Tandy Leather Factory, Inc. (AMEX: TLF) announced today that the Company’s Board of Directors has authorized a stock repurchase program, permitting the Company to repurchase up to one million shares of its common stock at prevailing market prices not to exceed $2.85. In addition, the Board has adopted a plan under Rule 10b5-1 of the Securities Exchange Act of 1934 to facilitate the repurchase of the shares pursuant to this authorization.

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 April 1, 2009 and continue through March 10, 2010, subject to conditions specified in the 10b5-1 plan. The Company may terminate the plan at any time.

Ron Morgan, Chief Executive Officer, commented, “We are pleased to announce that our Board has authorized this stock repurchase program. It is a reflection of our Board’s confidence in our financial strength and our overall commitment to our stockholders. We 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, 74 Tandy Leather retail stores, located in 35 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 American Stock Exchange with the symbol "TLF".
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