CURACAO, Netherlands Antilles, Sept. 2 /PRNewswire-FirstCall/ -- Velcro
Industries N.V. ("the Company") (Nasdaq: VELC), holding company for the
Velcro companies and the industry leader in hook and loop fasteners, today
announced that on September 1, 2008 Cohere Limited ("Cohere"), the holder
of record of more than 95% of the shares of the Company's common equity,
filed a petition under Article 2:250 of the Civil Code of the Netherlands
Antilles (the "Petition") with the Court of First Instance of the
Netherlands Antilles sitting in Curacao (the "Court") seeking to allow
Cohere to acquire all the issued Company shares, not currently held by
Cohere, at US$21.00 per share or such other price as determined by the
Court.

    The Company, which is not a party to the proceeding initiated by the
Petition, understands that the Court will issue a summons setting forth an
appearance date (expected to be four months from the date the Petition was
filed) and provide a copy of the Petition to each of the other shareholders
of record of the Company at the time of the filing of the Petition. The
other shareholders of record may appear in Court on such appearance date to
oppose the Petition. If none of the other shareholders of record appear,
the Court can render judgment by default. The Company will make available a
copy of the Petition (in Dutch with English translation) to any shareholder
of record, or any previously identified Non-Objecting Beneficial Owner of
the Company's shares, upon written request.

    The Company's Board of Directors has not approved the Petition and
makes no recommendation to shareholders as to how to proceed. The Company
suggests that shareholders read carefully all the information in the
Petition and related materials and should consult with their own tax,
financial and legal advisors.

    Questions or written requests for a copy of the Petition and related
materials may be directed to Peter A. Pelletier, the Company's Secretary
and Treasurer, c/o Velcro Group Corporation, 406 Brown Avenue, Manchester,
New Hampshire 03103, telephone (800) 225-0180, extension 4884.

    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.

    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 the Company "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.

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