Tandy Leather Factory, Inc. today announced that its board of directors authorized an increase in board positions from nine to ten and approved Jefferson Gramm to fill the new board seat effective today. Mr. Gramm is a portfolio manager at Bandera Partners LLC, which manages Bandera Master Fund, LP, an investment fund that owns approximately 28% of Tandy Leather Factory's shares. Mr. Gramm has been in his present position since 2006. His prior experience includes serving as Managing Director of Arklow Capital, LLC, a hedge fund manager focused on distressed and value investments, from October 2004 to July 2006. He has been a Director of Morgan's Foods Inc. since April 12, 2013. He served as a Director of Peerless Systems Corp from June 2009 to November 2010. He received an M.B.A. from Columbia University in 2003 and a B.A. in Philosophy from University of Chicago in 1996.
Joe Mannes, Chairman of the Board, commented, "We are pleased to welcome Jeff to our board and look forward to benefiting from his expertise. Further, we believe that input from a representative of the Company's largest stockholder, who shares our long-term commitment to our company, will continue our efforts to maximize stockholder value."