CURACAO, Netherlands Antilles, June 4 /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 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
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
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, 800-225-0180 Web Site: