CURACAO, Netherlands Antilles, May 20 /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 reminds holders of VINV common stock that June 1, 2009 is the deadline for them to deliver and receive payment for their shares under the procedure established by Cohere Limited ("Cohere").
Cohere previously instructed VINV shareholders to deliver their VINV shares to Cohere's agent, Computershare Investor Services Inc. ("Computershare"), during the period between May 4, 2009 and June 1, 2009 for payment of US$21.00 per share plus interest at 3.75% per annum from April 6, 2009 until the date of payment. After effecting payment for all shares delivered to Computershare on or before June 1, 2009, Cohere expects to deposit sufficient funds with or at the direction of the Curacao court to pay for all remaining VINV shares (the "Deposit"). VINV understands that delivery of the Deposit with or at the direction of the Curacao court will result in the transfer of the remaining shares to Cohere. At that time, holders of shares of VINV common stock will have rights only to receive payment for their shares from the Deposit, as may be ordered by the Curacao court.
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. Accordingly, holders of VINV shares should remain cognizant of the June 1, 2009 deadline for delivering VINV shares to Computershare.
VINV has notified both the Nasdaq and Computershare, VINV's 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.
Shareholders should contact Computershare Investor Services Inc. at 1-800-564-6253 with requests for a copy of Cohere's April 28, 2009 notice or questions regarding the procedure established by Cohere for delivery and payment for VINV shares. VINV recommends that shareholders review Cohere's April 28, 2009 notice and consult with their own legal, tax and financial advisors. VINV, which is not a party to the proceeding in Curacao, will 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 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 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., +1-800-225-0180,
extension 4884
Web Site: http://www.velcroindustriesnv.com/