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Velan Inc. Reports its Third Quarter 2016/17 Financial Results

MONTREAL, QUEBEC -- (Marketwired) -- 01/12/17 -- Velan Inc. (TSX:VLN) (the "Company"), a world-leading manufacturer of industrial valves, announced today its financial results for its third quarter ended November 30, 2016.

Highlights


--  Sales of US$80.4 million for the quarter 
--  Net earnings(1) of US$1.5 million for the quarter 
--  Order backlog of US$416.1 million at the end of the quarter 
--  Net new orders received ("Bookings") of US$134.9 million for the quarter
--  Net cash(2) of US$72.5 million at the end of the quarter 

                                                                            
                        Three-month periods ended  Nine-month periods ended 
(millions of U.S.                                                           
 dollars, excluding per                                                     
 share                                November 30               November 30 
                        ----------------------------------------------------
amounts)                        2016         2015         2016         2015 
                        ----------------------------------------------------
Sales                   $       80.4 $      104.0 $      228.9 $      318.7 
Gross Profit                    21.7         26.0         59.6         76.2 
Gross profit %                  27.0%        25.0%        26.0%        23.9%
Net income attributable                                                     
 to Multiple and                                                            
  Subordinate Voting                                                        
   Shares                        1.5          3.6          4.0         11.5 
Net income per share -                                                      
 basic and diluted              0.07         0.16         0.19         0.52 

Third Quarter Fiscal 2017 (unless otherwise noted, all amounts are in U.S. dollars and all comparisons are to the third quarter of fiscal 2016):


--  Net earnings(1) amounted to $1.5 million or $0.07 per share compared to
    $3.6 million or $0.16 per share last year. Adjusted net earnings(2),
    which excludes from net earnings(1) the after-tax impact of the
    restructuring costs incurred in the prior year quarter, amounted to $1.5
    million or $0.07 per share compared to $5.2 million or $0.23 per share
    last year. The $3.7 million decrease in adjusted net earnings(2) is
    primarily attributable to a lower sales volume and an increase in costs
    recognized in connection with the Company's ongoing asbestos litigation,
    which were partially offset by gross margin improvements and mark to
    market foreign exchange gains on certain forward contracts.
    
    
--  Bookings amounted to $134.9 million, an increase of $45.4 million or
    50.7% compared to last year. This increase is due primarily to new large
    project orders booked by the Company's French operations, primarily in
    the nuclear sector, and by its German operations, primarily in the power
    sector. 
    
    
--  Sales amounted to $80.4 million, a decrease of $23.6 million or 22.7%
    from the prior year. Sales were negatively impacted by the decreased
    bookings received over the last fiscal year as well as delays in
    shipments of certain large project orders caused by various customer-
    related, supply chain and internal operational issues. 
    
    
--  Gross profit percentage increased by 200 basis points from 25.0% to
    27.0%. Despite the lower sales volume, the increase in the gross profit
    percentage was mainly attributable to a product mix with a greater
    proportion of higher margin product sales, material cost savings, as
    well as labour and overhead savings stemming from the restructuring
    initiatives implemented in the prior fiscal year. 

First Nine Months Fiscal 2017 (unless otherwise noted, all amounts are in U.S. dollars and all comparisons are to the first nine- months of fiscal 2016):


--  Net earnings(1) amounted to $4.0 million or $0.19 per share compared to
    $11.5 million or $0.52 per share last year. Adjusted net earnings(2),
    which excludes from net earnings(1) the after-tax impact of the
    restructuring costs incurred in the prior year, amounted to $4.0 million
    or $0.19 per share compared to $13.1 million or $0.59 per share last
    year. The $9.1 million decrease in adjusted net earnings(2) is primarily
    attributable to a lower sales volume which was partially offset by gross
    margin improvements and decreased administration costs.
    
    
--  Bookings amounted to $322.3 million, an increase of $79.5 million or
    32.7% compared to last year. Excluding the effect of an order
    cancellation of $23.6 million in the prior year period, bookings would
    have increased by $55.9 million or 21.0%. This increase is due primarily
    to new large project orders booked by the Company's French, German and
    Italian operations, which was partially offset by a decrease in orders
    booked in the Company's North American operations.
    
