Tandy Leather Factory Announces Repurchase of 500,000 shares of Common Stock |
FORT WORTH, TEXAS – February 1, 2021 (GLOBE NEWSWIRE) – Tandy Leather Factory, Inc. (Pink: TLFA) today announced that it has repurchased 500,000 shares of its common stock (the "Shares") from institutional shareholder Central Square Management in a private transaction pursuant to an agreement dated January 28, 2021. The purchase price was $3.35 per Share and $1,675,000 in total. Prior to the repurchase, the Shares represented approximately 5.5% of the Company's outstanding Common Stock.
Janet Carr, Tandy Leather's Chief Executive Officer, said of the repurchase, "Tandy has historically taken advantage of favorable conditions to buy back our stock in the open market. Last August our Board of Directors renewed our regular plan, authorizing us to repurchase up to $5,000,000 of our stock; but since July 2019, our still-ongoing financial restatement has restricted us from buying in the market. So we are very happy to have an opportunity to repurchase such a substantial number of our shares in this private transaction."
Tandy Leather Factory, Inc., (http://www.tandyleather.com), headquartered in Fort Worth, Texas, is a specialty retailer 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 105 North American stores located in 40 US states and 6 Canadian provinces, and one store located in Spain. Its common stock trades over-the-counter "pink sheets" with the symbol "TLFA". 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.
Contact: Janet Carr, Tandy Leather Factory, Inc. (817) 872-3200 or janet.carr@tandyleather.com
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. |
Feb 01, 2021 |
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