Mr. Brent Ashton reports

COVALON TO HOLD ANNUAL MEETING OF SHAREHOLDERS ON WEDNESDAY, MARCH 6, 2024

Covalon Technologies Ltd.'s annual meeting of shareholders of the company will be held on Wednesday, March 6, 2024, at 2 p.m. Eastern Time in a virtual-only format, where shareholders may attend and participate in the meeting via live webcast. The meeting will include a presentation from Brent Ashton, Covalon's recently appointed chief executive officer, with a question-and-answer session to follow.

Registered shareholders and duly appointed proxyholders will be able to attend, participate and vote at the meeting on-line, meeting ID: 1577, using the password: covalon2024 (case sensitive).

If you are a registered shareholder and you want to appoint someone else (other than the management nominees) to vote on-line at the meeting, you must first submit your proxy indicating who you are appointing. You or your appointee must then register with TSX Trust in advance of the meeting by e-mailing tsxtrustproxyvoting@tmx.com the request for control number form, which can be found at the TSX Trust website.

If you are a non-registered shareholder (shareholder who holds their shares through a broker, investment dealer, bank, trust company, custodian, nominee or other intermediary) and want to vote on-line at the meeting, you must appoint yourself as proxyholder and register with TSX Trust Company in advance of the meeting by e-mailing tsxtrustproxyvoting@tmx.com the request for control number form. Registering your proxyholder is an additional step to be completed after you have submitted your form of proxy or voting instruction form.

Non-registered shareholders who have not duly appointed themselves as proxyholder will not be able to vote at the meeting but will be able to attend the meeting as guests.

Guests are invited to attend the meeting on-line, meeting ID: 1577, and clicking on "I am a Guest" option.

Copies of Covalon's management information circular, financial statements, and MD&A (management's discussion and analysis) can be obtained on SEDAR+ and under SEDAR+ filings on the investors tab of Covalon's website.

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.

We seek Safe Harbor.