Velan Inc.
TSX : VLN

Velan Inc.

October 15, 2015 17:08 ET

Velan Inc.: 2015 Normal Course Issuer Bid

MONTREAL, QUEBEC--(Marketwired - Oct. 15, 2015) - 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 14, 2015. Under the bid, the Corporation may purchase up to 314,878 Subordinate Voting Shares (the "Shares") of the Corporation. The average daily trading volume for the 6-month period preceding October 1, 2015 is 3,769 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, 2015 and terminate on October 21, 2016 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, 90,300 Shares were purchased by the Corporation at a weighted average price of $18.70.

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$456 million in the fiscal year ended February 28, 2015. The Company has manufacturing plants in 10 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.

Contact Information

  • Velan Inc.
    Tom Velan
    Chief Executive Officer
    (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