Adopts Stock Repurchase Plan under Rule 10b5-1
Tandy Leather Factory, Inc. (AMEX: TLF) announced today that the
Company's Board of Directors has authorized a stock repurchase program,
permitting the Company to repurchase up to one million shares of its
common stock at prevailing market prices not to exceed $2.85. In
addition, the Board has adopted a plan under Rule 10b5-1 of the
Securities Exchange Act of 1934 to facilitate the repurchase of the
shares pursuant to this authorization.
A plan under Rule 10b5-1 allows a company to repurchase its shares at
times when it otherwise might be prevented from doing so under insider
trading laws or because of self-imposed trading blackout periods. The
Company has selected Merriman Curhan Ford & Co. to conduct the
repurchases on the Company's behalf, subject to the parameters specified
in the plan.
The 10b5-1 share repurchases are expected to commence April 1, 2009 and
continue through March 10, 2010, subject to conditions specified in the
10b5-1 plan. The Company may terminate the plan at any time.
Ron Morgan, Chief Executive Officer, commented, "We are pleased to
announce that our Board has authorized this stock repurchase program. It
is a reflection of our Board's confidence in our financial strength and
our overall commitment to our stockholders. We believe that the purchase
of our common stock at the current stock price represents an attractive
opportunity to benefit the long-term interests of the Company and our
stockholders."
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 greene@tandyleather.com or Magellan
Fin, LLC Mark Gilbert, 317-867-2839 MGilbert@MagellanFin.com |