Velan Inc. Signs Main Services Agreement With GEH SMR Technologies Canada Ltd.

MONTREAL, Sept. 02, 2024 (GLOBE NEWSWIRE) — Velan Inc. (TSX: VLN) (“Velan” or the “Company”), a world-leading manufacturer of industrial valves, announced today that it has entered into a Main Services Agreement (“MSA”) with GEH SMR Technologies Canada Ltd. (“GEH”) to provide certain products and services that may be required by GEH for the provision of a stand-alone Small Modular Reactor (“SMR”) to Ontario Power Generation Inc. Under the terms of the MSA, GEH has placed an initial purchase order with the Company to develop technology and products related thereto. Anticipated future purchase orders for similar SMR’s in Canada, the United States and around the world, the receipt of which are dependent on the Company’s continued ability to develop and deliver required products and services under the MSA, could have a material impact on the Company’s future revenue and results of operations.

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$346.8 million in its last reported fiscal year. The Company employs 1,654 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.