Business
Covalon Provides Corporate Update and Third Quarter Financial Results
MISSISSAUGA, ON, Aug. 29, 2011 /CNW/ - Mr. Brian Pedlar, President and CEO of Covalon Technol...
About this update from Covalon Technologies Ltd.
[{"type":"text","content":"\n\n\n\n\n\nMISSISSAUGA, ON, Aug. 29, 2011 /CNW/ - Mr. Brian Pedlar, President and\n CEO of Covalon Technologies Ltd. (the \"Company\" or \"Covalon\") (TSXV:\n COV), an advanced medical technologies company, is pleased to provide\n the following update. \"We are very pleased that Covalon continues to\n make excellent progress in meeting its objectives.\n\n\nAs previously announced, Covalon recently recovered the exclusive\n worldwide rights to its advanced wound care products from a major\n medical company that was only selling them in one limited market\n segment.\n\n\nAs a result of this, Covalon increased its sales and marketing team in\n order to aggressively expand its advanced wound care business with\n additional distribution partners throughout the world.\n\n\nOur enhanced team's efforts have already resulted in the\n recently-announced new distribution agreement in the Middle East for\n Covalon's advanced wound care dressings with purchase commitments for a\n minimum of $700,000 in the first year of the agreement and a total\n minimum purchase commitment of approximately $11.2 million over five\n years.\n\n\nWe fully expect to announce additional deals in the near future.\n\n\nWe are also aggressively marketing Covalon's medical coating\n technologies into new specialties and markets.\n\n\nMeanwhile, our scientists are enthusiastically working on a number of\n new technologies in the lab in addition to new wound care and medical\n coating products. In particular, new research is actively taking place\n on an exciting new generation of biosensors and telehealth technologies\n with wireless capabilities. To this end, we announced this past week\n the signing of a strategic alliance agreement with Mitec Telecom Inc.\n (TSX: MTM), a leading designer and manufacturer of mobile wireless\n components.\n\n\nFinally, Covalon is evaluating acquisition opportunities that have the\n potential to significantly add capabilities and new market\n opportunities.\n\n\nOur focus on developing new business opportunities for the Company's\n core wound care products and medical coating services are progressing\n well and will positively impact our operating results going forward.\n The Company announced financial results for its third quarter ended\n March 31, 2011. Quarterly revenue was $343,049 as a result of the\n changeover from the old ...