ToughBuilt Industries Reports 41% Online Sales Growth with $3.4 Million in First Quarter 2022 Sales Through Amazon
April 27 2022 - 8:30AM
ToughBuilt Industries, Inc. ("ToughBuilt")
(NASDAQ: TBLT; TBLTW), announced today that gross sales
through Amazon.com increased by 41% to approximately $3.4 million
for the quarter ended March 31, 2022, compared to approximately
$2.4 million for the first quarter of 2021.
Michael Panosian, Chief Executive Officer of
ToughBuilt, commented, “We closed the first quarter of 2022 with
significant e-commerce demand driven by both our current product
lines and newly launched innovations. We expect this continuing
demand growth to be bolstered by an additional 5-10 new product
lines, which we plan to launch later this year.”
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, (v) product
liability claims, (vii) product 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 and (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. 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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