July 21, 2008
Nuclear Valve Contracts Awarded to Velan SAS France
MONTREAL, QUEBEC--(Marketwire - July 21, 2008) - (TSX:VLN) - Velan SAS, Velan Inc.'s wholly owned subsidiary located in Lyon, France, has been selected by CNPEC (China Nuclear Power Engineering Co.) to supply high-pressure forged valves for six nuclear power plants in China. These nuclear power plant projects are located in Hong Yang He, Ning De and Yang Jiang, and the valves are required to be supplied during our 2010 and 2011 fiscal years.
Velan SAS has also been awarded contracts by EDF in France for additional valves for the EPR (European Pressurized Reactor) Flamanville 3 and maintenance and services orders for the French nuclear power plants. The total value of these orders for China and France is approximately $72 million and this brings the total nuclear backlog of orders in our French operations to about $168 million.
Tom Velan, President of Velan Inc., said "These important orders reinforce Velan's leadership in supplying forged nuclear valves and associated services to the global nuclear industry. There is a resurgence in the planned use of nuclear power to meet future energy needs around the world and China already has a very strong nuclear power plant development program. China is Velan's largest overseas export market and we have recently started production in our new plant in Suzhou".
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. As a result, readers are advised that actual results may differ from expected results.
T. C. Velan
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