Sorry for misleading you, I though the code would act similar to a Sleep command I have seen in .Net. I haven't tested the code before posting

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However, I tested this one and i guarantee it to work. You need to add a timer to your form and set the Interval (in miliseconds) to your needs. Now add this code to your Button1.Click event :
CODE
Private Sub Button1_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles Button1.Click
Timer1.Enabled = True 'activates the timer
End Sub
Add this code to your Timer1.Tick event
CODE
Private Sub Timer1_Tick(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles Timer1.Tick
Static Dim Counter As Integer = 0 'static prevents the variable to dim at 0 each tick.
Counter += 1
Select Case Counter
Case 1
Me.Label1.Visible = True
Case 2
Me.Label1.Visible = False
Me.Label2.Visible = True
Case 3
Me.Label2.Visible = False
Me.Label3.Visible = True
Case 4
sender.enabled = False 'To prevent the timer from ticking again
End Select
End Sub