MONTREAL, May 16, 2023 (GLOBE NEWSWIRE) — Velan Inc. (“Velan“) VLN announced today that the Québec Supreme Court has entered a final order approving the previously announced plan of settlement pursuant to the February 9, 2023 agreement between Velan, 14714750 Canada Inc. (the “buyer“) and Flowserve US Inc., as amended by the first amendment to the Agreement dated March 27, 2023 (the “Arrangement Agreement“), after which all issued and outstanding Velan Shares (the “shares“) would be acquired by the purchaser, a wholly owned subsidiary of Flowserve Corporation (the “), for $13.00 per share in cash.arrangement“).

The agreement remains subject to customary closing conditions, including regulatory approvals and clearances. The conclusion of the agreement is expected to take place in the third quarter of 2023 (calendar year).

For more information on the agreement, see the Management Information Circular filed by Velan on April 4, 2023, available at https://www.velan.com/en/company/investor_relations and under Velan’s profile on SEDAR at www.sedar.com.

ABOUT VELAN

Founded in Montreal in 1950, Velan Inc. is one of the world’s leading manufacturers of industrial valves. Velan Inc. is a family-run public company with approximately 1,650 employees and manufacturing facilities in 9 countries. Velan Inc. is a public company whose shares are listed on the Toronto Stock Exchange under the symbol VLN.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute forward-looking information or forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements regarding the timing of various steps to be completed in connection with the Arrangement, the completion of the Arrangement and other statements that do not constitute material facts. Often, but not always, forward-looking statements…