Brief: Covalon Technologies Reports Q2 Loss Per Share C$0.15

Covalon Technologies

14/07/2020 22:38

July 14 (Reuters) - Covalon Technologies Ltd  COV.V :
    * COVALON ANNOUNCES SECOND QUARTER FISCAL 2020 RESULTS
    * Q2 LOSS PER SHARE C$0.15
    * Q2 REVENUE C$5.3 MILLION VERSUS C$13.3 MILLION
    * NO SHIPMENTS UNDER MIDDLE EAST CONTRACTS RECOGNIZED IN
REVENUE
DURING THIS QUARTER
    * COVALON TECHNOLOGIES - AS OF MARCH 31, DID NOT MEET
CERTAIN
COVENANTS WITH HSBC BANK CANADA UNDER LENDING FACILITY AGREEMENT
    * COVALON TECHNOLOGIES -  EXPECTS SHIPMENTS UNDER MIDDLE
EAST
CONTRACTS TO RESUME ONCE CONTRACTS ARE FULLY TRANSFERRED TO ITS
NEW DISTRIBUTION PARTNER
    * COVALON TECHNOLOGIES - OBTAINED WAIVER FROM HSBC RELATED
TO
COVENANTS THAT WERE NOT MET AS OF QUARTER END
    * COVALON TECHNOLOGIES - ACTIVELY ENGAGED IN DEVELOPING
DISTRIBUTION INTO SEVERAL CHANNELS WITHIN UNITED STATES, CANADA,
AND OTHER COUNTRIES
    * EXPECT DISTRIBUTION CHANNELS WILL POSITIVELY IMPACT OUR Q4
ENDED
SEPTEMBER 30, 2020 AND BEYOND
    * COVALON TECHNOLOGIES - ANTICIPATES MAKING CHANGES TO
BANKING
AGREEMENT WITH HSBC IN DUE COURSE

Source text for Eikon:  ID:nBw666rMDa 
Further company coverage:  COV.V 

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