Velan Inc.

Velan Inc.

May 04, 2009 11:31 ET

Velan Inc.: Announcement

MONTREAL, QUEBEC--(Marketwire - May 4, 2009) - Velan Inc. (TSX:VLN) announced today that the unionized employees in its plants in the province of Quebec have started a strike after rejecting the company's wage increase offer of 2.25/2.25/2.5% over 3 years. The company believes that this is a fair offer, particularly in view of the current uncertain economic environment.

The company said that it cannot determine the possible impact on its operations and results at this time. The last strike in its Quebec plants occurred more than 20 years ago and lasted 6 days. The plants in the province of Quebec have a total of about 530 unionized workers, out of 1800 employees world-wide.

T.C. Velan, President

Contact Information

  • VELAN Inc.
    Tom Velan
    514-748-8635 (FAX)
    VELAN Inc.
    M. John D. Ball
    Chief Financial Officer
    514-748-7743, ext. 5537
    514-748-8635 (FAX)