Business
Covalon Announces Departure of Executive Chair and the Appointment of its Largest Shareholder as New Chair
Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV; OTCQX: CVALF), an advanced med...
About this update from Covalon Technologies Ltd.
[{"type":"text","content":"Covalon Announces Departure of Executive Chair and the Appointment of its Largest Shareholder as New Chair\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n \n\n\n\n Covalon Technologies Ltd. (the \"Company\" or \"Covalon\") (TSXV: COV; OTCQX: CVALF), an advanced medical technologies company, today announced that Mr. Abe Schwartz has been elected Chair of the Board of the Company. Mr. Schwartz succeeds Mr. Amir Boloor, who has decided to step down as a director and Executive Chair of Covalon with effect today.\n \n\n Mr. Schwartz, a member of the Covalon Board since 2008, has previously served as Covalon Board Chair from 2012 until 2020. He has been a successful Healthcare and I.T. industry entrepreneur, CEO and investor over the past 50 years and is Covalon’s largest shareholder.\n \n\n Mr. Joe Cordiano will continue to serve as the Lead Independent Director\n \n\n of the Covalon Board. Mr. Cordiano has also been a member of the Covalon Board since 2008. Mr. Cordiano is a successful entrepreneur, corporate executive and has previously served as Ontario Minister of Industry, Trade and Technology.\n \n\n Mr. Schwartz said, “on behalf of the entire Covalon Board, I would like to sincerely thank Amir for all his tireless efforts on behalf of the Company. Covalon is a much stronger company today because of Amir’s passionate efforts in guiding Covalon through difficult and challenging times including the Covid pandemic. Today, Covalon is profitable, debt free and has $18 million in cash. The Board, executives and staff of Covalon wish him well with all his future endeavours.”\n \n\n Mr. Schwartz continued, “I am excited to once again become Board Chair and am looking forward to working closely with the Board, executives and staff of Covalon to introduce new initiatives and accelerate positive outcomes for the benefit of the many patients, clinicians and hospitals who rely on Covalon’s lifesaving technologies; for Covalon’s dedicated and loyal staff; and for Covalon’s many stakeholders who are rightly looking forward to further success for Covalon.”\n \n\n Mr. Brent Ashton, CEO and Director of Covalon, said, “we are delighted to have Abe step in as Board Chair. Abe has a strong understanding of the company and is fully committed to driving long-t...