Mr. Rishi Sharma reports

COURT APPROVES PLAN OF ARRANGEMENT FOR ACQUISITION OF VELAN BY FLOWSERVE

The Superior Court of Quebec has issued a final order approving the previously announced plan of arrangement attached to the arrangement agreement made as of Feb. 9, 2023, among Velan Inc., 14714750 Canada Inc. (the purchaser) and Flowserve U.S. Inc., as amended by the first amendment to the arrangement agreement dated March 27, 2023, pursuant to which all of Velan's issued and outstanding shares of Velan would be acquired for $13 per share in cash by the purchaser, a wholly owned subsidiary of Flowserve Corp.

The arrangement remains subject to customary closing conditions, including regulatory approvals and clearances. The completion of the arrangement is expected to occur in the third quarter of 2023 (calendar year).

Further information regarding the arrangement can be found in the management information circular filed by Velan on April 4, 2023, which is available at the Velan website and under Velan's profile on SEDAR.

About Velan Inc.

Founded in Montreal in 1950, Velan is one of the world's leading manufacturers of industrial valves. Velan is a family-controlled public company, employing approximately 1,650 people with manufacturing facilities in nine countries. Velan is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.

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