Investor relations

Section Index


Shareholders information

Velan Inc. went public in September 1996 after operating as a private company for 46 years. Velan shares trade on the Toronto Stock Exchange (TSX) under the ticker symbol VLN.

Please note that Velan's publicly filed documents can be found at, or you can click here.

Investor relations contact
Rishi Sharma
Chief Financial and Administrative Officer 
Tel: (514) 748-7743
Fax: (514) 908-0180


Financial reports

2023-24 Submissions

Management's discussion & analysis (Q1)
Unaudited condensed interim consolidated financial statements (Q1)
Management's discussion & analysis (Q2)
Unaudited condensed interim consolidated financial statements (Q2)
Management's discussion & analysis (Q3)
Unaudited condensed interim consolidated financial statements (Q3)

2022-23 Submissions

First Quarter 2022-23

Second Quarter 2022-23

Third Quarter 2022-23

Fourth Quarter 2022-23

2023 Consolidated Financial Statements

2023 Management's Discussion and Analysis

2022 Annual Report
First Quarter 2021-22
Second Quarter 2021-22
Third Quarter 2021-22
Fourth Quarter 2021-22
2021 Annual Report
First Quarter 2020-21
Second Quarter 2020-21
Third Quarter 2020-21
Fourth Quarter 2020-21
2020 Annual Report
First Quarter 2019-20
Second Quarter 2019-20
Third Quarter 2019-20
Fourth Quarter 2019-20
2019 Annual Report
First Quarter 2018-19
Second Quarter 2018-19
Third Quarter 2018-19
Fourth Quarter 2018-19
2018 Annual Report
First Quarter 2017-18
Second Quarter 2017-18
Third Quarter 2017-18
Fourth Quarter 2017-18

Quarterly presentations

Q3-F2024 Investor Presentation from January 12, 2024

Q2-F2024 Investor Presentation from October 6, 2023

Q1-F2024 Investor Presentation from July 7, 2023

Q4-F2023 Investor Presentation from May 18, 2023


Annual general meeting presentations

Presentation from July 7, 2022

Analyst conference call

December 22, 2023
Montreal (Québec)

Velan Inc. (TSX: VLN) announced today that, on Thursday, January 11, 2024, it will release its financial results for the third quarter ended November 30, 2023.

The company will hold an analyst call on Friday, January 12, 2024, at 8:00 A.M. (Eastern Daylight Time) to discuss the results. The call may be accessed by dialing 1-800-954-1053 and quoting the reservation number 22028877. The material that will be referenced during the conference call will be made available shortly before the event on the company’s website under the Investor Relations section (

There will be PostView available for 7 days following this conference call. The numbers are as follows: 1-416-626-4100 or 1-800-558-5253. Enter reservation number 22028877 then follow the system prompts.

Board of directors mandate

Board of directors mandate


Code of business conduct & ethics

Velan has always been dedicated to the principles of ethical and legal business conduct. Because of the continuing emphasis being given to ethical corporate conduct together with the increasing complexity of legal requirements, management believes it is appropriate to revise and distribute a written Code of Business Conduct and Ethics to all Employees of the Velan group of companies (the "Company").

Everything the Company does is the direct result of the decisions made or actions taken by the Company's Employees (the “Employees”). The conduct of our business, the manner in which we discharge our obligations to those with whom we deal, the effectiveness and the good reputation of the entire organization — all depend upon the quality of our personnel and their commitment to a high standard of ethical behaviour. 

It is the responsibility of each Employee to respect and comply with this Code of Business Conduct and Ethics. Any breach of this Code may result in severe disciplinary measures.

Code of business conduct & ethics (February 2024) 


Board of Directors

James A. Mannebach
Chairman and CEO
Reno, Nevada, United States
Born: 1960
Director since: 2018
Mr. Mannebach is the Chair and CEO of the Corporation. Mr. Mannebach, BSBA, MBA, CPA, is  the Managing Partner of Blackbird Group LLC, a private equity investment and management firm. Mr. Mannebach was the CEO of Power-Sonic Corporation, a leading global provider of power supply and energy storage solutions. Prior to March 2009, he was Group President and CEO of IMI PLC’s Precision Engineering business, a global engineering firm focused on motion and fluid control technologies. Prior to September 2004, Mr. Mannebach was Group Vice President of the Industrial Technology group of Roper Technologies, a leading global provider of process control, fluid metering and pump systems. Prior to 2003, Mr. Mannebach was employed by Emerson where he served as a Corporate Officer and in the Company’s Process Control business group which focuses on process management, control valves, fluid metering and control solutions including senior leadership positions at Fisher Controls, Rosemont and Micro Motion. Prior to 1988, Mr. Mannebach started his professional career at the global accounting, tax and advisory firm of Deloitte. As Managing Partner of Blackbird, Mr. Mannebach serves on the Board of Directors of Power-Sonic Corporation.

