| Leather Factory Announces Tandy Expansion to Boise, Idaho |
FORT WORTH, Texas, Feb. 18 /PRNewswire-FirstCall/ -- The Leather Factory, Inc. (Amex: TLF) today announced that Tandy Leather Company, a subsidiary, has signed a letter of intent to acquire the assets of Heritage Leather Company ("Heritage") located in Boise, Idaho. The consummation of this acquisition is subject to the execution of a definitive agreement, which will contain the customary representations, warranties, covenants, and conditions. Closing is scheduled for February 28, 2002.
Heritage, owned by Jo Anne M. Tackitt, opened in March 1999 as a leathercraft retail store. Ms. Tackitt, who has almost 25 years of experience in managing leathercraft stores, is expected to be the manager of the new Tandy Leather store.
Wray Thompson, Chairman and Chief Executive Officer of The Leather Factory, Inc. commented, "Heritage is a good fit in our acquisition model for Tandy Leather stores. Ms. Tackitt is an experienced manager who can continue to develop solid business in the Boise and surrounding markets."
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 30 sales and distribution units located throughout the U.S. and Canada and through its subsidiary, Tandy Leather Company, via retail stores and mail/telephone/website orders (http://www.tandyleather.com ). Its common stock trades on the American Stock Exchange with the symbol "TLF".
Contact:
Wray Thompson, The Leather Factory, Inc. (817) 496-4414
Shannon L. Greene, The Leather Factory, Inc. sgreene@leatherfactory.com
Mark Tyler, T.T. Communications, Inc. (845) 368-4377
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. In addition, investors should be aware that there are business risks associated with opening a new line of retail stores. These risks include the possibility that stores will not be economically successful or that economic conditions will impede their profitability.
"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.
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| Feb 18, 2002 |
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