CURACAO, Netherlands Antilles, June 4 /PRNewswire-FirstCall/ -- Velcro Industries N.V. ("VINV") , holding company of the Velcro companies and the industry leader in hook and loop fasteners, today announced that it has been advised that Cohere Limited ("Cohere") has accepted and paid for 501,536 shares of VINV common stock tendered to Cohere by other shareholders between May 4 and June 1, 2009 under the procedure established by Cohere in connection with the default judgment rendered on April 6, 2009 by the Netherlands Antilles court sitting in Curacao.
After giving effect to the transfer of these 501,536 shares to Cohere, 183,214 shares, representing less than three quarters of one percent of VINV's outstanding common stock, are held by shareholders other than Cohere.
VINV has been advised that Cohere expects to deposit sufficient funds with the Central Bank of the Netherlands Antilles to pay for all 183,214 remaining VINV shares (the "Deposit") and that delivery of the Deposit to the Central Bank of the Netherlands Antilles in accordance with the requirements of Netherlands Antilles law will automatically result in the transfer of the remaining shares to Cohere. As a consequence of this transfer, the former holders of these shares will be only entitled to receive payment for their shares from the Deposit. Cohere has cautioned holders of VINV shares that amounts payable to the holders from the Deposit may be subject to reduction for fees and costs, as may be ordered by the Curacao court, and that Cohere will bear no liability for any such reduction.
VINV has notified both the NASDAQ and its transfer agent of the Curacao court's April 6, 2009 default judgment. VINV's common shares are expected to cease trading on the NASDAQ shortly after VINV advises the NASDAQ that the remaining VINV shares have been transferred to Cohere. At that time, VINV will also instruct its transfer agent to stop effecting transfers in the shares.
About Velcro Industries N.V.
Velcro Industries N.V. is incorporated and domiciled in Curacao, Netherlands Antilles as a Naamloze Vennootschap (public limited liability company) and acts as the holding company of the Velcro companies, which are primarily involved in the manufacturing and sales of VELCRO(R) and TEXACRO(R) brand fasteners, ULTRA-MATE(R) brand hook fasteners, and ONE-WRAP(R) brand straps throughout the world. For more information about Velcro Industries N.V., including annual and quarterly reports, proxy statements and other materials required to be electronically published under Rule 12g3-2(b) of the U.S. Securities Exchange Act of 1934, visit http://www.velcroindustriesnv.com/.
Forward-Looking Statements
This press release and the documents referenced herein may contain "forward-looking" statements and information, which involve risks and uncertainties. Actual future results may differ materially. Statements indicating that VINV "expects," "estimates," "believes," "is planning" or "plans to" are forward-looking, as are other statements concerning future financial results or other events that have not yet occurred. There are several important factors that could cause actual results or events to differ materially from those anticipated by the forward-looking statements.
Velcro Industries N.V.
CONTACT: Peter A. Pelletier, 800-225-0180
Web Site: http://www.velcroindustriesnv.com/
