LAKE FOREST, Calif., May 15, 2019 (GLOBE NEWSWIRE) -- ToughBuilt Industries, Inc. (“ToughBuilt”) (NASDAQ: TBLT; TBLTW; TBLTU), a leading designer, manufacturer and distributor of innovative tools and accessories for the building industry, today announced the planned launch of a suite of new applications designed for the licensed contractor market, which launch is expected to occur in late 2019.
The planned apps for mobile phones fall into four categories: Planning, Building Services, Business Services, and Professional Network. The specific apps will include:
- Planning: “My Project,” “Shopping List,” and “Permitting and Inspection”
- Building Services: “Architect” and “Structural Engineer”
- Business Services: “Insurance,” “Collection Agencies,” and “Legal Services”
- Professional Network: To be announced
Michael Panosian, Chief Executive Officer of ToughBuilt, commented, “Licensed contractors require special apps that allow them to do their job better and more efficiently. In the U.S. alone, the home improvement market is over $350 billion and there are over 4 million contractors, including more than 600,000 electricians, over 500,000 landscapers, and approximately 400,000 plumbers. We are designing our apps based on direct feedback from these and other building professionals. As a result, we believe these apps help solve a significant unmet need in the market by enabling licensed contractors to better organize workflow and streamline day-to-day activities. In addition to the recurring revenue potential from subscriptions, these apps will be marketed under the ToughBuilt® brand, further reinforcing our brand identity and building market awareness for our growing line of products.”
About ToughBuilt Industries, Inc.
ToughBuilt is a designer, manufacturer and distributor of innovative tools and accessories to the building industry. We market and distribute various home improvement and construction product lines for both the do-it-yourself and professional markets under the TOUGHBUILT brand name, within the global multibillion dollar per year tool market industry. All of our products are designed by our in-house design team. Since launching product sales in 2013, we have experienced significant annual sales growth. Our current product line includes three major categories, with several additional categories in various stages of development, consisting of Soft Goods & Kneepads and Sawhorses & Work Products. Our mission is to provide products to the building and home improvement communities that are innovative, of superior quality derived in part from enlightened creativity for our end users while enhancing performance, improving well-being and building high brand loyalty. Additional information about the Company is available at: https://www.toughbuilt.com/.
This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) negative clinical trial results or lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) insufficient or inadequate reimbursement by governmental and other third party payers for our products, (ix) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (x) legislative or regulatory reform of the healthcare system in both the U.S. and foreign jurisdictions, (xi) our reliance on single suppliers for certain product components, (xii) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xiii) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
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