    
--  Sales amounted to $228.9 million, a decrease of $89.8 million or 28.2%
    from the prior year. Sales were negatively impacted, particularly in our
    Italian and North American operations, by the decreased bookings
    received over the last fiscal year. Delays in shipments of certain large
    project orders caused by various customer-related, supply chain and
    internal operational issues, particularly in our North American
    operations, also had a negative impact on sales for the period. 
    
    
--  As a result of bookings outpacing sales in the period, the Company ended
    the period with a backlog of $416.1 million, an increase of $84.9
    million or 25.6% since the beginning of the current fiscal year. This
    increase in backlog occurred despite the negative impact related to the
    weakening of the euro spot rate against the U.S. dollar over the course
    of the period.
    
    
--  Gross profit percentage increased by 210 basis points from 23.9% to
    26.0%. Despite the lower sales volume, the increase in the gross profit
    percentage was mainly attributable to a product mix with a greater
    proportion of higher margin product sales, material cost savings, as
    well as labour and overhead savings stemming from the restructuring
    initiatives implemented in the prior fiscal year.
    
    
--  Administration costs amounted to $56.9 million, a decrease of $0.7
    million or 1.2%. The decrease was achieved despite a $2.2 million
    increase in costs recognized in connection with the Company's ongoing
    asbestos litigation. The fluctuation in asbestos costs for the period is
    due more to the timing of settlement payments in these two periods
    rather than to changes in long-term trends.
    
    
--  The Company ended the period with net cash(2) of $72.5 million, a
    decrease of $9.5 million or 11.6% since the beginning of the year. This
    decrease is primarily attributable to long-term debt repayments and
    distributions to shareholders via dividends and share repurchases.
    
    
--  Foreign currency impacts: 
    
    
    --  Based on average exchange rates, the euro strengthened 1.0% against
        the U.S. dollar when compared to the same period last year. This
        strengthening resulted in the Company's net profits and bookings
        from its European subsidiaries being reported as higher U.S. dollar
        amounts in the current period.
        
        
    --  Based on average exchange rates, the Canadian dollar weakened 2.2%
        against the U.S. dollar when compared to the same period last year.
        This weakening resulted in the Company's Canadian dollar expenses
        being reported as lower U.S. dollar amounts in the current period.
        
        
    --  The net impact of the above currency swings was generally favourable
        on the Company's net earnings(1). 

"The Company continued to feel the impact on sales of a depleted backlog in Fiscal 2016," said John Ball, CFO of Velan Inc. "However, we were able to improve margin and maintain expenses, while our foreign currency hedging policy blunted the negative impact of currency swings."

Yves Leduc, President of Velan Inc., said, "The market downturn has continued to affect our performance in the third quarter, mainly in our North American division, hit by a lower backlog, customers postponing shipments, and large complex orders causing supply chain delays. Also, we are progressing with the deployment of our strategic plan, the first phase of which is heavily focused on driving efficiencies and reducing lead times through operational excellence; in parallel, we are planting the seeds to spark growth in several global markets where we are very well positioned. In summary, despite the turbulent industry environment, we have made the right moves to mitigate its effects and get ready to rebound once the market recovers."

Tom Velan, CEO of Velan Inc. said, "We are encouraged to see improvements in new order bookings in many overseas markets, with net new orders increasing by over 50% in the quarter over the same period last year, and over 30% on a year to date basis."

Dividend

The Board declared an eligible quarterly dividend of CDN$0.10 per share, payable on March 31, 2017, to all shareholders of record as at March 15, 2017.

Conference call

Financial analysts, shareholders, and other interested individuals are invited to attend the third quarter conference call to be held on Thursday, January 12, 2017, at 4:30 p.m. (EDT). The toll free call-in number is 1-800-672-3665, access code 21841522. A recording of this conference call will be available for seven days at 1-416-626-4100 or 1-800-558-5253, access code 21841522.

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$426.9 million in its last reported fiscal year. The Company 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.

Non-IFRS measures

In this press release, the Company presented measures of performance and financial condition that are not defined under International Financial Reporting Standards ("non-IFRS 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. In addition, they provide readers of the Company's consolidated financial statements with enhanced understanding of its results and financial condition, and increase transparency and clarity into the operating results of its core business.

The term "adjusted net earnings" is defined as net income attributable to Subordinate and Multiple Voting Shares plus restructuring costs less the income tax effect of the restructuring costs. Refer to the "Reconciliations of Non- IFRS Measures" section in the Company's Management Discussion and Analysis included in its Interim Report for the quarter ended November 30, 2016 for a detailed calculation of this measure.

