Velcro Industries N.V. Announces Deposit by Cohere Limited with Central Bank of the Netherlands Antilles for Remaining Shares



    CURACAO, Netherlands Antilles, June 17 /CNW/ -- Velcro Industries N.V.
("VINV") (Nasdaq:   VELC), holding company of the Velcro companies and the
industry leader in hook and loop fasteners, today announced that Cohere
Limited ("Cohere") has deposited funds with the Central Bank of the
Netherlands Antilles to pay for all 183,214 remaining VINV shares not
previously tendered to Cohere (the "Deposit").

    VINV has been notified that the Deposit, in the amount of approximately
US$3.9 million, was transferred by Cohere to Bank van de Nederlandse Antillen
(or the Central Bank of the Netherlands Antilles) on June 15, 2009.  VINV
understands that as a consequence of the Deposit ownership of all remaining
VINV shares has transferred to Cohere and the former holders of VINV shares
are only entitled to receive payment for their shares from the Deposit. 
Former holders of shares should contact Bank van de Nederlandse Antillen,
Simon Bolivar Plein 1, Willemstad, Curacao, Netherlands Antilles (Attn: Legal
Department), telephone (599 9) 434-5500; fax (599 9) 461-5004, with requests
for release of funds from the Deposit as payment for shares or questions
regarding the Bank's procedure for release and payment of funds.

    On June 16, 2009, VINV instructed the NASDAQ to terminate trading of VINV
common shares.  VINV is instructing its transfer agent to stop effecting
transfers in the shares.
    

    About Velcro Industries N.V.
    
    Velcro Industries N.V. (NASDAQ:   VELC) 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
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.
    



    




For further information:

For further information: Peter A. Pelletier, 1-800-225-0180, for Velcro
Industries N.V. Web Site: http://www.velcroindustriesnv.com/

Organization Profile

VELCRO INDUSTRIES N.V.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890