Attached files
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| 8-K - FORM 8-K - TANDY LEATHER FACTORY INC | form8-k.htm |
EXHIBIT
99.1
FOR
IMMEDIATE
RELEASE December
4, 2009
Tandy
Leather Factory Authorizes New Share Repurchase Plan under Rule
10b5-1;
Terminates
Existing Plan
FORT
WORTH, TEXAS – Tandy Leather Factory, Inc. (AMEX: TLF) (“the Company”) announced
today that its Board of Directors terminated the Company’s existing stock
repurchase program and authorized a new program, permitting the
Company to repurchase up to one million shares of its common stock at prevailing
market prices not to exceed $3.70. Stock purchases under the new
program will be made through a plan conducted under Rule 10b5-1 of the
Securities Exchange Act of 1934, as amended.
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 December 7, 2009 and continue
through December 10, 2010, subject to conditions specified in the 10b5-1
plan. The Company may terminate the plan at any time.
Jon
Thompson, Chief Executive Officer and President of the Company, commented, “The
original plan has become ineffective as our stock’s trading price has been above
the maximum price at which the Company may repurchase its shares under the plan
since July. This new plan is a demonstration of our Board’s continued
confidence in our financial strength and our overall commitment to our
stockholders. We still 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, 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.
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Contact:
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Shannon
L Greene, Tandy Leather Factory, Inc.
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(817)
872-3200 or sgreene@tandyleather.com
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Mark
Gilbert, Magellan Fin, LLC
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(317)
867-2839 or
MGilbert@MagellanFin.com
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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.