Covalon Technologies Ltd. (the 'Company' or 'Covalon') (TSXV: COV; OTCQX: CVALF), an advanced medical technologies company, today announces its fiscal 2019 year-end results and plans for fiscal 2020.

Brian Pedlar, Covalon's President and CEO, said, 'Fiscal 2019 saw Covalon undergo significant changes as an organization, which have strengthened our business model and provided us with a very strong platform for future growth. Our major achievements during fiscal 2019 included:

Completing the acquisition of U.S.-based AquaGuard, which provides Covalon with almost 2,000 new hospital and medical institutions as customers in the United States and a talented and experienced sales force selling infection prevention products directly into hospitals;

Strong growth in our development and consulting services revenue following the signing of the previously announced major contract with one of the world's largest medical device companies that licensed Covalon's proprietary medical coating technologies and Completion of product registration for Covalon's flagship products in most Latin American countries, including Mexico, Argentina and Chile, enabling Covalon to compete for business in these markets in fiscal 2020 and beyond.'

About Covalon

Covalon Technologies Ltd. researches, develops, and commercializes new healthcare technologies that help save lives around the world. Covalon's patented technologies, products, and services address the advanced healthcare needs of medical device companies, healthcare providers, and individual consumers. Covalon's technologies are used to prevent, detect, and manage medical conditions in specialty areas such as infection control, vascular access, surgical procedures, advanced wound care, and medical device coatings.

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 completion of integration of the AquaGuard acquisition, 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.

Contact:

Tel: 905.568.8400

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