Ontario - Covalon Technologies Ltd. (the 'Company' or 'Covalon') (TSXV: COV; OTCQX: CVALF), an advanced medical technologies company, will release its Q3 Fiscal 2023 financial results on Wednesday, August 16, 2023, before markets open.

A conference call and webcast to discuss the financial results will be held on Wednesday, August 16, 2023, at 9:00am ET.

To view, listen to, and participate in the live webcast, please follow the link below: https://events.q4inc.com/attendee/682406686

To listen and participate via the conference call, please dial

North American Toll-Free: 1-888-259-6580

Local (Toronto): 416-764-8624

Conference ID: 27101802

Participants will be able to ask questions of Company management during the Q&A portion of the conference call either by asking them on the call or by submitting them using the chat function on the webcast.

A recording of the call will be available on www.covalon.com under News & Events on the Investors tab.

About Covalon

Covalon Technologies Ltd. is a patient-driven medical device company, built on the relentless pursuit to help the most vulnerable patients have a better chance at healing. Through a strong portfolio of patented technologies and solutions for advanced wound care, infection prevention, and medical device coatings, we offer innovative, gentler, and more compassionate options for patients to heal with less infections, less pain, and better outcomes. Our solutions are designed for patients and made for care providers. Covalon leverages its patented medical technology platforms and expertise in two ways: (i) by developing products that are sold under Covalon's name and (ii) by developing and commercializing medical products for other medical companies under development and license contracts. The Company is listed on the TSX Venture Exchange, having the symbol COV and trades on the OTCQX Market under the symbol CVALF.

This news release may contain 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', or variations of such words and phrases or state that certain actions, events, or results 'may', 'could', 'would', 'might', 'will' or 'will be taken', 'occur', or 'be achieved'. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events. Forward-looking statements involve risks and uncertainties, including, but not limited to, the factors described in greater detail in the 'Risks and Uncertainties' section of our management's discussion and analysis of financial condition and results of operations for the year ended September 30, 2022, which is available on the Company's profile at www.sedarplus.ca , any of which could cause results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. Investors should not place undue reliance on any forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company assumes no obligation to update or alter any forward-looking statements, whether as a result of new information, further events, or otherwise, except as required by law.

Contact:

Brian Pedlar

Email: bpedlar@covalon.com

Tel: 905.568.8400

Toll-Free: 1.877.711.6055

Web: https://covalon.com

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