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Covalon Announces New Chairman And CFO

Stocks in this article: COV

MISSISSAUGA, ON, Dec. 6, 2012 /CNW/ - Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV), an advanced medical technologies company, today announced the appointment of Abe Schwartz as Chairman of the Board of Directors and Rita Jairam as Chief Financial Officer.

Mr. Schwartz is the founder and President of Schwartz Technologies Corporation, which is actively involved in the financing, development and managing of healthcare and information technology companies. He has served as an advisor to the Covalon Board of Directors and is a significant shareholder of Covalon stock. Mr. Schwartz has held executive positions in various public and private companies, including among others, President and CEO of Cedara Software Corporation, a publicly-traded medical imaging company where he led an extremely successful turnaround between 2002 and 2005.  Mr. Schwartz worked closely at Cedara with Covalon's Chief Executive Officer, Brian Pedlar.

Martin Bernholtz has stepped down as Chairman of the Board and will continue as a Board Director and Chairman of Covalon's Audit Committee.  Mr. Bernholtz has been a Director since May 2006 and Chairman of the Board since January 2010.

"We are looking forward to having the benefit of Abe's significant experience in growing intellectual property-based medical companies in his role as incoming Chairman," stated Martin Bernholtz, the outgoing Chairman of Covalon. "Abe has supported Covalon as a significant shareholder and advisor for a number of years and we are fortunate to have him join our Board of Directors as Chairman."

The Company also announced the appointment of Rita Jairam as Chief Financial Officer.  Ms. Jairam has held a senior financial position with Covalon since the company's inception and has been the company's Corporate Controller since 2005.  Ms. Jairam has over 20 years of professional finance and accounting experience with various healthcare and real estate companies and is a Canadian Certified General Accountant.

"We are delighted to formally have Rita assume the role of CFO for Covalon. She has had responsibility for the financial management function at Covalon over the past many years and we are lucky to have the benefit of her continued loyal and dedicated service", said Martin Bernholtz.

William Jackson has departed as an officer of the Company. He continues as a Director of the Company.

"On behalf of management and the Board of Directors, I would like to thank William for his contributions to Covalon over the past many years," stated Mr. Bernholtz.

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