MISSISSAUGA, ON, June 15, 2011 /CNW/ - Covalon Technologies Ltd. (the
"Company" or "Covalon") (TSXV: COV), an advanced medical technologies
company, announced that its board of directors approved the awarding of
an aggregate of 710,000 options, vesting quarterly over one year, at an
exercise price of $0.20 to be exercised within five years for three
independent Covalon directors. The Board of Directors unanimously voted
to discontinue cash compensation for directors' services and instead
directors are compensated only through the issuance of stock options.
Mr. Brian Pedlar and Mr. William Jackson, as senior executives of the
Company, are not awarded stock options or compensated in any other way
for serving as directors of the Company.
Covalon Technologies Ltd. is a unique medical technologies company
engaged in the research, development, and commercialization of advanced
tissue repair applications, infection control, and specialized coatings
for medical and consumer products. Together, our technology platforms,
wound care products, and consulting services deliver a suite of
cost-effective solutions to help our customers achieve product
differentiation through improved patient outcomes. Our technologies
address important healthcare issues such as infection control, medical
device biocompatibility and healthy tissue repair. 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