Monolithic Trading

[TheMonolith]

Management of the Company does not believe, based on its communications with the Company’s partner in Saudi Arabia, that the reported dispute between the Government of Canada and the Government of Saudi Arabia will have a negative impact on Covalon’s business in the Middle East.

News reports have indicated that the Government of Saudi Arabia is suspending “new” contracts with Canadian firms. Covalon announced on May 7th, 2018 that it had been awarded a contract for an estimated $100 million dollars over a three-year period from the Executive Board of Health Ministers’ Council for Gulf Cooperation Council States which is comprised of 6 countries in the Middle East including Saudi Arabia.

The Company has no reason to believe that existing awarded contracts for Covalon’s life-saving medical products would be affected.


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