Velan Appoints Bruno Carbonaro as CEO in Accordance with the Previously Announced Transition Plan

MONTREAL, Dec. 1, 2021 /CNW Telbec/ - Velan Inc. ("Velan") (TSX: VLN) is pleased to announce the completion of its CEO transition plan with the appointment of Bruno Carbonaro as CEO and President effective today. Mr. Carbonaro who joined the company in 2019 as President has become only the fourth leader in the 71-year history of the global valve manufacturing company.  Mr. Carbonaro succeeds Yves Leduc who will continue as an advisor to the Chairman and CEO to support the transition. Yves Leduc will continue as a director until the January 12^th, 2022 meeting.

Jim Mannebach, Board Chair, stated "We are very pleased to welcome Bruno to his new leadership role as CEO. The appointment of Bruno Carbonaro is the culmination of a leadership transition and succession process that started in 2019 when Bruno was hired as President. There has been excellent collaboration between Yves and Bruno throughout the process. I would like to thank Yves for his professionalism and focus on ensuring a smooth transition".

Tom Velan, former Chairman and CEO stated "Congratulations to Bruno on becoming the second non-Velan family leader of the company. Bruno is from France which reflects the growing importance of our European subsidiaries to our consolidated results. During his two years as President, Bruno has concentrated on improving our operating margins, managing production through the restructuring process, and improving our global consolidated results while dealing with the pandemic constraints. Now Bruno is ready and enthusiastic to become CEO and he is highly motivated to lead the company to a successful future, building on the V20 transformation."

Bruno Carbonaro stated "I am very proud to become the CEO of Velan, a global valve company that has built up a great reputation over 70 years for its excellent products, its entrepreneurial culture, and the know-how of its employees. In my first two years I have learned a lot about the company, the valve market, our customers, and our employees.  I believe that I am well prepared for the role thanks to the successfully executed transition plan with the support and counsel of Yves, the Board, and the Velan family. I am aware of both the challenges and opportunities, and I am highly motivated to work with the management team and all our employees to realize our ambitions."

Yves Leduc stated "I have been privileged to lead this company for the last seven years but now that our V20 transformation plan has been implemented, the timing is right for Bruno to lead the next phase. I think that our succession and transition plan has been executed very well despite the Covid constraints. Bruno is ready to lead the company, and I wish Bruno and the company a successful future."

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.

Bruno Carbonaro, Chief Executive Officer and President, Tel: [phone], or Benoit Alain, Chief Financial Officer, Tel: [phone]