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