TOUGHBUILT™ ANNOUNCES ANNUAL SALES RESULTS FOR 2019
January 13 2020 - 9:00AM
ToughBuilt Industries, Inc. (“ToughBuilt”) (NASDAQ: TBLT; TBLTW) is
an advanced product design, manufacturer and distributor with
emphasis on innovative products, currently focused on tools and
other accessories for the professional and do-it-yourself
construction industries. ToughBuilt today announced that its total
gross sales for 2019 exceeded $20.0 million and net of allowances,
total 2019 sales were approximately $19.2 million1, compared to
$15.3 million, net of allowances, for 2018.
Michael Panosian, Chief Executive Officer of
ToughBuilt, commented, “We announced another strong sales year and
hit the $20 million benchmark and a year over year increase of 25%.
We are encouraged by our double-digit year over year growth since
inception, and our 2020 is off to a positive start, building upon
the momentum of 2019. New products line launches and further
inroads in worldwide brick and mortar and online market penetration
are expected.”
ABOUT TOUGHBUILT INDUSTRIES, INC.
ToughBuilt is an advanced product design,
manufacturer and distributor with emphasis on innovative products.
Currently focused on tools and other accessories for the
professional and do-it-yourself construction industries. 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/.
1 2019 numbers are preliminary and
unaudited.
FORWARD-LOOKING STATEMENTS
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) delays in
bringing products to key markets, (iii) an inability to secure
regulatory approvals for the ability to sell our products in
certain markets, (iv) intense competition in the 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) our efforts
to successfully obtain and maintain intellectual property
protection covering our products, which may not be successful, (ix)
our reliance on single suppliers for certain product components,
(x) 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 (xi) 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.
Investor Relations Contact: Amato and Partners,
LLC Investor Relations Counseladmin@amatoandpartners.comSource:
Toughbuilt Industries, Inc
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