Dr. Frank DiCosmo, president, chief executive officer and co-founder noted, “Our strategic alliance contemplates Covalon utilizing Amsino’s vast manufacturing facilities thus saving Covalon the capital cost of building its own facilities. Furthermore, given the large volume of high-quality medical products Amsino currently manufactures for some of the world’s largest healthcare companies, they will be able to achieve lower costs than Covalon could have hoped to provide.”
William Jackson, Covalon’s chief business officer and co-founder said, “What excites me most is that Covalon now gets to focus almost exclusively on ensuring that every company in the medical industry becomes aware of the innovations our incredibly talented scientists have developed. We are in an excellent position to help virtually any medical company increase its sales by introducing innovative new products“.
Peter Hobbes, Covalon’s chief financial officer said, “These changes will allow the Company to reduce its committed cost base and further preserve our cash position of $ 8.4 million. With our Amsino relationship and a leaner operation, I am confident about the company’s ability to capitalize on its broad technology base.
Included in the changes is the termination of the company’s contract with D. Bamforth Consulting Inc. for investor relations services, effective April 27, 2009.
