ToughBuilt Announces Agreement with Major European Distributor
February 01 2019 - 9:00AM
ToughBuilt Industries, Inc. (“ToughBuilt”) (NASDAQ: TBLT;
TBLTW), a designer, manufacturer and distributor of
innovative tools and accessories to the building industry, today
announced it has entered into a distribution agreement with
Toolbank, one of Europe's leading specialist distributors of hand
and power tools to independent retailers.
Toolbank specializes in the distribution of hand tools, power
tools, consumables, accessories, fixings and fasteners to the
retail and merchant trades throughout the United Kingdom and
Ireland, as well as across Europe. As a specialist distributor of
many of the most well known worldwide tool and accessory
brands/manufacturers, Toolbank currently stocks over 30,000
products.
Mr. Wayne Flory, CEO of Toolbank, stated, “We are excited to
partner with ToughBuilt in order to bring their tools and
accessories to our customers across the UK and Ireland. ToughBuilt
has built a reputation for quality, innovation and value. The
initial feedback from both retailers and consumers has been
extremely positive and we look forward to expanding the number of
SKUs and retail locations we will be supplying.”
Michael Panosian, Chief Executive Officer of ToughBuilt,
commented, “We are rapidly expanding our brand across Europe and
are pleased to announce this latest distribution agreement with
Toolbank. Toolbank brings long-term relationships with its
customers and suppliers, which immediately expands our footprint
within key markets. We are initially supplying 83 SKUs, which we
plan to increase over time. Importantly, Toolbank operates from 15
regional warehouses, 11 branches, and two distribution centers in
Dublin, Ireland, which will allow us to scale up rapidly to meet
the anticipated demand for our products.”
About ToughBuilt Industries, Inc.
ToughBuilt is a leading designer, manufacturer and distributor
of innovative tools and accessories to the building industry. 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 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” 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) negative clinical trial results or lengthy
product delays in key markets, (iii) an inability to secure
regulatory approvals for the sale of our products, (iv) intense
competition in the medical device 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) insufficient or
inadequate reimbursement by governmental and other third party
payers for our products, (ix) our efforts to successfully obtain
and maintain intellectual property protection covering our
products, which may not be successful, (x) legislative or
regulatory reform of the healthcare system in both the U.S. and
foreign jurisdictions, (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.
Contact:
Crescendo Communications, LLC Email: TBLT@crescendo-ir.com Tel:
(212) 671-1021
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