Covalon Interim Financial Statements,
Three months ended December 31, 2006

March 01, 2007

MISSISSAUGA, ONTARIO  (March 1, 2007) - Covalon Technologies Ltd. ("Covalon" or the "Company") (TSX VENTURE:COV) announces that it has filed its Interim Financial Statements for the three months ended December 31, 2006.

Covalon Technologies Ltd. is a company with advanced medical products that has developed and patented advanced 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 many 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:
William Jackson, CFO & COO
Covalon Technologies Ltd.
T: (905) 568-8400
F: (905) 568-5200
www.covalon.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this release.