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Covalon Reports Fiscal 2008 Results

Covalon Technologies Ltd. (Covalon) has reported product sales and licensing fee revenues of $1.8 million for the fiscal 2008, up 20%, compared with the product sales and licensing fee revenues of $0.33 million in the previous year-end. It has also reported net loss of $3.7 million, or $0.05 for the fiscal 2008, compared with net loss of $3.1 million in the previous year-end.

Gross profit increased to $577,141 or 41% of product sales in fiscal 2008. Interest income earned for the year totaled 626,260.

As at September 30, 2008, Covalon reported cash and equivalent investments of $12.6 million and a working capital balance of $12.0 million.

“We are very excited about the progress Covalon is continuing to make in research and development and the expanding product pipeline. The Company has built a strong infrastructure to support the roll-out of our products to enhance revenue growth in 2009.” said Frank DiCosmo, Covalon’s president & chief executive officer. “Strategic investment in our product pipeline and further expansion of our partner-base will increase business opportunities and shareholder value.”

“I believe that we are much better positioned than many others in the industry with solid cash resources and multiple opportunities.” commented Peter Hobbes, the company’s chief financial officer. “Covalon is investing to meet expected market demand and I am thrilled to be a part of the team.”