Patent ID: 7905354

Claim:
A tool holder for holding tools in a desired position comprising: a housing and a magnetic surface being mounted on the housing to releasably support at least one tool on the tool holder; the housing including a first channel and a second channel to receive the magnetic surface; the tool holder having a low structure to facilitate use or storage thereof; a T-shaped channel being positioned between the first channel and the second channel; the first channel and the second channel being dovetail channels; the magnetic surface being part of at least two dovetail magnets; at least two movable pegs being mounted in the T-shaped channel to receive a tool to be supported on the tool holder; the housing including a color slot; a reversible color indicator being inserted in the color slot; the reversible color indicator showing a presence for metric tools or SAE tools thereon; the tool holder being magnetically attachable to a magnetically receptive surface; the housing being formed from a nonferrous material having a long, slender shape; the nonferrous material being nonmagnetic: the housing being formed of plastic material or metallic material or combinations thereof; the first channel, the second channel and the stud channel running longitudinally in the housing; the housing including a tapered side tapering from top to bottom; the tapered side including the color slot; the color slot receiving a color indicator; the color indicator showing red or blue; the at least two movable pegs each including a sliding member of a non ferrous material and a tightenable member; the sliding member having a platform within the T-shaped channel with a rod protruding from the platform above the stud channel; the tightenable member fixing the platform in a desired position within the T-shaped channel; the rod having male threads thereon; the tightenable member having female threads thereon adapted to receive the male threads; the tightenable member having an outer ridged side; the tightenable member having an inner threaded end and an inner unthreaded end; the tightenable member having a slight taper in order to provide gripping capability and in order to facilitate removal thereof from a mold during a manufacturing process; the slight taper being up to about ten degrees; and the slight taper running from the unthreaded end and narrowing down to the threaded end.