MISSISSAUGA, ON, April 5 /CNW/ - Covalon Technologies Ltd. (the "Company" or "Covalon") (TSX-V: COV), an advanced medical products company, has appointed Mr. Brian Pedlar, a current director of the Company, as Chief Executive Officer of the Company. Mr. Pedlar replaces Dr. Frank DiCosmo, who has terminated his services arrangement with the Company over a disputed bonus payment.
Mr. Martin Bernholtz, Covalon's Chairman of the Board said, "We are extremely pleased that Brian Pedlar has agreed to become CEO. Covalon views this as an opportunity to more aggressively pursue its transition from a pure medical R&D company to a medical commercialization company. We are all very optimistic about Covalon's future. We sincerely wish Frank DiCosmo well in his future endeavors and thank him for his past contributions to Covalon."
Mr. Pedlar will assume all the duties and responsibilities as CEO and will be working closely with Mr. William Jackson, Covalon's Co-Founder, Chief Business Officer and Chief Financial Officer, Dr. Val DiTizio, Covalon's Co-Founder and Chief Scientific Officer and all of Covalon's talented staff to continue to develop new business opportunities for the Company.
Mr. Pedlar is President of Pedlar Ventures Limited, a private venture investment and consulting firm based in Oakville, Ontario. He has extensive international business development experience in the medical industry as well as mergers, acquisitions and public company finance experience through serving in senior executive positions with public companies including Merge Healthcare, Cedara Software Corp. and IMAX Corporation. Mr. Pedlar holds a Bachelor of Science degree from Mount Allison University, a post-graduate Diploma in Accounting from Wilfrid Laurier University and is a Canadian Chartered Accountant.
The Board of Directors of the Company will be meeting on Wednesday, April 7, 2010 to consider what impact, if any, this development will have on the holding of the annual and special meeting of the Company currently scheduled for Friday April 9, 2010. An update announcement will be made by the Company on Wednesday April 7, 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.
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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.