The term "net cash" is defined as cash and cash equivalents plus short-term investments less bank indebtedness, short-term bank loans, and current portion of long-term bank borrowings. Refer to the "Reconciliations of Non-IFRS Measures" section in the Company's Management Discussion and Analysis included in its Interim Report for the quarter ended November 30, 2016 for a detailed calculation of this measure.


                                                                            
(1)  Net earnings refers to net income attributable to Subordinate and      
     Multiple Voting Shares.                                                
(2)  Non-IFRS measures - see explanation above.                             
                                                                            
                                                                            
Velan Inc.                                                                  
Condensed Interim Consolidated Statements of Financial Position             
(Unaudited)                                                                 
(in thousands of U.S. dollars)                                              
----------------------------------------------------------------------------
                                                                            
As At                                         November 30,     February 29, 
                                                      2016             2016 
                                                         $                $ 
Assets                                                                      
                                                                            
Current assets                                                              
Cash and cash equivalents                           81,303           89,368 
Short-term investments                                 149            3,225 
Accounts receivable                                103,578          119,569 
Income taxes recoverable                            11,455            5,674 
Inventories                                        179,061          162,523 
Deposits and prepaid expenses                        3,896            3,586 
Derivative assets                                    1,142            1,598 
                                          ----------------------------------
                                                   380,584          385,543 
Non-current assets                                                          
Property, plant and equipment                       92,426           95,257 
Intangible assets and goodwill                      18,728           20,352 
Deferred income taxes                               14,069           13,537 
Other assets                                           589              938 
                                          ----------------------------------
                                                                            
                                                   125,812          130,084 
                                          ----------------------------------
Total assets                                       506,396          515,627 
                                          ----------------------------------
                                          ----------------------------------
                                                                            
Liabilities                                                                 
                                                                            
Current liabilities                                                         
Bank indebtedness                                    4,960            5,028 
Short-term bank loans                                1,313            1,319 
Accounts payable and accrued liabilities            58,944           62,943 
Income taxes payable                                 4,380            5,746 
Dividend payable                                     1,619            1,606 
Customer deposits                                   38,193           28,123 
Provisions                                           9,731            9,333 
Accrual for performance guarantees                  27,935           30,563 
Derivative liabilities                                 132            2,945 
Current portion of long-term debt                    6,210            7,978 
                                          ----------------------------------
                                                   153,417          155,584 
Non-current liabilities                                                     
Long-term debt                                      11,206           14,471 
Deferred income taxes                                3,055            3,408 
Other liabilities                                    8,904            9,045 
                                          ----------------------------------
                                                                            
                                                    23,165           26,924 
                                          ----------------------------------
Total liabilities                                  176,582          182,508 
                                          ----------------------------------
                                                                            
Equity                                                                      
                                                                            
Equity attributable to the Subordinate and                                  
 Multiple Voting shareholders                                               
Share capital                                       74,050           74,345 
Contributed surplus                                  5,998            5,941 
Retained earnings                                  279,386          280,380 
Accumulated other comprehensive income                                      
 (loss)                                            (35,566)         (33,089)
                                          ----------------------------------
                                                   323,868          327,577 
                                                                            
Non-controlling interest                             5,946            5,542 
                                          ----------------------------------
Total equity                                       329,814          333,119 
                                          ----------------------------------
                                                                            
Total liabilities and equity                       506,396          515,627 
                                          ----------------------------------
                                          ----------------------------------
                                                                            
                                                                            
                                                                            
                                                                            
Velan Inc.                                                                  
Condensed Interim Consolidated Statements of Income (Loss)                  
(Unaudited)                                                                 
(in thousands of U.S. dollars, excluding number of shares and per share     
 amounts)                                                                   
--------------------------------------------------------------------------- 
                                                                            
                        Three-month periods ended  Nine-month periods ended 
                                      November 30               November 30 
                              2016           2015       2016           2015 
                                 $              $          $              $ 
                                                                            
Sales                       80,396        104,002    228,942        318,739 
                                                                            
Cost of sales               58,664         77,988    169,305        242,527 
                        ----------------------------------------------------
                                                                            
