, provides today an update on material business
developments per Ontario Instrument 51-502 Temporary Exemption
from Certain Corporate Financial Requirements. The Company
continues to rely on the exemption provided in the aforementioned
instrument to postpone the filing of the interim financial
statements and management's discussion and analysis for the quarter
ended March 31, 2020 (the
"Documents"). The Company expects to file the Documents by the
extension date of July 14, 2020 and
continues to work diligently to prepare and file the Documents by
such date.
Until the Company has filed the Documents, members of the
Company's management and other insiders continue to be subject to
an insider trading black-out policy that reflects the principles in
section 9 of National Policy 11-207 Failure-to-File Cease Trade
Orders and Revocations in Multiple Jurisdictions.
An update on material business developments since the Company
announced its reliance on Ontario Instrument 51-502 is described
below:
The CovaGuard™ and CovalonGuard™ Products Now Available for
Purchase
On March 31, 2020, Covalon
announced CovaGuard™, its new antimicrobial technology platform.
The CovaGuard antimicrobial technology ("CovaGuard") is
specifically formulated to be effective at killing pathogens on
contact with the added benefit of providing persistent protection
by trapping and deactivating microbes over an extended period.
CovaGuard Antimicrobial Hand Sanitizer with Benzalkonium
Chloride and CovaGuard Mask Antimicrobial Sanitizer with
Benzalkonium Chloride are now available for purchase in
the United States at
covaguard.com. CovalonGuard Antimicrobial Hand Sanitizer with
Benzalkonium Chloride is now available for purchase in Canada at covaguard.ca. CovalonGuard Shield
with Benzalkonium Chloride, a hard surface antimicrobial spray, is
anticipated to be available for purchase in Canada at covaguard.ca soon.
The Company is continuing production of an initial run of
approximately 750,000 bottles of hand sanitizer and mask spray
based on the CovaGuard technology at its facility in Mississauga, Ontario. The Company is in the
process of planning a second manufacturing run of approximately 3.5
million bottles at a contract manufacturing facility to meet
anticipated demand. As previously reported, the Company continues
to be actively engaged in discussions with potential manufacturing
partners, United States
distributors, and international distribution networks to increase
available product and access market demand. Preliminary sales have
begun in the United States,
Canada, and seven other
countries.
HSBC Banking Agreement
As previously reported, Management is in continued discussions
with HSBC Bank Canada ("HSBC") regarding the Company's acquisition
and operating banking credit facility and anticipates making
changes to the banking agreement with HSBC in due course.
A further update will be provided at the appropriate
time.
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.
CovaGuard™ is a registered trademark of Covalon Technologies
Ltd. in Canada and the United States.
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
March 31, 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.