Mr. Amir Boloor reports

COVALON ANNOUNCES LEADERSHIP CHANGES

Covalon Technologies Ltd.'s board of directors has appointed Amir Boloor, chair of the company's board, as interim chief executive officer (CEO), effective immediately, following the departure of Brian Pedlar. The board has commenced a search for a permanent CEO.

With Mr. Boloor taking on an executive role, the board has appointed Joseph Cordiano to serve as lead independent director.

"As an experienced CEO, and member of Covalon's board since 2020, Amir has a deep understanding of Covalon and its strategy and is well placed as interim CEO to oversee the continued execution of the company's strategy as it commences a search for a new CEO," said Martin Goldfarb, OC, one of Covalon's largest shareholders and member of the board.

"I look forward to the opportunity to serve in this role while the board conducts a search for Covalon's next CEO," said Mr. Boloor. "I am looking forward to partnering with Covalon's leadership team to ensure we continue to execute on behalf of all our stakeholders, including our clients, our staff and our shareholders. Covalon has a strong balance sheet, no debt, a dedicated and experienced team, a large portfolio of patented health care technologies, and significant momentum with its advanced wound care and infection prevention product portfolios."

Mr. Boloor succeeds Mr. Pedlar, who will remain on Covalon's board of directors. "On behalf of the entire board, I would like to sincerely thank Brian for his leadership during his more than 13-year tenure, including the company's evolution from a research- and development-centric company to a product-centric company. He set the stage for Covalon's next phase of growth," said Mr. Boloor. "We look forward to receiving his continued advice and wish him much success in his future endeavours."

About Covalon Technologies Ltd.

Covalon Technologies 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, Covalon offers innovative, gentler and more compassionate options for patients to heal with less infections, less pain and better outcomes. The company's 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 licence contracts.

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