VELAN INC. PROVIDES AN UPDATE ON THE IMPACT OF THE COVID-19 GLOBAL PANDEMIC ON ITS ACTIVITIES
MONTREAL, March 30, 2020 (GLOBE NEWSWIRE) — Velan Inc. (TSX: VLN) (the “Company”), a world-leading manufacturer of industrial valves, provides an update on the impact of the COVID-19 global pandemic on its activities.
COVID-19: Velan Update“Velan continues to monitor the rapidly evolving Covid-19 situation,” said Yves Leduc, CEO of Velan Inc., “and is coordinating responses across all of our global sites. We are carefully following safety guidelines introduced by governments and health authorities around the world and have been proactively introducing best practices from one site across to others. I’m encouraged to see how our employees from around the world have come together to implement new safety measures and continue to support our customers’ needs.”
Velan is a critical part of supply chains for key sectors that are considered essential in many jurisdictions and has therefore been exempted from recent work stoppage guidelines established in Canada and US. We are working closely with these customers, who are relying on our support to ensure continuity and available capacity in their operations including, for example, nuclear power plants, Navy aircraft carriers, refineries, and petrochemical and power plants.Velan’s management is coordinating safety activities and ensuring special precautions are being taken. Committees are monitoring the situation daily, implementing new procedures and ways of working in an agile fashion. Measures including remote work for those able, daily screening of those coming to the plant, social distancing within the workplace, strict quarantines and heightened cleaning procedures, are all contributing to a safer workplace.“Since the beginning of the COVID-19 outbreak, our focus has been to contribute responsibly to the global effort to halt the pandemic, protect the health of our employees and their families, and ensure the safe continuity of our operations. We support governments and health authorities in their efforts, as well as our customers and their efforts to maintain essential services, during this crisis,” concludes Yves Leduc. “We hope that these measures are followed and help bring us back to a normal work and life status soon.”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$338 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 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.SOURCE Velan Inc.For further information please contact:
Yves Leduc, Chief Executive Officer
John D. Ball, Chief Financial Officer
Tel: (514) 748-7743