Conference Call at 11:00 am EST, February 18, 2009 – Tandy
Leather Factory will host a conference call at 11:00 am EST, on February
18, 2009, which can be accessed at 877-407-8033 or 201-689-8033. A
conference call replay will be available through 11:59 p.m. Eastern Time
on February 25, 2009 and can be accessed by calling (domestic)
1-877-660-6853 or (international) 1-201-612-7415. For both, reference
account number 286 and conference ID number 314125. The call is being
webcast by Vcall and can be accessed at the company’s web site at www.tandyleatherfactory.com
or at www.InvestorCalendar.com.
The webcast will be archived and available for replay through May 18,
2009.
Tandy Leather Factory, Inc. (AMEX: TLF) announced today that Ron Morgan
plans to resign as the company's Chief Executive Officer effective June
30, 2009. In addition, Mr. Morgan is not expected to stand for
re-election at the 2009 Annual Meeting of Stockholders on May 12, 2009.
Mr. Morgan's determination to resign was not due to any disagreement
with the company. Mr. Morgan cited retirement, after more than 30 years
of service to the company which he co-founded, as grounds for his
resignation. It is expected that the Board of Directors of the Company
will elect Jon Thompson, the company's President and Chief Operating
Officer, as Chief Executive Officer effective July 1, 2009.
Mr. Morgan commented, "I am fortunate to have co-founded and worked at
this great company for many years and am confident that I leave it in
qualified hands. Jon has 30 years of experience in this business and is
extremely knowledgeable about what it takes to be successful. I am
confident in Jon's ability to lead the company and believe it is time
for me to step aside and enjoy the fruits of a lifetime of work."
Jon Thompson, President and Chief Operating Officer, has worked his
entire career for Tandy Leather Factory. He oversees domestic and
international store operations, as well as information technology and
leather purchasing. Once the Board of Directors elects Mr. Thompson to
the Chief Executive Officer position, he will assume the role of Chief
Executive Officer upon Mr. Morgan's departure on June 30, 2009.
Mr. Thompson commented, "I have worked closely with Ron for many years.
He has done a great job leading our company and has laid a solid
foundation to move the company forward. With the management team we've
assembled, I believe the company will perform well."
Tandy Leather Factory, Inc., (http://www.tandyleatherfactory.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 29 Leather Factory stores, located
in 19 states and 3 Canadian provinces, 74 Tandy Leather retail stores,
located in 35 states and 5 Canadian provinces, one combination
wholesale/retail store located in the United Kingdom, and Mid-Continent
Leather Sales, one store located in Oklahoma. Its common stock trades on
the American Stock Exchange 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.
Tandy Leather Factory, Inc. Shannon L. Greene, 817-872-3200 sgreene@tandyleather.com or Magellan
Fin, LLC Mark Gilbert, 317-867-2839 MGilbert@MagellanFin.com |