Aug 28 2009
Covalon Technologies Ltd. (TSX VENTURE:COV) announces the release of its financial statements for the third quarter of fiscal 2009 ending June 30, 2009. Revenues from product sales, coating services and licensing fees for the three months ended June 30, 2009 were $401,837, an increase of $64,575 over the same period in the previous year. Total operating expenses excluding product were $1,339,495 for the three months ended June 30, 2009 a decrease of $559,691 from the three months ended March 31, 2009. At June 30, 2009, the Company had $7.8 million in cash and cash equivalents available for use.
Mr. Peter Hobbes, Covalon's Chief Financial Officer commented, "Covalon recently made the right decision to discontinue any attempt at building a custom manufacturing capability and instead focus on our core competencies of innovating and developing new products and technologies. This was a key factor in significantly reducing our operating expenses from the second quarter to the third quarter of fiscal 2009."
Dr. Frank DiCosmo, Covalon Co-Founder, President and Chief Executive Officer stated, "The past quarter and this summer has been extremely busy for all of us at Covalon. We have been working non-stop on a number of new initiatives at the same time as diligently continuing our efforts on existing projects. We anticipate that both these streams of effort will lead to some significant long term business for Covalon. We expect to be in a position to provide further information to our shareholders about significant initiatives in the coming weeks."
The Company has also announced the departure of Dr. Sonia Sanhueza as Chief Operations Officer. The Company feels that it can be more efficient and further reduce its expenses by not continuing to have someone hold such a position at this time given the decision taken to not build its own custom manufacturing facility.
http://www.covalon.com
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