Tandy Leather Factory Reports Certain Fourth Quarter and Full Year Operating Results and Related Information; Michael Galvan joins as CFO - Seite 2

The Company also announced today the appointment of Michael Galvan as Chief Financial Officer, effective January 11, 2020. Mr. Galvan replaces Steve Swank, who informed us on January 6 that he was resigning for personal reasons as Chief Financial Officer. Mr. Swank has agreed to remain with the Company for two months to provide transition and assistance. Mr. Galvan, 52, first joined the Company in May 2020, serving as Interim Chief Financial Officer until Mr. Swank’s arrival in July 2020; he has remained with the Company on a full-time consulting basis since then. Mr. Galvan has retained primary responsibility for all aspects of finalizing our restatement work throughout his tenure with Tandy, in addition to providing critical leadership and guidance in all areas of finance and accounting. He brings over 25 years of finance and accounting experience to the Company, including executive leadership roles serving as Interim Chief Financial Officer, Chief Accounting Officer and Treasurer for a variety of publicly-traded companies. Janet Carr said, “During his eight months with Tandy, Mike has become a strong leader within the Finance and Accounting teams, and we anticipate a seamless transition. His excellent track record both within and prior to Tandy are proving invaluable to the company. We thank Steve for his contributions during his time with Tandy and wish him well in his future endeavors.”

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 six 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.  [phone] or [e-mail] 

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.