Covalon Technologies Ltd. Announces Leadership Transition: Abe Schwartz Returns as Board Chair Following Amir Boloor’s Departure
Covalon Technologies Ltd. (TSXV: COV; OTCQX: CVALF), a pioneering developer and manufacturer of advanced medical technologies designed to prevent and treat infections in vulnerable patients, has announced a significant leadership transition at the board level. Effective immediately, Mr. Abe Schwartz has been elected Chair of the Board of Directors, succeeding Mr. Amir Boloor, who has stepped down from his roles as Executive Chair and director of the company.
The transition marks a new chapter in Covalon’s ongoing evolution as a profitable, debt-free, and strategically positioned player in the global medical technology sector. Mr. Schwartz, who has served on Covalon’s Board since 2008 and previously held the position of Board Chair from 2012 to 2020, returns to the role with deep institutional knowledge, decades of industry expertise, and a strong alignment with the company’s mission. As Covalon’s largest shareholder, his renewed leadership underscores a continued commitment to long-term value creation and operational excellence.
Mr. Amir Boloor, who played a pivotal role in guiding Covalon through one of the most turbulent periods in modern healthcare—the global COVID-19 pandemic—departs with the gratitude and respect of the entire organization. Under his stewardship, Covalon not only weathered significant market and operational challenges but emerged stronger, more resilient, and financially robust. Today, the company reports $18 million in cash reserves, sustained profitability, and a clear strategic roadmap for future growth.
In a statement, Mr. Schwartz expressed heartfelt appreciation for Boloor’s contributions: “On behalf of the entire Covalon Board, I would like to sincerely thank Amir for all his tireless efforts on behalf of the Company. Covalon is a much stronger company today because of Amir’s passionate efforts in guiding Covalon through difficult and challenging times, including the Covid pandemic. Today, Covalon is profitable, debt free, and has $18 million in cash. The Board, executives, and staff of Covalon wish him well in all his future endeavors.”
Boloor’s leadership was instrumental during a period when many healthcare companies faced existential threats. His strategic vision helped Covalon maintain focus on its core mission—delivering innovative, life-saving infection prevention technologies—while simultaneously strengthening its balance sheet and expanding its commercial footprint. His departure, though bittersweet, comes at a time of stability and momentum, allowing for a seamless transition of governance responsibilities.
Returning to the Chair role, Mr. Schwartz brings over 50 years of experience as a successful entrepreneur, CEO, and investor in the healthcare and information technology sectors. His track record includes founding and scaling multiple ventures, navigating complex regulatory landscapes, and building high-performing teams. His deep understanding of Covalon’s technology platform, market opportunities, and organizational culture positions him uniquely to drive the next phase of the company’s growth.
“I am excited to once again become Board Chair and am looking forward to working closely with the Board, executives, and staff of Covalon to introduce new initiatives and accelerate positive outcomes,” Mr. Schwartz said. “Our mission remains clear: to serve the many patients, clinicians, and hospitals who rely on Covalon’s lifesaving technologies. At the same time, we are committed to supporting our dedicated and loyal staff and delivering sustained value to all our stakeholders, who rightly look forward to further success for Covalon.”
To ensure continuity and robust governance, Mr. Joe Cordiano will continue in his role as Lead Independent Director. A fellow long-standing board member since 2008, Mr. Cordiano brings a wealth of experience as a corporate executive, entrepreneur, and former Ontario Minister of Industry, Trade and Technology. His leadership in public policy and private enterprise provides invaluable perspective as Covalon navigates domestic and international expansion opportunities.
The leadership transition also reflects Covalon’s mature governance structure, which balances founder influence, independent oversight, and shareholder alignment. With Mr. Schwartz as Chair and Mr. Cordiano as Lead Independent Director, the Board maintains a strong foundation of accountability, strategic foresight, and operational discipline.
CEO and Director Mr. Brent Ashton welcomed the appointment, emphasizing the strategic advantages of Schwartz’s return. “We are delighted to have Abe step in as Board Chair,” Ashton said. “Abe has a strong understanding of the company and is fully committed to driving long-term value creation for all our stakeholders. His experience, vision, and unwavering belief in Covalon’s mission make him the ideal leader to guide our Board at this critical juncture.”
Covalon’s proprietary technologies—including its flagship ColActive® and ColActive Plus® advanced wound dressings, as well as its BioGuard® antimicrobial coating platform—are used in hospitals and clinics worldwide to prevent device-related infections and promote healing in high-risk patients. The company’s solutions address urgent clinical needs in areas such as central line-associated bloodstream infections (CLABSIs), surgical site infections (SSIs), and chronic wound management.
With a solid financial position, a proven product portfolio, and a leadership team deeply aligned with its mission, Covalon is well-positioned to accelerate commercialization, expand into new markets, and invest in next-generation innovations. Mr. Schwartz’s return as Chair signals a renewed focus on execution, stakeholder engagement, and sustainable growth.
Looking ahead, the Board intends to prioritize several key initiatives under Schwartz’s leadership: enhancing R&D pipelines, strengthening strategic partnerships with global healthcare providers, optimizing operational efficiency, and exploring opportunities for geographic and therapeutic expansion—all while maintaining the company’s core commitment to patient safety and clinical excellence.
This leadership transition is not merely a change in titles, but a reaffirmation of Covalon’s values-driven approach to business. It reflects a company that honors its past while confidently building its future—one where innovation, integrity, and impact remain at the heart of every decision.
As Covalon enters this new era, stakeholders can take confidence in the continuity of vision, the strength of governance, and the unwavering dedication of a team that has consistently turned challenges into opportunities. With Abe Schwartz at the helm of the Board once again, Covalon is poised to build on its legacy of saving lives through science—and to deliver even greater value for patients, partners, and shareholders alike.
