MONTREAL, Oct. 02, 2017 (GLOBE NEWSWIRE) -- On September 29, 2017, Velan Inc. (TSX:VLN) (the “Company”) lost its founder and long-time leader. A.K. Velan passed away peacefully in his sleep at the Montreal General Hospital where he was being treated for complications related to pneumonia. He was just a few months short of his 100th birthday.
There is a deep sense of loss, but, at the same time, there is good reason to celebrate A.K. Velan’s extraordinary life. With his boundless energy, enthusiasm and passion for the business he built and his many philanthropic initiatives, he touched so many lives and will continue to be an inspiration to all.
Velan Holding Co. Ltd. continues to be the controlling shareholder of the Company and it is controlled by A.K. Velan’s three sons, Ivan, Peter and Tom Velan. In May 2015, A.K. Velan retired from the Board of Directors and was since no longer actively involved in the Company. Velan Inc. is now led by Yves Leduc, CEO and President, after a successful two-year transition culminating in Tom Velan retiring as CEO and remaining as Chairman of the 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$331.8 million in its last reported fiscal year. The Company employs over 1,800 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.
For further information please contact:
Yves Leduc, President & Chief Executive Officer
or
John D. Ball, Chief Financial Officer
Tel: (514) 748-7743
Fax: (514) 748-8635
Web: www.velan.com