Tandy Leather Factory, Inc. Announces Share Repurchase Program
FORT WORTH, Texas, Aug. 10, 2015 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (NASDAQ:TLF) (the "Company") announced today that its Board of Directors has authorized a share repurchase program under which the Company may repurchase up to 1.2 million shares of its common stock over the next 12 months. Purchases may be made in open-market transactions, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable Securities and Exchange Commission rules and regulations. Repurchases will be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws.
The Company has selected Cantor Fitzgerald & Co. to conduct the repurchases on the Company's behalf, subject to the parameters specified in the plan. The share repurchases may begin as early as August 24, 2015 and continue through August 9, 2016, subject to conditions specified in the 10b5-1 plan.
Tandy Leather Factory, Inc., (http://www.tandyleather.com), headquartered in Fort Worth, Texas, is a specialty retailer and wholesale distributor of a broad product line including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company distributes its products through its 28 Leather Factory stores, located in 19 states and 3 Canadian provinces, 82 Tandy Leather retail stores, located in 36 states and 6 Canadian provinces, and three combination wholesale/retail stores located in the United Kingdom, Australia, and Spain. Its common stock trades on the Nasdaq with the symbol "TLF". To be included on Tandy Leather Factory's email distribution list, go to http://www.b2i.us/irpass.asp?BzID=1625&to=ea&s=0.
This news release may contain statements regarding future events, occurrences, circumstances, activities, performance, outcomes and results that are considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results and events may differ from those projected as a result of certain risks and uncertainties. These risks and uncertainties include but are not limited to: changes in general economic conditions, negative trends in general consumer-spending levels, failure to realize the anticipated benefits of opening retail stores; availability of hides and leathers and resultant price fluctuations; change in customer preferences for our product, and other factors disclosed in our filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Shannon L. Greene, Tandy Leather Factory, Inc.
(817) 872-3200 or sgreene@tandyleather.com
Mark Gilbert, Magellan Fin, LLC
(317) 867-2839 or MGilbert@MagellanFin.com
