Wray Thompson Resigns CEO Position, Will Continue as Chairman
FORT WORTH, Texas--(BUSINESS WIRE)--Dec. 28, 2006--Conference Call at 1:00 p.m. EST, December 28, 2006 - Tandy Leather Factory will host a conference call at 1:00 p.m. EST, on December 28, 2006, which can be accessed at 800-346-7359 or 973-528-0008 using passcode 959112. A conference call replay will be available at 5:00 p.m. Eastern Time on December 28, 2006 through 12:00 a.m. Eastern Time January 5, 2007 and can be accessed at 800-332-6854 or 973-528-0005 using passcode 959112. The call is being webcast by Vcall and can be accessed at the company's web site at www.tandyleather.com or at www.InvestorCalendar.com. The webcast will be archived and available for replay through February 1, 2007.
Tandy Leather Factory, Inc. (AMEX:TLF) announced today that Wray Thompson will resign as the company's Chief Executive Officer effective December 31. Mr. Thompson will continue to serve as Chairman of the Board. At the same time, the Company is pleased to announce that Ron Morgan, the company's President and Chief Operating Officer, has accepted the appointment of CEO beginning January 1, 2007.
As Chairman of the Board, Mr. Thompson will continue to help guide the company on strategic opportunities, participate in investor relation activities, and provide leadership to the board of directors. "This is an excellent time to hand the reigns of the company over to Ron," said Thompson. "I've been privileged to be the CEO of Tandy Leather Factory, Inc. since its founding. Ron and I have been business partners for more than 30 years and I am confident in Ron's ability to lead the company with energy and passion. There is no better time than now to make this change."
Ron Morgan, co-founder of Tandy Leather Factory, Inc., has more than 35 years of experience in the leathercraft industry, having begun his career in 1969 with Tandy Leather Company under the direction of Charles Tandy. He has held the positions of Chief Operating Officer of Tandy Leather Factory since 1993 and President since 2001. He manages the day-to-day operations of the company overseeing store operations, advertising, and marketing. He will continue in his current responsibilities as he manages the overall performance of the company as CEO.
Mr. Morgan commented, "Wray and I have been working side by side for many years. Wray has done a great job leading our company and has laid a solid foundation to move the company forward. With the management team we've assembled, I am confident that the company will continue to perform well."
Tandy Leather Factory, Inc., (http://www.leatherfactory.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 as The Leather Factory through its wholesale centers and as Tandy Leather Company through its retail stores (http://www.tandyleather.com). 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.
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.