Covalon Technologies Ltd. (TSXV:COV) entered into a definitive agreement to acquire AquaGuard business from Cenorin, L.L.C. for CAD 16.1 million on September 19, 2018. The deal consideration includes CAD 4.7 million of cash payable on closing, CAD 0.65 million of shares of Covalon Technologies Ltd. to be issued on closing and held in escrow for up to two years, CAD 3.3 million payable in 12 months from the closing date, CAD 6.5 million payable in 24 months from the closing date, CAD 0.92 million of assumed liabilities payable to management and key staff of AquaGuard by issuance of shares of Covalon Technologies Ltd. on losing and CAD 1.2 million payable upon achievement of certain revenue targets by December 31, 2018. The consideration i subject to working capital and other adjustments. The deal is subject to TSX venture Exchange approval, Lender approval, Covalon Technologies Ltd. Board of Directors approval, obtaining financing, delivery of transition services agreement, employment agreement , lock up agreement and certain other customary closing conditions. Covalon Technologies Ltd. Board of Directors unanimously approved entering into the agreement. The transaction will close in less than sixty days. MPA Morrison Park Advisors Inc. acted as financial advisor and Stikeman Elliott LLP acted as legal advisor to Covalon Technologies Ltd. Covalon Technologies Ltd. (TSXV:COV) completed the acquisition of AquaGuard business from Cenorin, L.L.C. on October 1, 2018. The deal consideration includes CAD 4.7 million of cash payable on closing, CAD 0.65 million of shares of Covalon Technologies Ltd. to be issued on closing and held in escrow for up to two years, CAD 0.03 million in cash payable within 5 days of closing, CAD 3.3 million payable in 12 months from the closing date, CAD 6.5 million payable in 24 months from the closing date, CAD 0.92 million of assumed liabilities payable to management and key staff of AquaGuard by issuance of shares of Covalon Technologies Ltd. on losing and CAD 1.2 million payable upon achievement of certain revenue targets by December 31, 2018.