Velan Inc. Signs Main Services Agreement With GEH SMR Technologies Canada Ltd.
02 September 2024 - 11:52PM
Velan Inc. (TSX: VLN) (“Velan” or the “Company”), a world-leading
manufacturer of industrial valves, announced today that it has
entered into a Main Services Agreement (“MSA”) with GEH SMR
Technologies Canada Ltd. (“GEH”) to provide certain products and
services that may be required by GEH for the provision of a
stand-alone Small Modular Reactor (“SMR”) to Ontario Power
Generation Inc. Under the terms of the MSA, GEH has placed an
initial purchase order with the Company to develop technology and
products related thereto. Anticipated future purchase orders for
similar SMR’s in Canada, the United States and around the world,
the receipt of which are dependent on the Company’s continued
ability to develop and deliver required products and services under
the MSA, could have a material impact on the Company’s future
revenue and results of operations.
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$346.8 million in its last
reported fiscal year. The Company employs 1,654 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.
Contact: |
|
Rishi Sharma, Chief Financial Officer |
Martin Goulet, M.Sc., CFA |
Velan Inc. |
MBC Capital Markets Advisors |
Tel: (438) 817-4430 |
Tel.: (514) 731-0000, ext. 229 |
|
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