Mr. Rishi Sharma reports

FLOWSERVE AND VELAN EXTEND THE OUTSIDE DATE OF THEIR ARRANGEMENT AGREEMENT

Flowserve Corp. and Velan Inc. have extended the outside date of the arrangement agreement made as of Feb. 9, 2023, among Velan, 14714750 Canada Inc. (purchaser) and Flowserve U.S. Inc., as amended by the first amendment to the arrangement agreement dated March 27, 2023. In accordance with the definition of outside date in the arrangement agreement, given that the regulatory approvals (as such term is defined in the arrangement agreement) have not all been obtained at this time, Velan and purchaser have given written notices to each other that they each wish to extend the outside date for an additional 30 days to Sept. 7, 2023.

About Flowserve Corp.

Flowserve is one of the world's leading providers of fluid motion and control products and services. Operating in more than 50 countries, the company produces engineered and industrial pumps, seals and valves, as well as a range of related flow management services.

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.