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Velan Inc. Announces the Appointment of Réjean Ostiguy to the Position of Chief Financial Officer

MONTREAL, June 01, 2020 (GLOBE NEWSWIRE) -- Velan Inc. (TSX: VLN) (the “Company”), a world-leading manufacturer of industrial valves, is pleased to announce as part of the planned succession of the Company`s finance department, the appointment today of Rejean Ostiguy as its new Chief Financial Officer. He will be a key member of the Company’s Senior Management team and is succeeding John Ball, who has been effectively carrying out his mandate as Chief Financial Officer since June 1, 2005.  Mr. Ostiguy will report directly to Yves Leduc, CEO, and the Chair of the Audit Committee of Velan Inc.

Rejean Ostiguy, CPA, pursued an impressive career in the finance departments of various industries, namely at Bombardier Recreational Products Inc (“BRP”) and more recently at Knowlton Development Corporation (“KDC”). He has held successive senior leadership roles with increasing responsibilities in Finance, where he has gained a deep knowledge and experience in finance and accounting, as well as corporate re-structuring and acquisitions.  Since his joining the Company in August 2019, Mr. Ostiguy worked closely with John Ball to transition in his new role.  Mr. Ball will continue to support the Company as Executive Vice President, Global Finance, reporting directly to Yves Leduc, CEO of Velan Inc. Among other responsibilities, he will be focusing his work on the Company`s overseas subsidiaries.

Yves Leduc, CEO of Velan Inc., said, “On my behalf, on behalf of the Velan Family and all the employees, I thank John Ball for his leadership as Chief Financial Officer. During his fifteen years at Velan, he has been a valued advisor and great collaborator, and played a key role in having our V20 transformation plan approved and set in motion.  We are lucky to continue having him with us to benefit from his leadership, experience, and knowledge as Réjean Ostiguy steps in as CFO, succeeding to John.  Rejean joined our team last summer, with an impressive track record, deeply relevant to both our business and strategic orientation. In the last months, he demonstrated that his solid reputation as a financial expert in manufacturing industries, a strong leader, and excellent team player, had been well deserved. I look forward to seeing him lead our Finance department, immediately contributing to the success of our Company.”

“I am very proud to join the management team at Velan Inc. and thank John Ball for his impeccable transition. I am looking forward to help drive its future success,” said Rejean Ostiguy.

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$371.6 million in its last reported fiscal year. The Company employs over 1,775 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 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.

For further information please contact:
Yves Leduc, Chief Executive Officer
or
Rejean Ostiguy, Chief Financial Officer
Tel: (514) 748-7743
Fax: (514) 748-8635
Web:  www.velan.com  

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