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Tandy Leather Factory, Inc. Reaches Preliminary Settlement Agreement

FORT WORTH, Texas, Sept. 28, 2012 (GLOBE NEWSWIRE) -- Tandy Leather Factory, Inc. (Nasdaq:TLF) (the "Company") announced today that an agreement has been reached and preliminarily approved by the Court to settle all federal and state claims asserted by the plaintiffs in the action captioned Mark Barnes, Donna Cavota and Jerry Mercante on behalf of themselves and others similarly situated v. Tandy Leather Company, LP and The Leather Factory, LP, Case No.4: 11-cv-00335-A in the United States District Court, Northern District of Texas, Fort Worth Division. As previously disclosed, the plaintiffs in such lawsuit have alleged that the defendants violated certain requirements of the Fair Labor Standards Act (FLSA) as well as various state wage laws. The plaintiffs, who have sought to represent themselves and all similarly situated U.S. current and former store managers of the defendants, sought reimbursement for an unspecified amount of unpaid overtime compensation, liquidated damages, attorneys' fees and costs. At all times during the pendency of this litigation, the Company and the defendants have vigorously denied all of the plaintiffs' allegations. As part of the settlement, the defendants continue to deny any wrongdoing or any other improper actions.

The terms of the settlement provide for a maximum payment of $993,385.90 by the defendants. The settlement remains subject to a fairness hearing and final approval by the Court. A Fairness Hearing will be held in the Fourth Floor Courtroom of the United States Courthouse, Fort Worth, Texas, at 10:00 o'clock a.m. on February 11, 2013, to make final determinations as to whether the settlement is fair, reasonable and adequate, whether it should be finally approved by the Court, and whether an Order and Final Judgment should be issued dismissing the lawsuit with prejudice.   

In connection with the settlement, the Company will record a charge to operations of $993,385.90 during its third quarter, which ends on September 30, 2012.

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