MONTREAL, QUEBEC--(Marketwire - July 9, 2012) - Velan Inc. (the "Corporation") (TSX:VLN) announced today that it has amended its normal course issuer bid in order to increase the maximum number of Subordinate Voting Shares (the "Shares") that it intends to repurchase for cancellation during the twelve month period ending October 20, 2012 from 100,000 Shares to 330,440 Shares, representing 5% of the Corporation's issued and outstanding Shares as at October 12, 2011 (see press release dated October 18, 2011). No other terms of the normal course issuer bid have changed.
The purchases by the Corporation will be effected through the facilities of the Toronto Stock Exchange and will be made at the market price of the Shares at the time of the purchase. To date, the Corporation has purchased a total of 45,000 Shares at a weighted average price of $12.00 under the current normal course issuer bid. As at July 5, 2012, there were 6,563,101 Shares issued and outstanding.
The amended normal course issuer bid has been approved by the Toronto Stock Exchange.
Velan Inc. (www.velan.com) is a world-leading manufacturer of industrial valves with sales of $437 million in its last reported fiscal year. The company employs over 1,990 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
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of the Company. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for the Company's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
In this press release, the Company presented measures of performance and financial condition which are not defined under Canadian GAAP ("non-GAAP measures") and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are used by management in assessing the operating results and financial condition of the Company.
Net cash is defined as cash and cash equivalents plus short-term investments less bank indebtedness, short-term loans and current portion of long-term debt.