MISSISSAUGA, ONTARIO--(MARKET WIRE)--Oct 17, 2008 -- On October 15, 2007, the board of directors of Covalon Technologies Ltd. ("Covalon" or the "Company") (CDNX:COV.V - News) granted an aggregate of 240,000 options to purchase common shares to certain officers and employees as part of the Company's Employee Bonus Plan. The options have an exercise price of $0.75 per share, and expire on the fifth anniversary of the date of grant. Also on October 15, the board of directors granted an aggregate of 200,000 options to certain of its officers at a price of $0.75 and expiring on the second anniversary of the date of grant.

Covalon Technologies Ltd. is a developer of advanced medical products which has patented therapeutic biomaterials for wound care and surgical applications, and coatings for medical devices. Polymer chemistry and surface coating technology have been combined to create a range of time-release drug delivery platforms that can be applied to many medical devices. A variety of applications for this technology have been identified and specific products have been developed. These products feature solutions to many of the problems caused by the material properties of medical devices currently offered by most manufacturers and suppliers.

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     Contacts:
     Covalon Technologies Ltd.
     Frank DiCosmo, Ph.D.
     President & CEO
     (905) 568-8400 x 246
     (905) 568-5200 (FAX)
     Website: http://www.covalon.com