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Velcro Industries N.V. Announces Purchases of Shares By Cohere Limited.

CURACAO, Netherlands Antilles Netherlands Antilles, island group, an autonomous part of the Netherlands (2005 est. pop. 220,000), 371 sq mi (961 sq km), West Indies. Formerly known as the Dutch West Indies and Netherlands West Indies, they are divided into two groups. , June 4 /PRNewswire-FirstCall/ -- Velcro Industries N.V. ("VINV") , holding company of the Velcro companies and the industry leader in hook and loop fasteners fasteners

In construction, connectors between structural members. Bolted connections are used when it is necessary to fasten two elements tightly together, especially to resist shear and bending, as in column and beam connections.
, today announced that it has been advised that Cohere cohere (kōhēr´),
v to stick together, to unite, to form a solid mass.
 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 The Bank of the Netherlands Antilles (Dutch: Bank van de Nederlandse Antillen) is the central bank of the Netherlands Antilles See also
  • Economy of the Netherlands Antilles
  • Netherlands Antillean gulden
 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 NASDAQ
 in full National Association of Securities Dealers Automated Quotations

U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on
 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 Naamloze Vennootschap (usually abbreviated NV) is the Dutch terminology for a public limited liability corporation. The company is owned by shareholders, and the company's shares are not registered to certain owners, so that they may be  (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.

CONTACT: Peter A. Pelletier, 800-225-0180

Web Site: http://www.velcroindustriesnv.com/
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Publication:PR Newswire
Date:Jun 4, 2009
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