Covalon Announces Date of Annual General Meeting and First Quarter Financial Results

February 25th, 2011

MISSISSAUGA, Ontario – February 25, 2011 – /CNW/ - Covalon Technologies Ltd. (the
"Company" or "Covalon") (TSX-V: COV), an advanced medical technologies company,
today announced its annual general and special meeting of shareholders will be held at
2:00 pm on April 14, 2011 at the offices of Stikeman Elliott LLP, 53rd Floor, Commerce
Court West, 199 Bay Street, Toronto, Ontario. The record date for the meeting will be
Tuesday, March 15, 2011. The Company also announced financial results for its first
quarter ended December 31, 2010. Quarterly revenue was $661,115. Quarterly
operating expenses were $946,579. Net loss was $629,241 or $0.008 per share.
Covalon continues to have a strong balance sheet with no debt and $5,460,874 in cash,
cash equivalents and short-term investments as of December 31, 2010.
Brian Pedlar, Covalon's Chief Executive Officer stated, “Our current revenue model
based on selling our advanced technologies to large medical companies does not
currently produce consistent revenues on a quarterly basis. Consequently, any one
quarter’s financial results are not particularly indicative of the Company’s prospects.
We are working on a number of exciting initiatives that have the potential to be
transformative events for Covalon. The purpose of this strategy is to leverage
Covalon’s considerable technology base in a variety of new innovative applications in
order to unlock shareholder value. I hope to be in a position to share these
developments with shareholders in the upcoming weeks as well as at the Annual
General Meeting. I continue to be optimistic about the Company's technologies and
prospects. I am well aware that like many other health science companies, Covalon has
taken longer to achieve its full potential than all would have hoped. I firmly believe that
in the fullness of time, our shareholders’ patience will be well rewarded.”
About Covalon

Covalon Technologies Ltd. is a unique medical technologies company engaged in the
research, development, and commercialization of advanced tissue repair applications,
infection control, and specialized coatings for medical and consumer products.
Together, our technology platforms, wound care products, and consulting services
deliver a suite of cost-effective solutions to help our customers achieve product
differentiation through improved patient outcomes. Our technologies address important
healthcare issues such as infection control, medical device biocompatibility and healthy
tissue repair. To learn more about Covalon, visit our website at www.covalon.com
For further information please contact:

Brian Pedlar
CEO, Covalon Technologies Ltd.
E: bpedlar@covalon.com
T: (905) 568-8400 x 233
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© 2010 Covalon Technologies Ltd.
F: (905) 568-5200

www.covalon.com

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defined in the policies of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy 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. The
Company assumes no obligation to update or alter any forward-looking statements
whether as a result of new information, further events or otherwise.

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