Tandy Leather Factory, Inc. (NYSE Amex: TLF) announced today that the
company's board of directors has elected Jon Thompson as Chief Executive
Officer effective July 1, 2009. As previously announced, he is replacing
Ron Morgan who is retiring effective June 30, 2009. Mr. Thompson will
continue to hold the position of President and Chief Operating Officer
of the company, in addition to his new duties as CEO.
Mr. Morgan commented, "I am confident that the transition to Jon from me
as Chief Executive Officer will be an easy one. Jon has the necessary
experience and knowledge to run this company successfully, plus he has
the support of two of the industry's top professionals, Shannon Greene,
our CFO, and Mark Angus, our Senior Vice President. During the toughest
economic times since the Great Depression, the hard working men and
women of Tandy Leather Factory have stood against the popular theory
that 'less bad is the new good'. Instead, Tandy Leather Factory operates
under the old-fashioned belief that producing sales, growing earnings
and making money is the only measure of improvement. In spite of the
economy, the company has improved earnings 3 of the last 4 quarters over
the prior year and I fully expect it will continue to do so in the
future under Jon's leadership."
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, 75 Tandy Leather retail stores,
located in 36 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 NYSE Amex 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 |