Gross profit                21,732         26,014     59,637         76,212 
                                                                            
Administration costs        21,120         18,579     56,918         57,649 
Restructuring costs              -          2,150          -          2,150 
Other expense (income)      (1,189)           162       (987)           171 
                        ----------------------------------------------------
                                                                            
Operating profit (loss)      1,801          5,123      3,706         16,242 
                                                                            
Finance income                 184            213        664            713 
Finance costs                  186            173        443            740 
                        ----------------------------------------------------
                                                                            
Finance income (costs) -                                                    
 net                            (2)            40        221            (27)
                        ----------------------------------------------------
Income (Loss) before                                                        
 income taxes                1,799          5,163      3,927         16,215 
Provision for (Recovery                                                     
 of) income taxes               25          1,496       (301)         4,020 
                        ----------------------------------------------------
                                                                            
Net income (loss) for                                                       
 the period                  1,774          3,667      4,228         12,195 
                        ----------------------------------------------------
                        ----------------------------------------------------
                                                                            
Net income (loss)                                                           
 attributable to:                                                           
Subordinate Voting                                                          
 Shares and Multiple                                                        
 Voting Shares               1,501          3,608      4,030         11,464 
Non-controlling interest       273             59        198            731 
                        ----------------------------------------------------
                             1,774          3,667      4,228         12,195 
                        ----------------------------------------------------
                        ----------------------------------------------------
                                                                            
Net income (loss) per                                                       
 Subordinate and                                                            
 Multiple Voting Share                                                      
Basic                         0.07           0.16       0.19           0.52 
Diluted                       0.07           0.16       0.19           0.52 
                        ----------------------------------------------------
                        ----------------------------------------------------
                                                                            
Dividends declared per                                                      
 Subordinate and                                                            
 Multiple                     0.08           0.07       0.23           0.23 
  Voting Share            (CA$0.10)      (CA$0.10)  (CA$0.30)      (CA$0.30)
                        ----------------------------------------------------
                        ----------------------------------------------------
                                                                            
Total weighted average                                                      
 number of Subordinate                                                      
 and                                                                        
  Multiple Voting Shares                                                    
Basic                   21,720,445     21,839,960 21,724,891     21,861,664 
Diluted                 21,725,673     21,839,960 21,731,029     21,861,664 
                        ----------------------------------------------------
                        ----------------------------------------------------
                                                                            
                                                                            
Velan Inc.                                                                  
Condensed Interim Consolidated Statements of Comprehensive Income (Loss)    
(Unaudited)                                                                 
(in thousands of U.S. dollars)                                              
----------------------------------------------------------------------------
                       Three-month periods ended   Nine-month periods ended 
                                     November 30                November 30 
                               2016         2015         2016          2015 
                                  $            $            $             $ 
                                                                            
Comprehensive income                                                        
 (loss)                                                                     
                                                                            
Net income (loss) for                                                       
 the period                   1,774        3,667        4,228        12,195 
                                                                            
Other comprehensive                                                         
 income (loss)                                                              
Foreign currency                                                            
 translation adjustment                                                     
 on foreign operations                                                      
 whose functional                                                           
 currency is other than                                                     
 the reporting currency                                                     
 (U.S. dollar)               (5,283)      (5,910)      (2,222)       (7,598)
                       -----------------------------------------------------
                                                                            
Comprehensive income                                                        
 (loss)                      (3,509)      (2,243)       2,006         4,597 
                       -----------------------------------------------------
                       -----------------------------------------------------
                                                                            
Comprehensive income                                                        
 (loss) attributable                                                        
 to:                                                                        
Subordinate Voting                                                          
 Shares and Multiple                                                        
 Voting Shares               (3,539)      (2,423)       1,553         4,105 
Non-controlling                                                             
 interest                        30          180          453           492 
                       -----------------------------------------------------
                                                                            
                             (3,509)      (2,243)       2,006         4,597 
                       -----------------------------------------------------
                       -----------------------------------------------------
                                                                            
                                                                            
Velan Inc.                                                                  
Condensed Interim Consolidated Statements of Changes in Equity              
(Unaudited)                                                                 
(in thousands of U.S. dollars, excluding number of shares)                  
----------------------------------------------------------------------------
                                                                            
                         Equity attributable to the Subordinate and Multiple
                                         Voting shareholders                
                         ---------------------------------------------------
                                                                Accumulated 
                                                                      other 
                            Number of       Share Contributed comprehensive 
                               shares     capital     surplus income (loss) 
                         ---------------------------------------------------
Balance - February 29,                                                      
 2016                      21,737,135      74,345       5,941       (33,089)
                                                                            
