VELC Velcro Industries N.V. (MM)

CURACAO, Netherlands Antilles, April 30 /PRNewswire-FirstCall/ -- 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 established a procedure for holders of shares of VINV common stock to deliver such shares and receive payment in accordance with the default judgment rendered on April 6, 2009 by the Netherlands Antilles court sitting in Curacao. That court ordered the holders of shares of VINV common stock (other than Cohere) to transfer all of such shares to Cohere in exchange for payment of US$21.00 per share plus interest at 3.75% per annum from April 6, 2009 until the date of payment. Cohere directed that VINV shares should be delivered to its agent, Computershare Investor Services Inc., during the period between May 4, 2009 and June 1, 2009 for payment. The detailed instructions are set forth in a notice from Cohere dated April 28, 2009. Cohere cautioned holders of VINV shares that after effecting payment for all shares delivered to Computershare Investor Services Inc. on or before June 1, 2009, it expects to deposit sufficient funds (US$21.00 per share plus interest from April 6, 2009 to the date of the deposit) with or at the direction of the Curacao court to pay for all undelivered VINV shares (the "Deposit"). Delivery of the Deposit with the Curacao court will effect transfer of the remaining shares to Cohere. Amounts payable to holders of VINV shares from the Deposit may be subject to reduction for fees and costs, as may be ordered by the Curacao court. Shareholders should contact Computershare Investor Services Inc. at 1-800-564-6253 with questions regarding, or requests for additional copies of, Cohere's April 28, 2009 notice. VINV, which is not a party to the proceeding in Curacao, will also make available copies of such notice to any shareholder of record, or any previously identified non-objecting beneficial owner of VINV common shares, upon written request. VINV recommends that shareholders review the Cohere notice and consult with their own legal, tax and financial advisors. Written requests for a copy of the Cohere notice may be directed to Peter A. Pelletier, VINV's Secretary and Treasurer, c/o Velcro Group Corporation, 406 Brown Avenue, Manchester, New Hampshire 03103, USA, telephone (800) 225-0180, extension 4884, or may be directed to VINV via email at . 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 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. DATASOURCE: Velcro Industries N.V. CONTACT: Peter A. Pelletier, Velcro Industries N.V., 800-225-0180, extension 4884 Web Site: http://www.velcroindustriesnv.com/

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