ToughBuilt Industries, Inc. (“ToughBuilt”) (NASDAQ: TLBTU;
TBLT; TBLTW), a leading designer, manufacturer and
distributor of innovative tools and accessories to the building
industry, today provided the following letter to shareholders from
its Chief Executive Officer, Michael Panosian:
"It is my sincere pleasure to address you
through this letter and inform you of the progress, opportunities,
and potential of ToughBuilt. I hope to use this letter as a
means to highlight the foundation we have built, but more
importantly, the work we will do to make our company
successful.
As we start the new year, I wanted to share an
overview as to what has transpired at ToughBuilt, focusing on what
has taken place during last year and why we are so excited about
the future.
In November 2018, we completed our Initial
Public Offering and started trading on the NASDAQ Capital Market
under the ticker symbol “TBLT.” We raised $13.35 million which will
go towards sales and marketing, developing new products, increasing
production capacity, and for general corporate purposes.
ToughBuilt was launched in 2013 and we consider
ourselves a leading designer, manufacturer and distributor of
innovative tools and accessories to the building industry today. We
market and distribute various home improvement and construction
product lines for both the professional and do-it-yourself markets
under the TOUGHBUILT® brand name, within the global multibillion
dollar per year tool market industry. Our business is based on
development of innovative and state of the art products, primarily
in tools and hardware category, with particular focus on the
building and construction industry with the ultimate goal of making
life easier and more productive for the contractors and workers
alike.
We design and manage our product life cycles
through a controlled and structured process. We involve customers
and industry experts from our target markets in the definition and
refinement of our product development and all of our products are
designed by our in-house design team. Our product development
emphasis is placed on meeting industry standards and product
specifications, ease of integration, ease of use, cost reduction,
design-for manufacturability, quality and reliability.
TOUGHBUILT® products are now available worldwide
in many major retailers such as Home Depot, Menards, Bunning’s,
Princess Auto, and others. And yet, we have barely scratched
the surface of the potential market. In addition, we have
plans for expansion in a number of promising international market
such as Western and Central Europe, Russia & Eastern Europe,
South America and the Middle East.
Since launching product sales in 2013, we have
experienced significant annual sales growth from approximately
$1,000,000 in 2013 to over $14,000,000 in 2017. From 2016 to 2017
alone, we experienced 54% year-over-year growth. Our growth
continued in 2018 despite capital constraints and a heavy focus on
the IPO, which is now complete. For this reason, we
anticipate strong growth in 2019 as we expand our marketing
efforts, increase our retail channels and expand our footprint
within existing retail locations. In 2019, we plan to add at least
three major retailers, along with several distributors and private
retailers in over 50 countries.
We are excited for 2019, as we believe this will
be a transformative year for us, as we are rapidly advancing our
product pipeline, adding more SKUs in major home improvement stores
as well as signing with key distributors. With our improved
capital position, we expect to successfully execute on all fronts
and we look forward to building shareholder value.”
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/.
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) 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.
Contact:
Crescendo Communications, LLC Email: TBLT@crescendo-ir.com Tel:
(212) 671-1021
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