Lake Forest, California--(Newsfile Corp. - March 13, 2020) - ToughBuilt Industries, Inc. (NASDAQ: TBLT) (NASDAQ: TBLTW) ("ToughBuilt") is an innovator within the home improvement and construction products space. The Company designs, develops, manufactures, and distributes a number of innovative products for the building industry in the United States and across the globe. With a core focus on safety, Toughbuilt's key offerings include tool pouches, tool rigs, tool belts and accessories, tools bags, totes, office organizers, laptop bags, cell phone and tablet covers, kneepads, sawhorses, miter saws, table saws, roller stands, and gloves. The Company has a wide distribution of its products across retail outlets, big box stores, professional outlets, e-commerce platforms, as well as direct marketing to construction companies.
The ToughBuilt management is looking to cover every potential product that falls within the umbrella of safety in the construction process. After launching the technology-focused business segment providing mobile solutions, the company is now looking to launch a whole new range of SKUs. It developed over 70 new SKUs in the previous quarter and has a very promising pipeline which includes offerings like thermal imaging, meter testing, and dual laser measurement. The management looks to launch all its innovative offerings after having them jobsite-tested and its goal is to become a market leader in every new category that it is looking to enter with a minimal time-to-market for its new products. It is also looking to expand on its capacity and have a wider distribution in order to grow fast.
The Company is distributing its products through a wide network of online as well as offline retailers. In the United States, its key partners include giants like Lowe's, Home Depot, Walmart, and Menards whereas its key partners in the rest of the world include Leroy Merlin in Europe, Sodimac in Latin America, Kincrome, and Bunnings Warehouse in the United Kingdom, Australia, and New Zealand. The management is also in the process of penetrating second-tier stores such as True Value, Ace, HD Supply, and so on. The Company has access to about 3,400 retail outlets in the United States and is distributing its products in 22 countries as of date. Its online retail strategy is currently focused on Amazon alone but the management is looking to add more online retail partners.
It is worth noting that ToughBuilt caters to a $350 billion home improvement market which grew at more than 5% in 2019. Its target customer base is as high as 12.5 million Americans including construction employees, production employees, and supervisors. The management aims to target professionals like plumbers, electricians, painters, architects, carpenters, building inspectors, surveyors, roofers, and different kinds of contractors to push for direct sale of its products. For more details on the Company, please visit https://www.toughbuilt.com/.
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About ToughBuilt Industries, Inc.
ToughBuilt is a leading 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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SOURCE: ToughBuilt Industries, Inc.
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