Mr. Brent Ashton reports

COVALON ANNOUNCES VOTING RESULTS FROM FISCAL 2025 ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS

Covalon Technologies Ltd. has released the results of the matters voted upon at its fiscal 2025 annual general and special meeting of shareholders held on March 25, 2026.

Shareholders voted in favour of all items of business at the meeting and each item of business was approved by the requisite number of votes. The approved matters included (i) the election of the board of directors, (ii) the appointment of PricewaterhouseCoopers LLP as auditor, (iii) an amendment to the company's articles to permit the company to create and issue classes of preferred shares and add such preferred shares to the authorized capital of the company, (iv) the company's amended and restated bylaw No. 1 and repeal of bylaw No. 2, (v) the new advance notice bylaw, (vi) the company's amended and restated long-term omnibus incentive plan, and (vii) options granted to Kim Crooks, the company's chief operating officer, during fiscal year 2025. The total number of shares represented at the meeting, either in person or by proxy, totalled 10,157,014 or 36.777 per cent.

As shareholders approved all items of business at the meeting, the board of directors adopted (i) the amendment to the company's articles, (ii) the amended and restated bylaw No. 1 and repeal of bylaw No. 2, and (iii) the advance notice bylaw, as of the meeting date, in addition to the other items of business approved by shareholders.

The detailed voting results of the meeting are below.

1) The election of the board of directors is shown in the attached table.

2) The appointment of PricewaterhouseCoopers LLP is shown in the attached table.

3) Special resolution to approve an amendment to the articles to authorize the board of directors to create and issue classes of preferred shares and add such preferred shares to the authorized capital of the company is shown in the attached table.

4) Ordinary resolution to approve (i) the amended and restated bylaw No. 1 and (ii) the repeal of the current bylaw No. 2 is shown in the attached table.

5) Ordinary resolution to approve the new advance notice bylaw is shown in the attached table.

6) Ordinary resolution to approve the company's amended and restated omnibus long-term incentive plan is shown in the attached table.

7) Ordinary resolution to approve the grant of 150,000 options granted to Ms. Crooks, Chief Operating Officer, during the company's 2025 fiscal year is shown in the attached table.

Final voting results of all matters voted on at the meeting will be filed on SEDAR+ and further details of the voted matters can be found in the company's management information circular dated Feb. 6, 2026.

A copy of management's presentation is available on Covalon's website. A recording of the meeting will also be made available on that page in the near future.

About Covalon Technologies Ltd.

Covalon is a leading medtech (medical technology) company dedicated to improving patient outcomes through innovative and compassionate medical products and technologies. The company's expertise spans advanced wound care, vascular access and surgical consumables, with a strong focus on enhancing healing, reducing health-care-associated infections (HAIs) and protecting skin integrity. The company's 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).