Mr. Brent Ashton reports

COVALON ANNOUNCES MANAGEMENT CHANGES

Covalon Technologies Ltd. has made the following management changes.

Interim chief financial officer appointment and transition

The company will appoint Katie Martinovich as interim chief financial officer of Covalon. Ms. Martinovich will succeed Jason Gorel, who will be stepping down in February, 2024, to pursue other endeavours. Ms. Martinovich is currently Covalon's vice-president, finance.

Appointment of senior vice-president, operations

Kim Crooks has rejoined Covalon as the senior vice-president, operations. In this new role, Ms. Crooks is responsible for overseeing the direction, planning and execution of manufacturing, quality assurance and quality control, regulatory affairs, and human resources. Ms. Crooks was previously vice-president, operations, at Covalon from 2012 to 2022.

Brent Ashton, chief executive officer of Covalon Technologies, stated: "We would like to thank Mr. Gorel for his many contributions to Covalon and wish him well in his future. We are very glad to have both Ms. Martinovich and Ms. Crooks take on their new roles and join the Covalon executive leadership team to help us achieve our mission of providing innovative, gentler and more compassionate options for patients to heal with less infections, less pain and better outcomes."

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, it offers innovative, gentler and more compassionate options for patients to heal with less infections, less pain and better outcomes. Covalon'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. The company is listed on the TSX Venture Exchange, having the symbol COV, and trades on the OTCQX Market under the symbol CVALF.

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