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Velan Announces the resignation of CFO and Appointment of interim CFO

Written by Customer Service on . Posted in Public Companies.

MONTREAL, Jan. 08, 2021 (GLOBE NEWSWIRE) — Velan Inc. (TSX: VLN) (“Velan” or the “Company”) today announced that Rejean Ostiguy has informed the Company of his decision to resign as Chief Financial Officer, having accepted a leadership opportunity at a privately owned company. Velan has commenced a search to identify the Company’s next CFO. Mr. Ostiguy will remain in his role until January 22nd, after the release of Velan financial results for the third quarter.
John Ball, Executive Vice President, Global Finance and former Chief Financial Officer of the Company, from 2005 until May 2020, will assume the role of Chief Financial Officer on an interim basis.“On behalf of Velan, I want to thank Rejean for his leadership and expertise over the past 12 months, overseeing the deployment of major systems improvements under our V20 program,” said Yves Leduc, Velan’s Chief Executive Officer, “I also want to thank John for accepting to support the Company in the interim period. John is a well-respected senior executive with an exceptional knowledge of the business and the Company, and whose track record, since he joined Velan as CFO in 2005, has been outstanding. We wish Rejean continued success in this next chapter of his career.”About VelanFounded in Montreal in 1950, Velan Inc. (www.velan.com) is one of the world’s leading manufacturers of industrial valves, with sales of US$371.6 million in its last reported fiscal year. The Company employs over 1,775 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 statementThis 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.John D. Ball, Executive Vice-President Global Finance Tel.: 514-707-2542

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