ToughBuilt Amazon Storefront Update: November Sales Exceeds Average Monthly Revenue for First Seven Months of Operation by 75...
December 10 2019 - 9:30AM
ToughBuilt Industries, Inc. (''ToughBuilt'') (NASDAQ: TBLT;
TBLTW)
, a cutting edge product design,
manufacturer and distributor of innovative products, tools and
other accessories for the professional and do-it-yourself
construction industries, today announced that its U.S. and Canadian
Amazon storefronts had sales of $450,000 for the month of November
2019 (or sales in the initial eight months of operation in excess
of $2.25 million, up from the $1.8 million announced for the
initial seven months of operation). This equated to an annualized
run-rate of $5.4 million (based on November sales), which is 54%
higher than the $3.5 million run-rate (based on October 2019 sales)
announced last month. These sales were achieved with increased
momentum in product demand over the past several months and rest on
a foundation of an increase in product offerings to the Amazon
storefronts.Michael Panosian, Chief Executive Officer of
ToughBuilt, commented, “As we reported on November 26th, the
initial seven months of operation of our North American storefronts
had well exceeded expectations. We saw an even greater upward
trajectory in November, with $41,567 on Black Friday and $53,840 on
Cyber Monday, alone. Our December sales are off to an even stronger
start with $154,097 in sales in the first six days, and over
$550,000 in sales projected for the month of December. As we
continue to show increased revenue for our products through our
Amazon storefronts month over month, we look to a strong start to
2020 in our online sales and hope to see in our international
storefronts increased sales based on our continued North American
momentum.”
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 professional and
do-it-yourself 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) 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
Counsel admin@amatoandpartners.comSource: Toughbuilt Industries,
Inc© 2019 GlobeNewswire, Inc.
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