ToughBuilt Announces New Expanded South American Distribution Agreement With Sodimac
January 25 2023 - 8:30AM
ToughBuilt Industries, Inc. ("ToughBuilt") (NASDAQ: TBLT;
TBLTW), is pleased to announce that the Company is
expanding its distribution agreement with Sodimac, the largest home
improvement and construction supplier in South America; In this
extended agreement, stores in Chile, Peru, Argentina, Colombia,
Brazil, and Uruguay will initially begin with 15 SKUs in-store and
brings 23 SKUs to Sodimac’s online marketplace.
Latin America represents a large portion of the $17.5Bn USD
Global Hand Tools Market, with a projected regional growth of 3.9%
CAGR through 20271. LATAM customers will find ToughBuilt products
in a wall display featuring some of the best-selling SKUs in the
Company’s line.
Michael Panosian, Chief Executive Officer of ToughBuilt, stated,
“This expansion of our partnership with Sodimac increases
opportunities for overall revenue success through the capture of
additional Latin American market share.” He continued, “We are
proud to continue outfitting pros across South America with our
innovative products.”
1 ReportLinker. (2022-10-10). Global Hand Tools and Accessories
Market to Reach 23 Billion by 2027 – Globe Newswire
https://www.globenewswire.com/news-release/2022/10/10/2530924/0/en/Global-Hand-Tools-and-Accessories-Market-to-Reach-23-Billion-by-2027.html
ABOUT TOUGHBUILT INDUSTRIES, INC:
ToughBuilt Industries, Inc. 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 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,” “looks to”
or similar words and expressions. 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 because of new
information, future events or otherwise.
Investor Relations Contact:KCSA Strategic
CommunicationsDavid HanoverToughBuilt@KCSA.COM
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