Velan Inc. appoints Rishi Sharma as Executive Vice President Finance and incoming Chief Financial Officer. He will assume the position of Chief Financial Officer on May 23, 2022.

MONTREAL, April 18, 2022 /CNW Telbec/ – Velan Inc. (TSX: VLN) (the “Company”), a world-leading

MONTREAL, April 18, 2022 /CNW Telbec/ – Velan Inc. (TSX: VLN) (the “Company”), a world-leading manufacturer of industrial valves, is pleased to announce the appointment of Rishi Sharma who will begin today as Executive Vice President Finance and will undertake his official responsibilities as Chief Financial Officer on May 23, 2022. He will be a key member of the Company’s Executive Management team and will succeed Benoit Alain, who will be leaving the company effective May 23, 2022, following his resignation in December 2021. Mr. Sharma will report directly to Bruno Carbonaro, President & CEO, as well as Suzanne Blanchet, Chair of the Audit Committee of Velan Inc.

Rishi 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.

At Bombardier, he held successive roles in various Finance departments including Global Risk Assessment and Audit; Head of Finance for the Pilot and Technical Training business unit, where he played a key role in the sale of the business to CAE; a Global Financial Planning & Analysis Process and IT System Transformation role – implementing SAP Business Planning & Consolidation across the globe; Head of Strategic Finance, Planning & Analysis at the Aerostructures and Engineering Services Business unit where he was instrumental in the acquisition of the Global 7500 business aircraft wing business; and finally as Global Head of Strategic Finance, Financial Planning and Analysis at Bombardier Transportation and based in Berlin, Germany where he was a key player in orchestrating the 5.5B Euro sale of the business to Alstom SA in France.

Following the sale of the Transportation business on January 2021, Rishi joined Alstom SA as the Vice President Finance, Services Product Line – a multi-billion Euro revenue business offering with thousands of employees and a commercial footprint spanning the globe. He was responsible for the strategic financial direction of the business from a product line and offering perspective along with a critical influential role across the globe with the regional business teams.

Rishi 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.

Rishi will assume leadership of Velan’s global finance department, bringing along his complete finance and business leadership experience, which includes having carried out multiple M&A transactions throughout his career.

Bruno Carbonaro, President & CEO of Velan Inc., said, “Rishi is joining Velan with a track record, deeply relevant to both our business and strategic orientation. I look forward to seeing him lead our Finance department, immediately contributing to the success of our Company.”

“I am humbled and privileged to join such a flagship Quebec company and team here back in Montreal. I look forward to driving the growth and strategic ambitions of the company as we bring it to the next level of operational and financial performance,” said Rishi Sharma.

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$302.1 million in its last reported fiscal year. The Company employs close to 1,700 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.

SOURCE Velan Inc.

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