MISSISSAUGA, Ontario--(BUSINESS WIRE)--Aug. 7, 2018--
At the request of the Investment Industry Regulatory Organization of
Canada (“IIROC”), Covalon Technologies Ltd. (“Covalon” or the “Company”)
wishes to confirm that the Company’s management is unaware of any
material change in the Company’s operations that would account for the
recent increase in market activity. Management of the Company does not
believe, based on its communications with the Company’s partner in Saudi
Arabia, that the reported dispute between the Government of Canada and
the Government of Saudi Arabia will have a negative impact on Covalon’s
business in the Middle East.
News reports have indicated that the Government of Saudi Arabia is
suspending “new” contracts with Canadian firms. Covalon announced on May
7th, 2018 that it had been awarded a contract for an
estimated $100 million dollars over a three-year period from the
Executive Board of Health Ministers’ Council for Gulf Cooperation
Council States which is comprised of 6 countries in the Middle East
including Saudi Arabia. The Company has no reason to believe that
existing awarded contracts for Covalon’s life-saving medical products
would be affected.
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 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180807005612/en/
Source: Covalon Technologies Ltd.
Covalon Technologies Ltd.
Brian Pedlar, CEO,
905-568-8400 x 233
Toll free: 1.877.711.6055
Web site: www.covalon.com