Business
Covalon Announces Strategic Alliance and Investment by Mitec Telecom
Will collaborate on development of new biosensors and telehealth technologies with wireless ...
About this update from Covalon Technologies Ltd.
[{"type":"text","content":"\n\n\n\n\n\nWill collaborate on development of new biosensors and telehealth\n technologies with wireless capabilities\n\n\nMitec invests $2,496,000 for an approximate 9.9% equity interest in\n Covalon at $0.30 per share\n\n\nMISSISSAUGA, ON, Aug. 24, 2011 /CNW/ - August 24, 2011 - /CNW/ - Covalon\n Technologies Ltd. (the \"Company\" or \"Covalon\") (TSXV: COV), an advanced\n medical technologies company, today announced the signing of a\n strategic alliance agreement with Mitec Telecom Inc. (TSX: MTM), a\n leading designer and manufacturer of mobile wireless components.\n\n\nCovalon and Mitec have agreed to leverage the experiences of each other\n by cooperating on the development and commercialization of\n new-generation biosensors and telehealth technologies that incorporate\n wireless capabilities. The use of these new wireless technologies and\n sensors are destined to become one of the hottest segments of the\n healthcare industry, where they can play key roles in dramatically\n transforming patient monitoring, infection control, post-operative care\n and drug delivery, among others.\n\n\nMitec has also invested $2,496,000 into Covalon, purchasing 8,320,000\n shares at $0.30 per share or approximately 9.9% of Covalon on a\n post-transaction basis. Final approval for the private placement has\n been received from the TSX Venture Exchange.\n\n\nBrian Pedlar, Covalon's President and CEO said, \"Covalon recently\n discovered that our portfolio of patents and intellectual property\n allow us to develop an extremely unique approach to telehealth and\n biosensor technology. When combined with some of the wireless\n capabilities that Mitec is strong in, it has the potential to allow\n Covalon to introduce several exciting new technologies and formulations\n to the medical and consumer marketplaces. That is why Covalon is\n pleased to enter into a strategic relationship with Mitec.\"\n\n\nJeffrey Mandel, President and CEO of Mitec said, \"This is exactly the\n kind of proprietary, valued-added market position we are seeking to\n grow at Mitec. We look forward to working with Covalon on the many ways\n we can combine our expertise. We are excited to share information on\n how we can jointly develop ways to improve healthcare and patient\n experiences using wireless technology.\"  As part of the strategic\n alliance, Jeffrey Man...