Tandy Leather Factory, Inc. Announces Affiliate Stock Sale |
FORT WORTH, Texas--(BUSINESS WIRE)--May 5, 2006--Tandy Leather Factory, Inc. (AMEX:TLF) today announced that Wray Thompson, Chief Executive Officer, Ron Morgan, President, and Sally Thompson, spouse of Mr. Thompson, have entered into a definitive agreement to sell an aggregate of 3.0 million shares of the company's common stock via a private offering to institutional investors at a price of $6.25 per share. No investor purchased 10% or more of the outstanding shares of the company's common stock. The company did not receive any proceeds from this transaction. Merriman Curhan Ford & Co. acted as exclusive private placement agent on this transaction.
Mr. Thompson, age 74, indicated that the goals of this transaction were to commence personal estate planning initiatives while expanding the company's institutional shareholder base. He also stated that he had no immediate plans to step down as Chief Executive Officer and Chairman of the Board. Mr. Morgan, age 59, has agreed to submit to a 12-month lockup of his remaining shares.
Tandy Leather Factory, Inc., headquartered in Fort Worth, Texas, is a specialty retailer and wholesale distributor of a broad product line including leather, leatherworking tools, belt buckles and adornments, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company distributes its products as The Leather Factory through its wholesale distribution centers and as Tandy Leather Company through its retail stores. Its common stock trades on the American Stock Exchange with the symbol "TLF."
This news release may contain forward-looking statements. All forward-looking statements made here or in other news releases issued by Tandy Leather Factory, Inc. are based on current expectations as of the date of the release. These forward-looking statements involve risks and uncertainties that could cause the results of Tandy Leather Factory, Inc. to differ materially from management's current expectations. Many of these risks and uncertainties are detailed from time to time in TLF's reports filed with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and the most recent quarterly report on Form 10-Q. Investors are reminded that past performance may not be predictive of future results.
CONTACT:
Tandy Leather Factory, Inc.,
Fort Worth Wray Thompson,
817-496-4414
or
Shannon L. Greene,
817-496-4414
sgreene@leatherfactory.com
SOURCE: Tandy Leather Factory, Inc.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Tandy Leather Factory, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
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May 05, 2006 |
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