Rob Velan
Montréal, Québec, Canada
Born: 1971
Director since: 2013

Mr. Robert Velan was employed by the Corporation from February 2004 to August 2012 successively as Director, Strategic, Planning and Business Development, President of the Corporation’s subsidiaries in UK and Germany and Vice President, Marketing. From August 2012 to October 2013 he was President & Owner of Emergia Aerospace. On February 10, 2014 he was rehired as Vice President, Distribution for the Corporation and was thereafter appointed VP, Customer Service and Distribution. He was appointed Executive Vice President, International Operations on March 1, 2022 and was previously the Executive Vice President, General Manager, MRO & Aftermarket business unit. He holds an MBA from Cornell University and a professional director certification from Canada’s Institute of Corporate Directors (ICD.D).
Tom Velan(1)
Montréal, Québec, Canada
Born: 1952
Director since: 1976
Mr. Tom Velan is Director, Advisor, and Former Chairman of the Corporation. He joined the Corporation in 1973 and held various positions with increasing levels of responsibility mainly in international sales and developing and managing foreign subsidiaries. Prior to being appointed President in 2003, he was Executive Vice-President, Export Sales and Overseas Operations. In 2011 he was appointed President & CEO. In 2015, he was appointed Chairman & CEO and on March 1st, 2017, he was appointed Chairman of the Corporation according to the Corporation’s succession plan. He has been a director of the Corporation since 1976. Mr. Velan graduated with a B. Comm. from McGill in 1972. Mr. Velan holds a professional director certification by Canada’s Institute of Corporate Directors (ICD.D).
Ivan Velan
Montréal, Québec, Canada
Born: 1945
Director since: 1970
Mr. Ivan Velan joined the Corporation in early January 1970 soon after receiving an MBA from University of Michigan. He has had a 50-year business career in the valve business, all at the Corporation, serving in various management positions including Marketing Manager, VP Sales - North American Market, and Executive Vice President reporting to the then-CEO, Tom Velan. Until December 2019, he was Special Advisor to President and CEO, Yves Leduc. During his employment, Mr. Velan implemented the establishment and rework of the USA and Canadian distributor and agent networks as well as the introduction of three Distribution Centers in the United States. He served on the Corporation’s Board of Directors from mid 1970 until 2013, including approximately about 5 years as Chairman. He was re-elected to the board in 2020. He was the representative to the US/CAN Valve Manufacturers Association from 1980, joining the Board there a few years later and was Chairman in 2013-14. He has also served for many years in the past on Boards at Concordia University, Montreal General Hospital Foundation, and Lower Canada College, all in Montreal.
Peter Velan
Montreal, Quebec, Canada
Born: 1947
Director since: 2022
Mr Peter Velan is a corporate Director after working at Velan Inc from 1968 to 2003 as an EVP of Manufacturing, Engineering and IT.  Peter Velan served on the Velan Inc. board starting from 1971 for 44 years and is a Director of Velan Holding. Peter Velan graduated with a Mechanical Engineering degree from McGill.

Dahra Granovsky(2)(3)
Director & Chair of the Corporate Governance and Human Resources Committee
Toronto, Ontario, Canada
Born: 1970
Director since: 2019

Ms. Granovsky is the CEO of BA Folding Cartons, a full service manufacturer of folding cartons with 2 plants in Ontario. Prior to her role at BA Folding Cartons, Ms. Granovsky was the President and a Managing Director at Chem-Ecol Ltd, a specialty blender of industrial oils and lubricants. Ms. Granovsky is also a past director of Intertape (ITP). Ms. Dahra Granovsky is a Director and past President of Atlantic Packaging, where she worked from 1995-2010 in varied roles leading to President, IPG. Atlantic Packaging is a Leading Manufacturer of Liner and Medium and Corrugated cartons. Ms. Granovsky has over 21 years of experience in the manufacturing and distribution industry. Ms. Granovsky sits on the Board of Directors at Atlantic Packaging and Hammond Power Solutions (TSX:HPS) where she is the chair of the governance committee. Ms. Granovsky holds a BSc. and an MBA and resides in Toronto, Canada.
Suzanne Blanchet(2)(3)
Director & Chair of the Audit Committee
La Prairie, Québec, Canada
Born: 1957
Director since: 2021
Ms. Blanchet, D.h.c., IAS. A, is a Corporate Director, Chair of the Audit Committee and Chair of BCI. She previously served as Chair of of the RFAQ, an NFPO that works for the development of women-owned companies and remains a member of the board. She currently serves as a director of GDI Integrated Facility Services Inc. (TSX). She also serves as a director of Solmax and EBI, where she chairs the Audit Committee. She served as a director of Resolute Forest Products (TSX) until March 2023, where she chaired the Environment and Health and Safety Committee. 
Suzanne Blanchet pursued a career with the Cascades group for over 30 years, rising through the ranks to become President and Chief Executive Officer of Cascades Tissue Group from 1997 to 2014. Under her leadership, she grew the Tissue Division both organically and by acquisition to become the fourth largest player in North America in the retail, commercial and industrial sectors. She then held the position of Senior Vice President, Corporate Development for Cascades where she developed and implemented the ESG plan, as well as the entire innovation component for the group. Since 2017, Ms. Blanchet is a Corporate Director. 
Ms. Blanchet studied Accounting Sciences at the Université du Québec à Trois-Rivières and is an accredited Corporate Director (ICD.A.). She has received prestigious awards including the Golden Stevie Award for the Executive Officer of Canada in 2013. In 2015, the Université du Québec en Outaouais (UQO) awarded her an honorary doctorate for her significant contribution as a pioneer in sustainable development and her innovative approaches in the pulp and paper sector were recognized.

Edward Kernaghan(2)
Toronto, Ontario, Canada
Born: 1971
Director since: 2021

Mr. Kernaghan has over 20 years of experience in the financial services business. He held the position of Executive Vice President at Kernaghan Securities, a firm he started along with his father, Ted Kernaghan, in 2001. He is currently a partner at Kernaghan & Partners and is President of Kernwood Limited. 

He also currently serves on the board of three other TSX listed companies, namely Exco Tecnologies Ltd. (TSX:XTC), Black Diamond Group Ltd. (TSX:BDI) and Obsidian Energy Inc. (TSX:OBE). Mr. Kernaghan is a graduate of the University of Toronto with a Master of Science in Theoretical Physics, and he has a Bachelor of Science, Honors degree from Queens University.

(1) Holds the same respective offices with Velan Valve Corp. as with Velan.
(2) Member of the Corporation Governance and Human Resources Committee.
(3) Member of the Audit Committee.



Canada Business Corporations Act
Board Committee Charters
Position Descriptions


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