Mr. James Mannebach reports

JAMES MANNEBACH IS APPOINTED AS INTERIM CEO OF VELAN

Velan Inc. has appointed James Mannebach, chair of the board of directors of Velan, as interim chief executive officer of Velan. This appointment follows the decision from Bruno Carbonaro to resign from his positions of president, CEO and director of Velan, effective as of Oct. 10, 2023.

Rishi Sharma has also been promoted to chief financial and administrative officer, to oversee all of Velan's administrative functions in addition to his oversight of the financial team.

"I am honoured to be appointed as the interim CEO of Velan, and by the support of the Velan board and the Velan family. I am confident that there will be a seamless transition. I have been working with Velan since 2018 and, over the last years, as the chair of its board of directors, I have met regularly with Velan's management team and its employees. I have confidence in our team and I am looking forward to contributing to the next chapter of Velan's story," said Mr. Mannebach.

"We congratulate Jim Mannebach and Rishi Sharma on their new appointments," commented Tom Velan, chairman of Velan Holding Co. Ltd., the controlling shareholder of Velan. "We are supportive of Jim Mannebach taking on the position of interim CEO in addition to his responsibilities as chair."

About Mr. Mannebach

Mr. Mannebach has been a director of Velan since 2018 and the chair of the board of directors of Velan since 2020. Mr. Mannebach, BSBA, MBA, CPA, is CEO of Power-Sonic Corp., a leading global provider of power supply and energy storage solutions, and managing partner of Blackbird Group LLC, a private equity investment and management firm. Prior to March, 2009, he was group president and CEO of IMI PLC's precision engineering business, a global engineering firm focused on motion and fluid control technologies. Prior to September, 2004, Mr. Mannebach was group vice-president of the industrial technology group of Roper Technologies, a leading global provider of process control, fluid metering and pump systems. Prior to 2003, Mr. Mannebach was employed by Emerson, where he served as a corporate officer and in the company's process control business group, which focuses on process management, control valves, fluid metering and control solutions, including senior leadership positions at Fisher Controls, Rosemont and Micro Motion. Prior to 1988, Mr. Mannebach started his professional career at the global accounting, tax and advisory firm of Deloitte. As managing partner of Blackbird, Mr. Mannebach serves on the board of directors of Power-Sonic.

About Mr. Sharma

Mr. Sharma has been the chief financial officer of Velan since May, 2022. Before that, Mr. Sharma began his career at Deloitte & Touche in 2005, and progressed to lead finance departments in the aerospace and rail manufacturing industry through senior roles across Alstom SA and Bombardier since 2008. Mr. Sharma is a chartered professional accountant (CPA), and has a bachelor's degree in commerce with a major in accounting and minor in corporate finance from the John Molson School of Business at Concordia University. He also holds a graduate diploma in chartered accountancy from the John Molson School of Business.

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.

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