MONTREAL, Dec. 10, 2021 /CNW Telbec/ - Velan Inc. (TSX: VLN) ("Velan" or the "Company") today announced that Benoit Alain has informed the Company of his decision to resign as Chief Financial Officer, for personal reasons.

Velan has commenced a search to identify the Company's next CFO.

Mr. Alain will remain in his role until May 20, 2022 to leave only after the release of the financial statements for the fiscal year ending on February 28, 2022.

"On behalf of Velan, I want to thank Benoit for giving sufficient time for the Company to search for a new CFO and to assure a smooth transition. I thank him for the expertise he shared with us during his tenure at Velan," said Bruno Carbonaro, Velan's Chief Executive Officer.

"I would like to thank Velan for the opportunity I was given to discover this extraordinary company and its employees. Upon reflection, I realized that my professional interests are not in the strictly financial field, and this is the only reason for my departure. Of course, I want the company not to suffer from my departure and will therefore ensure the verification of the financial statements of the current fiscal year as well as the transition to my successor." said Mr. Alain.

About Velan

Founded in Montreal in 1950, Velan Inc. (www.velan.com) is one of the world's leading manufacturers of industrial valves, with sales of US$302.1 million in its last reported fiscal year. The Company employs close to 1,700 people and has manufacturing plants in 9 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.

Safe harbour statement
This news release may include forward-looking statements, which generally contain words like "should", "believe", "anticipate", "plan", "may", "will", "expect", "intend", "continue" or "estimate" or the negatives of these terms or variations of them or similar expressions, all of which are subject to risks and uncertainties, which are disclosed in the Company's filings with the appropriate securities commissions. While these statements are based on management's assumptions regarding historical trends, current conditions and expected future developments, as well as other factors that it believes are reasonable and appropriate in the circumstances, no forward-looking statement can be guaranteed, and actual future results may differ materially from those expressed herein. The Company disclaims any intention or obligation to update or revise any forward-looking statements contained herein whether as a result of new information, future events or otherwise, except as required by the applicable securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

SOURCE Velan Inc.

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