FORT WORTH, Texas--(BUSINESS WIRE)--Sept. 25, 2003--The Leather Factory, Inc. (AMEX:TLF) today announced that its Chairman and CEO, Wray Thompson, and his wife have completed a private sale of 500,000 shares of Leather Factory common stock to Nery Capital Partners, L.P., an investment fund based in Asheville, N.C. The purchase price totaled $1,750,000. Nery Capital will hold these restricted shares subject to the resale limitations in SEC Rule 144. Mr. Thompson indicated that the goals of this transaction were to commence personal estate planning initiatives while expanding the company's institutional shareholder base. Westminster Securities Corporation, Member New York Stock Exchange, served as placement agent and financial advisor on the transaction.
Mike Nery, spokesman for the purchaser, commented, "The Leather Factory is a solid business with excellent growth prospects. Most importantly, it is run by honest people who truly want their shareholders to do well. Frankly, I am thrilled to be investing with them."
Mr. Thompson commented, "The Leather Factory is committed to continuing to expand its institutional shareholder base and I am delighted to see an institutional investor take a significant interest in our company. I certainly share Nery Capital's long-term view of The Leather Factory's shareholder value."
The Leather Factory, Inc., (http://www.leatherfactory.com), headquartered in Fort Worth, Texas, is an international marketer and wholesale distributor of a broad product line including leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, shoe repair supplies, saddle and tack hardware, and do-it-yourself kits, and is a manufacturer and distributor of fancy hat trims, leather lacing and kits. The Company distributes its products through sales and distribution units located throughout the U.S. and Canada and through its subsidiary, Tandy Leather Company, via retail stores and the Internet (http://www.tandyleather.com). Its common stock trades on the American Stock Exchange with the symbol "TLF".
This news release may contain forward-looking statements. All forward-looking statements made here or in other news releases issued by The Leather Factory, Inc. are based on current expectations as of the date of the release. These forward-looking statements involve risks and uncertainties that could cause the results of The Leather Factory, Inc. to differ materially from management's current expectations. Many of these risks and uncertainties are detailed from time to time in TLF's reports filed with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and the most recent quarterly report on Form 10-Q.
CONTACT: The Leather Factory, Inc., Fort Worth Wray Thompson,
817-496-4414 or Shannon L. Greene
sgreene@leatherfactory.com
SOURCE: The Leather Factory, Inc.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Tandy Leather Factory, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.