Flowserve and Velan Extend the Outside Date of their Arrangement Agreement
August 31 2023 - 5:00PM
Business Wire
Flowserve Corporation (NYSE: FLS) and Velan Inc. (“Velan”) (TSX:
VLN) today announced that they have extended the outside date (the
“Outside Date”) of the arrangement agreement made as of February 9,
2023, among Velan, 14714750 Canada Inc. (“Purchaser”) and Flowserve
US Inc., as amended by the first amendment to the arrangement
agreement dated March 27, 2023 (the “Arrangement Agreement”). 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 October 7, 2023.
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About Flowserve
Flowserve Corp. 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. More information about Flowserve can be obtained by
visiting the company’s Web site at www.flowserve.com.
About Velan Inc.
Founded in Montreal in 1950, Velan Inc. is one of the world’s
leading manufacturers of industrial valves. Velan Inc. is a
family-controlled public company, employing approximately 1,650
people with manufacturing facilities in 9 countries. Velan Inc. is
a public company with its shares listed on the Toronto Stock
Exchange under the symbol VLN.
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Flowserve Contacts Jay Roueche, Vice President, Investor
Relations & Treasurer (972) 443-6560 Mike Mullin, Director,
Investor Relations (214) 697-8568 Wes Warnock, Vice President,
Corporate Communications (972) 443-6900
Velan Contact Rishi Sharma, Chief Financial Officer (438)
817-4430
Flowserve (NYSE:FLS)
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