FORT WORTH, Texas, Feb. 19, 2013 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) (the "Company") announces that Wray Thompson has resigned as a member of the Board of Directors of the Company (the "Board") and Chairman of the Board effective immediately.
William M. Warren has been elected to serve as a director of the company by a majority of the remaining members of the Board, filling the vacancy created by Mr. Thompson's resignation. Mr. Warren currently serves as the Company's Secretary and General Counsel. Mr. Warren is President and Director of Loe, Warren, Rosenfield, Kaitcer, Hibbs, Windsor & Lawrence, P.C., a law firm located in Fort Worth, Texas.
Joseph R. Mannes, a director of the Company since 1998 and Chairman of the Audit Committee, has been selected by the Board to act as Chairman of the Board until the 2013 Annual Meeting of Stockholders of the Company or until his successor has been elected and qualified.
Wray Thompson commented, "My career with Tandy Leather has been a rewarding one. But even more satisfying is knowing that I leave this company in the capable hands of a solid board and management team. They have a strong belief in Tandy Leather's potential and a great vision for getting there. I am confident that they will continue to manage the company with great success."
Mr. Mannes commented, "Wray began his career with Tandy Leather in 1958 working in the warehouse. He worked his way up through the ranks, eventually being promoted to store manager, then regional manager, then President. He was a great salesman and businessman, and was instrumental in making this company what it is today. His success and reputation in the industry is second to none. On behalf of the entire Board, we want to thank Mr. Thompson for his many years of service to the Company and wish him all the best. I have had the tremendous opportunity to work closely with Mr. Thompson and am honored to have been selected to follow him as Chairman of the Board."
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, 78 Tandy Leather retail stores, located in 37 states and 6 Canadian provinces, and three combination wholesale/retail stores located in the United Kingdom, Australia, and Spain. Its common stock trades on the Nasdaq 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.
The Tandy Leather Factory, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7760
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.
Source:Tandy Leather Factory, Inc.