Velan Announces Changes to its Board Including the Appointment of Bruno Carbonaro, President and CEO

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MONTREAL, Jan. 17, 2022 /CNW Telbec/ - Velan Inc. ("Velan" or the "Company") (TSX: VLN) announced today that Mr. Bruno Carbonaro has been appointed as a member of the Board of Directors. The outgoing Director, Yves Leduc, will continue to serve as special advisor to the Chairman of the company. Mr. Carbonaro, who joined the Company in 2019, has recently succeeded Yves Leduc as President and CEO. He has extensive experience in the engineered products industry, having worked in senior leadership positions at various companies.

Ms. Suzanne Blanchet, appointed to the Board last July, has been appointed Chair of the Audit Committee, a position previously held by William Sheffield. Ms. Blanchet is also member of the Corporate Governance and Human Resources Committee.

James Mannebach, Chairman of the Corporation stated, "These changes are part of the ongoing board renewal process. I believe that the appointment of Mr. Bruno Carbonaro and Suzanne Blanchet as Chair of the Audit Committee are positive steps for the future of the company."

Bruno Carbonaro stated, "I am honoured to be appointed as a member of the Board of Velan and to serve as the leader of this renowned company. Working closely with our Board is tremendously helpful to gain alignment as Velan is poised to further capitalize on its market leading technologies, application knowledge and unsurpassed commitment to our customers".

Suzanne Blanchet stated, "I am impressed by the Company's efforts to renew and organize smooth leadership transitions both at the executive level and the Board of Directors. I am honoured to serve on the Velan Inc. Board."

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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