Covalon Technologies Grants Options

February 27, 2009

MISSISSAUGA, Ontario – February 27, 2009 – On February 25, 2009, Covalon Technologies Ltd. (TSX-V: COV), an advanced biomedical systems company, granted an aggregate of 100,000 options to purchase common shares at an exercise price of $1.00 per share to the Company’s previously announced investor relations consultant (January 26, 2009). Half the options shall vest on January 15, 2010 and the other half a year later. The options will expire five years after the grant date.

About Covalon
Covalon Technologies Ltd. is an advanced medical products company that has developed,  patented and commercialized therapeutic biomaterials for wound care and surgical applications and coatings. Polymer chemistry and surface coating technology have been combined to create a range of time-release drug delivery platforms that are applied to medical devices to treat many critical conditions. A variety of applications for these technologies have been identified and specific products have been developed. The products offer features and benefits providing solutions to many of the problems caused by current devices and their material properties which are used by most medical device manufacturers and suppliers. The problems include infection, poor biocompatibility, and microbial attachment.

For further information please contact: 

Frank DiCosmo, Ph.D.		Debbie Bamforth
President & CEO		Investor Relations
T: (905) 568-8400		T: (416) 926-0800
www.covalon.com		dbamforth@covalon.com

TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release, and has neither approved nor disapproved of the contents of this release.

This news release contains forward-looking statements which reflect the Company’s current expectations regarding future events. The forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan, “estimate”, “expect”, “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the difficulty in predicting product approvals, acceptance of and demands for new products, the impact of the products and pricing strategies of competitors, delays in developing and launching new products, the regulatory environment, fluctuations in operating results and other risks, any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Many risks are inherent in the industry; others are more specific to the Company. Investors should consult the Company’s ongoing quarterly filings for additional information on risks and uncertainties relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. Management assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further events or otherwise.