Net income (loss) for the                                                   
 period                             -           -           -             - 
Other comprehensive                                                         
 income (loss)                      -           -           -        (2,477)
                         ---------------------------------------------------
                                                                            
                           21,737,135      74,345       5,941       (35,566)
                                                                            
Effect of share-based                                                       
 compensation                       -           -          57             - 
Share repurchase              (27,100)       (295)          -             - 
Dividends                                                                   
  Multiple Voting Shares            -           -           -             - 
  Subordinate Voting                                                        
   Shares                           -           -           -             - 
  Non-controlling                                                           
   interest                         -           -           -             - 
                         ---------------------------------------------------
                                                                            
Balance - November 30,                                                      
 2016                      21,710,035      74,050       5,998       (35,566)
                         ---------------------------------------------------
                         ---------------------------------------------------
                                                                            
                                                                            
Balance - February 28,                                                      
 2015                      21,939,168      76,475       6,064       (27,652)
                                                                            
Net income (loss) for the                                                   
 period                             -           -           -             - 
Other comprehensive                                                         
 income (loss)                      -           -           -        (7,359)
                         ---------------------------------------------------
                                                                            
                           21,939,168      76,475       6,064       (35,011)
                                                                            
Effect of share-based                                                       
 compensation                       -           -          77             - 
Shares issued under Share                                                   
 Option Plan                   14,267         227        (227)            - 
Share repurchase             (179,600)     (1,957)          -             - 
Acquisition of non-                                                         
 controlling interest               -           -           -             - 
Dividends                                                                   
  Multiple Voting Shares            -           -           -             - 
  Subordinate Voting                                                        
   Shares                           -           -           -             - 
  Non-controlling                                                           
   interest                         -           -           -             - 
                         ---------------------------------------------------
                                                                            
Balance - November 30,                                                      
 2015                      21,773,835      74,745       5,914       (35,011)
                         ---------------------------------------------------
                         ---------------------------------------------------

                                                                          
                          Equity attributable to                          
                           the Subordinate and                            
                             Multiple Voting                              
                               shareholders                               
                         ------------------------                         
                                                        Non-              
                            Retained             controlling        Total 
                            earnings       Total    interest       equity 
                         -------------------------------------------------
Balance - February 29,                                                    
 2016                        280,380     327,577       5,542      333,119 
                                                                          
Net income (loss) for the                                                 
 period                        4,030       4,030         198        4,228 
Other comprehensive                                                       
 income (loss)                     -      (2,477)        255       (2,222)
                         -------------------------------------------------
                                                                          
                             284,410     329,130       5,995      335,125 
                                                                          
Effect of share-based                                                     
 compensation                      -          57           -           57 
Share repurchase                 (59)       (354)          -         (354)
Dividends                                                                 
  Multiple Voting Shares      (3,572)     (3,572)          -       (3,572)
  Subordinate Voting                                                      
   Shares                     (1,393)     (1,393)          -       (1,393)
  Non-controlling                                                         
   interest                        -           -         (49)         (49)
                         -------------------------------------------------
                                                                          
Balance - November 30,                                                    
 2016                        279,386     323,868       5,946      329,814 
                         -------------------------------------------------
                         -------------------------------------------------
                                                                          
                                                                          
Balance - February 28,                                                    
 2015                        283,724     338,611       6,482      345,093 
                                                                          
Net income (loss) for the                                                 
 period                       11,464      11,464         731       12,195 
Other comprehensive                                                       
 income (loss)                     -      (7,359)       (239)      (7,598)
                         -------------------------------------------------
                                                                          
                             295,188     342,716       6,974      349,690 
                                                                          
Effect of share-based                                                     
 compensation                      -          77           -           77 
Shares issued under Share                                                 
 Option Plan                       -           -           -            - 
Share repurchase                (414)     (2,371)          -       (2,371)
Acquisition of non-                                                       
 controlling interest              -           -        (890)        (890)
Dividends                                                                 
  Multiple Voting Shares      (3,670)     (3,670)          -       (3,670)
  Subordinate Voting                                                      
   Shares                     (1,376)     (1,376)          -       (1,376)
  Non-controlling                                                         
   interest                        -           -        (139)        (139)
                         -------------------------------------------------
                                                                          
