ToughBuilt Industries Announces Third Quarter Amazon Sales of $3.91 Million
October 10 2022 - 8:30AM
ToughBuilt Industries, Inc. ("ToughBuilt")
(NASDAQ: TBLT; TBLTW), announced today that gross sales
for Q3 2022 through Amazon.com were $3.91 million. This represents
a 28% rise from the same quarter in 2021. Sales for the 9-month
period ending on September 30, 2022, increased by 24% to
approximately $10.92 million, compared to $8.30 million for the
same period in 2021.
Michael Panosian, Chief Executive Officer of ToughBuilt,
commented, “Despite unusual and volatile market conditions, our
growth remains significant. As we expand our global Amazon
marketplaces, online sales continue to be a driving contributor to
ToughBuilt’s overall revenue growth. We look forward to extending
our product availability and further diversifying our international
reach to promote new opportunities for revenue success.”
ABOUT TOUGHBUILT INDUSTRIES, INC:
ToughBuilt is an advanced product design,
manufacturer and distributor with emphasis on innovative products.
Currently, we are 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/.
FORWARD-LOOKING STATEMENTSThis 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) the impact of the worldwide COVID-19 pandemic
and government actions, on our business, (ii) supply chain
disruptions, (iii) market acceptance of our existing and new
products, (iv) delays in bringing products to key markets, (v) an
inability to secure regulatory approvals for the ability to sell
our products in certain markets, (vi) intense competition in the
industry from much larger, multinational companies, (vii) product
liability claims, (viii) product malfunctions, (ix) our limited
manufacturing capabilities and reliance on subcontractors for
assistance, (x) our efforts to successfully obtain and maintain
intellectual property protection covering our products, which may
not be successful, (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.
Investor Relations Contact:KCSA Strategic
CommunicationsDavid Hanovertoughbuilt@kcsa.com
Source: ToughBuilt Industries, Inc
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