MONTREAL, QUEBEC -- (Marketwire) -- 03/28/13 -- (TSX: VLN) - Velan S.A.S., Velan Inc.'s wholly-owned subsidiary located in Lyon, France, has been awarded an important contract for the supply of nuclear class control globe valves to China Nuclear Energy Industry Corporation ("CNEIC") for the two new VVER (The Russian design pressurized water reactor) type nuclear power plants of Tianwan Units 3 and 4. The scope of supply consists mainly of bellows seal globe control valves, electric operated, for service inside and outside nuclear containment. These two new units of TIANWAN nuclear power plant will be operated by Jiangsu Nuclear Power Co. ("JNPC") in Jiangsu province, China. These valves are scheduled for delivery from 2014 until 2015.
Velan S.A.S. also signed significant spare parts contracts with Nuclear Power Operations Management Co. ("CNNP") for the supply of spare parts for Qinshan II units 1-2-3-4. CNNP is the new organization of Chinese National Nuclear Corporation ("CNNC") dedicated to global management of spare parts and services for nuclear power plants in operation.
Combined, the above contracts represent a sales value of about US$9.75 million (EUR7,5 million) over the two years.
Michel Monier, Director of Nuclear-China at Velan S.A.S., stated: "After supplying nuclear control valves for third generation reactors such as Taishan units 1-2 and High Temperature Reactors, we are honored to further contribute to the development of nuclear projects managed by CNNC, and to consolidate our technical expertise for VVER designed reactors".
Tom Velan, President and CEO of Velan Inc., stated: "The Velan group has a long experience with VVER reactors, as we first started to supply nuclear valves in 1972 for the Russian designed VVER plants to Russia. We also supplied to VVER plants in Eastern Europe and India. The Velan group is actively and continuously working with Chinese and Russian EPC's to provide advanced valve design and improvements that are helping to increase the safety level of future nuclear power plants."
About Velan: 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 2,000 people and has manufacturing plants in 10 countries. Velan Inc. is a public company with its shares listed on the Toronto Stock Exchange under the symbol VLN.
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 foreign currency conversion rates and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
President & CEO
(514) 748-8635 (FAX)
John D. Ball
Chief Financial Officer
(514) 748-8635 (FAX)
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