I think it is easier on the brain if you break it down further, so you are not mentally doing multiple comparisons every time you write an If clause.

Example using a Button and two TextBoxes:

vb.net Code:
  1. Private Sub Button1_Click(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles Button1.Click
  2.     Dim a, b As Integer
  3.     Integer.TryParse(TextBox1.Text, a)
  4.     Integer.TryParse(TextBox2.Text, b)
  5.  
  6.     Dim oneIsSmall As Boolean = (a < 0 OrElse b < 0)
  7.     Dim oneIsBig As Boolean = (a > 1000 OrElse b > 1000)
  8.  
  9.     If oneIsSmall AndAlso oneIsBig Then
  10.         MessageBox.Show(String.Format("one is too small and one is too big : {0}, {1}", a, b))
  11.     ElseIf oneIsSmall Then
  12.         MessageBox.Show(String.Format("one or both are too small : {0}, {1}", a, b))
  13.     ElseIf oneIsBig Then
  14.         MessageBox.Show(String.Format("one or both are too big : {0}, {1}", a, b))
  15.     Else
  16.         MessageBox.Show(String.Format("both are within range : {0}, {1}", a, b))
  17.     End If
  18.  
  19. End Sub