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,OTC:CVALF; 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.

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.

Mr. Joe Cordiano will continue to serve as the Lead Independent Director 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.

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."

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."

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-term value creation for all our stakeholders."

Those interested in learning about Covalon's solutions may visit www.covalon.com or follow Covalon on LinkedIn , Facebook , Instagram , or X .

About Covalon
Covalon is a leading MedTech company dedicated to improving patient outcomes through innovative and compassionate medical products and technologies. Our expertise spans advanced wound care, vascular access, and surgical consumables, with a strong focus on enhancing healing, reducing healthcare-associated infections (HAIs), and protecting skin integrity. Our solutions are designed for patients and made for care providers. The Company is listed on the TSX Venture Exchange (COV) and trades on the OTCQX Market (CVALF). To learn more about Covalon, visit our website at www.covalon.com .

Neither the 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 may contain 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", or variations of such words and phrases or state that certain actions, events, or results "may", "could", "would", "might", "will" or "will be taken", "occur", or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events. Forward-looking statements involve risks and uncertainties, including, but not limited to, the factors described in greater detail in the "Risks and Uncertainties" section of our management's discussion and analysis of financial condition and results of operations for the year ended September 30, 2024, which is available on the Company's profile at www.sedarplus.ca , any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Investors should not place undue reliance on any forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company assumes no obligation to update or alter any forward-looking statements, whether as a result of new information, further events, or otherwise, except as required by law.

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To learn more about Covalon, please contact:

Brent Ashton, Chief Executive Officer, Covalon Technologies Ltd.
Email: investors@covalon.com
Phone: 1.877.711.6055
Website: https://covalon.com/