MISSISSAUGA, ON, April 7 /CNW/ - Covalon Technologies Ltd. (the "Company" or "Covalon") (TSX-V: COV), announced today that the Board of Directors of the Company has determined that it is in the best interest of shareholders to cancel and reschedule the annual and special meeting (the "Meeting") of shareholders of the Company which was previously scheduled for Friday, April 9, 2010. The Board of Directors decided to reschedule the Meeting in order to revise the slate of directors presented to shareholders. Dr. Frank DiCosmo has recently terminated his services arrangement with the Company and the Company has been notified that Dr. DiCosmo plans to make a claim against the Company. Management of the Company will no longer be nominating Dr. DiCosmo as a director of the Company. An annual and special meeting of shareholders has been rescheduled for 2 pm (Toronto time) on Wednesday, May 19, 2010 at the offices of Stikeman Elliott LLP, 53rd Floor, Commerce Court West, 199 Bay Street, Toronto, Ontario. The record date for the meeting will be Monday April 19, 2010.
Covalon Technologies Ltd. is an advanced medical products company that develops, patents and commercializes therapeutic biomaterials for wound care and surgical applications and coatings. Polymer chemistry and surface coating technology have been combined to create a range of time-release drug delivery platforms that are applied to medical devices to treat many critical conditions. A variety of applications for these technologies have been identified and specific products have been developed. The products offer features and benefits providing solutions to many of the problems caused by current devices and their material properties which are used by most medical device manufacturers and suppliers. The problems include infection, poor biocompatibility and microbial attachment.
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.