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TWHBEA Restructuring and Workforce Reduction

LEWISBURG, Tenn. (Nov 1, 2007) -- Following a significant reduction for the third straight year in stallion breeding and its related impact on the business operations, the Tennessee Walking Horse Breeders’ and Exhibitors’ Association (TWHBEA) today announced a restructuring and a reduction in work force.

Chuck Cadle, TWHBEA’s CEO and Executive Director, commented, “This action was difficult because it affects so many of our loyal, talented and hardworking employees. However, it was necessary in order to align our workforce to the resulting decline in business at the Association. In light of the economic downturn within the Tennessee Walking Horse industry to include a declining horse show circuit and the entrance of competing gaited breeds, the business situation has been severely impacted. However, our workforce reduction is less than the financial impact of the above due to other ongoing cost-cutting initiatives. The Voice magazine along with our website will continue to be our method of communication to our members and this industry.”

The TWHBEA is encouraged by the USDA’s recent positive comments about the horses competing in the show circuit this year. We believe that this upbeat trend will restore confidence and begin to improve the market for Tennessee Walking Horse enthusiasts around the world.

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