Balance - November 30,                                                    
 2015                        289,728     335,376       5,945      341,321 
                         -------------------------------------------------
                         -------------------------------------------------
                                                                            
Velan Inc.                                                                  
Condensed Interim Consolidated Statements of Cash Flow                      
(Unaudited)                                                                 
(in thousands of U.S. dollars)                                              
----------------------------------------------------------------------------
                                                                            
                        Three-month periods ended  Nine-month periods ended 
                                      November 30               November 30 
                              2016           2015        2016          2015 
                                 $              $           $             $ 
                                                                            
Cash flows from                                                             
                                                                            
Operating activities                                                        
Net income for the                                                          
 period                      1,774          3,667       4,228        12,195 
Adjustments to                                                              
 reconcile net income                                                       
 to cash provided by                                                        
operating activities         1,743          2,935       7,002         8,342 
Changes in non-cash                                                         
 working capital items      (2,641)         8,480      (4,375)       (7,929)
                       -----------------------------------------------------
Cash provided (used) by                                                     
 operating activities          876         15,082       6,855        12,608 
                       -----------------------------------------------------
                                                                            
Investing activities                                                        
Short-term investments       1,620           (969)      3,076        (1,786)
Additions to property,                                                      
 plant and equipment        (2,718)        (3,588)     (5,991)       (7,714)
Additions to intangible                                                     
 assets                        (19)           (53)        (79)         (180)
Proceeds on disposal of                                                     
 property, plant and                                                        
 equipment, and                                                             
intangible assets                -             60         179           150 
Acquisition of non-                                                         
 controlling interest            -              -           -          (890)
Net change in other                                                         
 assets                        215           (940)        348        (1,448)
                       -----------------------------------------------------
Cash provided (used) by                                                     
 investing activities         (902)        (5,490)     (2,467)      (11,868)
                       -----------------------------------------------------
                                                                            
Financing activities                                                        
Dividends paid to                                                           
 Subordinate and                                                            
 Multiple Voting                                                            
 shareholders               (1,649)        (1,650)     (4,952)       (5,170)
Dividends paid to non-                                                      
 controlling interest          (49)             -         (49)         (139)
Repurchase of shares          (195)        (1,145)       (354)       (2,371)
Short-term bank loans          (31)          (302)         (6)         (930)
Increase in long-term                                                       
 debt                            -          1,125           -         7,134 
Repayment of long-term                                                      
 debt                       (2,051)        (1,692)     (5,323)       (5,916)
                       -----------------------------------------------------
Cash provided (used) by                                                     
 financing activities       (3,975)        (3,664)    (10,684)       (7,392)
                       -----------------------------------------------------
                                                                            
Effect of exchange rate                                                     
 differences on cash        (2,532)        (4,488)     (1,701)       (3,626)
                       -----------------------------------------------------
                                                                            
Net change in cash                                                          
 during the period          (6,533)         1,440      (7,997)      (10,278)
                                                                            
Net cash - Beginning of                                                     
 the period                 82,876         72,244      84,340        83,962 
                       -----------------------------------------------------
                                                                            
Net cash - End of the                                                       
 period                     76,343         73,684      76,343        73,684 
                       -----------------------------------------------------
                       -----------------------------------------------------
                                                                            
Net cash is composed                                                        
 of:                                                                        
  Cash and cash                                                             
   equivalents              81,303         81,392      81,303        81,392 
  Bank indebtedness         (4,960)        (7,708)     (4,960)       (7,708)
                       -----------------------------------------------------
                                                                            
                            76,343         73,684      76,343        73,684 
                       -----------------------------------------------------
                       -----------------------------------------------------
                                                                            
Supplementary                                                               
 information                                                                
Interest received                                                           
 (paid)                         64             99         288           100 
Income taxes reimbursed                                                     
 (paid)                     (2,070)        (2,198)     (5,275)       (6,047)

Contacts:
VELAN Inc.
Tom Velan
Chief Executive Officer
(514) 748-7743
(514) 748-8635 (FAX)

VELAN Inc.
Yves Leduc
President
(514) 748-7743
(514) 748-8635 (FAX)

VELAN Inc.
John D. Ball
Chief Financial Officer
(514) 748-7743
(514) 748-8635 (FAX)
Web: www.velan.com

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Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing be...
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to o...
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.