MISSISSAUGA, ON, Dec. 6, 2012 /CNW/ - Covalon Technologies Ltd. (the
"Company" or "Covalon") (TSXV: COV), an advanced medical technologies
company, today announced the appointment of Abe Schwartz as Chairman of
the Board of Directors and Rita Jairam as Chief Financial Officer.
Mr. Schwartz is the founder and President of Schwartz Technologies
Corporation, which is actively involved in the financing, development
and managing of healthcare and information technology companies. He has
served as an advisor to the Covalon Board of Directors and is a
significant shareholder of Covalon stock. Mr. Schwartz has held
executive positions in various public and private companies, including
among others, President and CEO of Cedara Software Corporation, a
publicly-traded medical imaging company where he led an extremely
successful turnaround between 2002 and 2005. Mr. Schwartz worked
closely at Cedara with Covalon's Chief Executive Officer, Brian Pedlar.
Martin Bernholtz has stepped down as Chairman of the Board and will
continue as a Board Director and Chairman of Covalon's Audit
Committee. Mr. Bernholtz has been a Director since May 2006 and
Chairman of the Board since January 2010.
"We are looking forward to having the benefit of Abe's significant
experience in growing intellectual property-based medical companies in
his role as incoming Chairman," stated Martin Bernholtz, the outgoing
Chairman of Covalon. "Abe has supported Covalon as a significant
shareholder and advisor for a number of years and we are fortunate to
have him join our Board of Directors as Chairman."
The Company also announced the appointment of Rita Jairam as Chief
Financial Officer. Ms. Jairam has held a senior financial position
with Covalon since the company's inception and has been the company's
Corporate Controller since 2005. Ms. Jairam has over 20 years of
professional finance and accounting experience with various healthcare
and real estate companies and is a Canadian Certified General
"We are delighted to formally have Rita assume the role of CFO for
Covalon. She has had responsibility for the financial management
function at Covalon over the past many years and we are lucky to have
the benefit of her continued loyal and dedicated service", said Martin
William Jackson has departed as an officer of the Company. He continues
as a Director of the Company.
"On behalf of management and the Board of Directors, I would like to
thank William for his contributions to Covalon over the past many
years," stated Mr. Bernholtz.
Brian Pedlar, Covalon's CEO stated, "the entire Board wishes to take
this opportunity to sincerely thank Martin for his dedicated and
tireless efforts over the past three years as Chairman of the Board and
his continuing service to the Company as Chairman of the Audit
These appointments are subject to TSXV approval.
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.
For further information:
CEO, Covalon Technologies Ltd.
Phone: 905.568.8400 x 233
Toll free: 1.877.711.6055
Web site: www.covalon.com