MISSISSAUGA, ON, June 14, 2013 /CNW/ - Covalon Technologies Ltd. (the
"Company") (TSXV: COV), an advanced medical technologies company, held
its Annual and Special Meeting of shareholders on June 13, 2013.
At the Meeting, approximately 85% of the represented Shares approved the
consolidation of its issued and outstanding common shares ("Shares") on
the basis of 10 pre-consolidated Shares for each post-consolidation
Share, subject to TSX Venture Exchange approval. Accordingly, the
Company will commence the process of the Share consolidation.
In addition, approximately 99% of the represented Shares of
disinterested shareholders approved a resolution allowing Abe Schwartz,
the Company's Chairman of the Board of Directors, to continue to
financially support the Company by increasing his holdings in the
Company, and thereby becoming a 'control person' as defined in the TSX
Venture Exchange Corporate Finance Manual, through a negotiated private
placement should it be deemed necessary by the Covalon Board (without
the participation of Mr. Schwartz) and subject to TSX Venture Exchange
Shareholders also approved the re-appointment of the Company's Board of
Directors, re-appointment of the Company's auditors and the Company's
stock option plan.
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.
T: (905) 568-8400 x 233
F: (905) 568-5200