ToughBuilt Industries Reports 101% Increase in Sales Through Amazon Totaling $8.3 Million Year-To-Date
October 12 2021 - 8:00AM
ToughBuilt Industries, Inc. ("ToughBuilt")
(NASDAQ: TBLT; TBLTW), announced today that gross sales
through Amazon.com increased 101% to approximately $8.3 million for
the nine-month period ending September 30, 2021, compared to
approximately $4.1 million in the year-ago period.
Michael Panosian, Chief Executive Officer of
ToughBuilt, commented, “We experienced strong e-commerce demand in
the third quarter, despite continued industry-wide supply chain
disruptions. Our decision to increase inventory levels in the prior
quarter enabled us to fulfill the high order volume on Amazon
across our product lines. These exciting results from Amazon
demonstrate the strength of our e-commerce expansion efforts and
the acceptance of new products, which runs in parallel with our
geographic expansion into new retail partners.”
ABOUT TOUGHBUILT INDUSTRIES,
INC.ToughBuilt is an advanced product design, manufacturer
and distributor with 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. 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) 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:KCSA Strategic
CommunicationsDavid Hanovertoughbuilt@kcsa.com
Source: ToughBuilt Industries, Inc
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