ToughBuilt Launches Sales with Menards® Home Improvement Chain
January 16 2019 - 8:00AM
ToughBuilt Industries, Inc. (“ToughBuilt”) (NASDAQ: TBLT;
TBLTW), a leading designer, manufacturer and distributor
of innovative tools and accessories to the building industry, today
announced it has formally launched product sales following an
earlier distribution agreement with Menards, Inc. (Menards®), a
leading midwestern home improvement chain. A family-owned company
started in 1958, Menards is headquartered in Eau Claire, Wisconsin
and has more than 300 home improvement stores located in Illinois,
Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri,
Nebraska, North Dakota, Ohio, South Dakota, Wisconsin and Wyoming.
Michael Panosian, Chief Executive Officer of
ToughBuilt, commented, “We are delighted to formally launch product
sales within Menards, one of the leading U.S. home improvement
chains, which dramatically expands our footprint across the U.S.
into hundreds of retail locations. Under the agreement, we will be
supplying tools and accessories under both the ToughBuilt brand and
private label. We are now supplying this retailer with over 75
different SKUs, which we expect to expand over time. In the short
time since our launch, the feedback from our partner and consumer
response has been extremely positive. Overall, we are consistently
gaining traction expanding our network in the U.S. and abroad given
what we believe to be the superior quality and strong appeal of our
products within both the do-it-yourself and professional markets.
As a result, we remain very encouraged by the outlook for the
business heading into 2019.”
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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