ToughBuilt Obtains Purchase Order Financing to Fuel Supply Chain and Growth Initiatives
April 02 2024 - 8:30AM
ToughBuilt Industries, Inc.
("ToughBuilt” or the “Company”) (NASDAQ:
TBLT) today announced its strategic alliance with King
Trade Capital (“KTC”), securing a line of credit expected to
significantly enhance the Company’s procurement, direct import, and
order fulfillment capabilities.
The Company believes this line of credit will ensure its
commitment to existing and new retail partners and strengthen its
relationships with key retail partners and factories, translating
to enhanced operational efficiency, growth, and improved
cost-effectiveness.
King Trade Capital, the largest independent provider of purchase
order finance in the United States, has provided more than $2.5
billion in capital to over 400 public and private companies
worldwide.
Michael Panosian, ToughBuilt’s Co-Founder and Chief Executive
Officer, remarked, "We believe our arrangement with King Trade
Capital will fuel our agility in sourcing and meeting demand for
our current and new customers. Our relationship will allow us to
fulfill and optimize our direct import orders, as needed." Panosian
continued, "We intend for this alliance to demonstrate the
Company’s growing financial maturity as we follow our path to
cashflow positivity and continue to press toward greater
shareholder value and profitability."
ABOUT TOUGHBUILT INDUSTRIES, INC.
ToughBuilt is an innovative advanced product
developer, manufacturer, and distributor with an emphasis on
innovative products, currently 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. Our
in-house design team creates all our products. 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 and
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 include, but are not limited to,
statements regarding the intended use of proceeds from the offering
and 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 the war in Ukraine
and the war in the Middle East on our business, (ii) supply chain
disruptions, (iii) market acceptance of our existing and new
products, including the Company’s StackTech™ mobile stacking
toolbox system, (iv) delays in bringing products to key markets,
(v) our 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 with greater
resources and market recognition, (vii) product liability claims
and malfunctions, (viii) our limited manufacturing capabilities and
reliance on subcontractors for assistance, (ix) our efforts to
successfully obtain and maintain intellectual property protection
covering our products, which may not be successful, (x) our
reliance on single suppliers for certain product components, (xi)
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, (xii) 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, and (xiii) the capital markets and other conditions.
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 reports on Form
10-K, quarterly reports on Form 10-Q, current reports on Form 8-K.
Investors and security holders are urged to read these documents,
as well as other documents we file with the SEC, free of charge on
the SEC’s website at http://www.sec.gov and also available through
the Company’s website at www.toughbuilt.com. The contents of
our website are not incorporated by reference into this press
release. The Company assumes no obligation to publicly update or
revise its forward-looking statements as a result of new
information, future events, or otherwise, except as required by
law.
Investor Relations Contact: KCSA Strategic
Communications toughbuilt@kcsa.com
ToughBuilt Press & Media
Contact: pr@toughbuilt.com
ToughBuilt Industries (NASDAQ:TBLTU)
Historical Stock Chart
From Jul 2024 to Aug 2024
ToughBuilt Industries (NASDAQ:TBLTU)
Historical Stock Chart
From Aug 2023 to Aug 2024