VELAN Inc.
TSX : VLN

VELAN Inc.

October 17, 2014 08:05 ET

Velan Inc.: 2014 Normal Course Issuer Bid

MONTREAL, QUEBEC--(Marketwired - Oct. 17, 2014) - Velan Inc. (the "Corporation") (TSX:VLN) announced today that it has received approval of the Toronto Stock Exchange ("TSX") to proceed with its normal course issuer bid previously announced on October 9, 2014. Under the bid, the Corporation may purchase up to 100,000 Subordinate Voting Shares (the "Shares") of the Corporation. The average daily trading volume for the 6-month period preceding October 1, 2014 is 2,586 Shares. In accordance with TSX rules, the Corporation may repurchase up to 1,000 Shares on a daily basis. The bid will commence on October 22, 2014 and terminate on October 21, 2015 or on such earlier date as the Corporation may complete its purchases pursuant to the bid. The Shares will be purchased on behalf of the Corporation by a registered broker through the facilities of TSX or alternative Canadian trading platforms. The price paid for the Shares will be the market price at the time of the acquisition, and the number of Shares purchased and the timing of any such purchases will be determined by the Corporation. During the past 12 months, 18,600 Shares were purchased by the Corporation at a weighted average price of $17.03.

About Velan

Velan Inc. (www.velan.com) is a world-leading manufacturer of industrial valves with sales of $489 million in its last reported fiscal year. The company employs over 2,000 people and has manufacturing plants in ten countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.

Contact Information

  • VELAN Inc.
    Tom Velan
    President & CEO
    (514) 748-7743
    (514) 748-8635 (FAX)

    VELAN Inc.
    John D. Ball
    Chief Financial Officer
    (514) 748-7743
    (514) 748-8635 (FAX)
    www.velan.com