Covalon Technologies Ltd. Announces the Appointment of Experienced MedTech Executive Mr. Brent Ashton as New CEO - Seite 2

In connection with the appointment of Mr. Ashton, the Board has accepted the resignation of Amir Boloor in his capacity as the Interim Chief Executive Officer of the Company and has appointed Mr. Boloor to the role of Executive Chair of the Company. In his new role Mr. Boloor will be working closely with the Board, Mr. Ashton and the management team of Covalon.

Mr. Ashton will be granted 800,000 stock options that will vest equally over four years at an exercise price equal to the greater of the market price of the Company’s common shares at the date of grant and $1.50 per share. The vesting of 50% of the stock options is time-based, with such stock options vesting in equal increments over the four-year period, and the vesting of the remaining 50% of the stock options is based on certain thresholds of the market price of the Company’s common shares being achieved over the course of the same four-year period. Mr. Ashton’s appointment and stock option grant are subject to the approval of the TSX Venture Exchange.

About Covalon

Covalon Technologies Ltd. is a patient-driven medical device company, built on the relentless pursuit to help the most vulnerable patients have a better chance at healing. Through a strong portfolio of patented technologies and solutions for advanced wound care, infection prevention, and medical device coatings, we offer innovative, gentler, and more compassionate options for patients to heal with less infections, less pain, and better outcomes. Our solutions are designed for patients and made for care providers. Covalon leverages its patented medical technology platforms and expertise in two ways: (i) by developing products that are sold under Covalon’s name; and (ii) by developing and commercializing medical products for other medical companies under development and license contracts. The Company is listed on the TSX Venture Exchange, having the symbol COV and trades on the OTCQX Market under the symbol 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, 2022, 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.