ToughBuilt Industries Accelerates Growth with Expanded StackTech® Ecosystem, Targeting $6.8 Billion Market
31 Janeiro 2024 - 6:30PM
ToughBuilt Industries, Inc. ("ToughBuilt”
or the Company”) (NASDAQ: TBLT; TBLTW), announced today
that the Company released 16 additional products to its
revolutionary StackTech® mobile toolbox system, now totaling 24
SKUs available to customers in-stores and online.
ToughBuilt's launch into the stacking toolbox category has
disrupted marketplace competitors, sweeping social media with more
than 20 million impressions and driving a majority share of voice,
commanding engagement on skilled labor media channels. This
exposure has generated a powerful retail response, sparking global
interest and new orders. In a few short months, StackTech has
revolutionized the market with multiple patented advantages that
offer unrivaled functionality, comprehensive breadth of line, solid
durability, and a groundbreaking transportation system. The line
debuted in October through a leading US home improvement retailer,
and ToughBuilt expanded the line this January in response to
unprecedented demand for this category-defining system.
The StackTech product ecosystem brings innovative solutions to a
rapidly growing market, projected to expand by a compound annual
growth rate (CAGR) of 8.3% in the ten-year period between 2022 and
2032, with an expected market share of USD 6.8 Billion by 2032,
according to a June 2022 market research report1.
ToughBuilt Co-Founder and Chief Executive Officer Michael
Panosian stated, “In order to assist in our endeavor to achieve
profitability and shareholder value, we did not just take new
austerity measures to make cuts in overhead and headcount, adjust
prices, lower shipping costs, and hone our processes; we have also
launched numerous innovative product lines in different categories
to generate additional revenue. I am especially proud of the
performance of this expansive StackTech line of storage solutions,
which creates impactful revenue, which we believe will accelerate
our progress toward reaching our fiscal goals.”
1 Future Market Insights Report. (06/2022). Tool Boxes Market by
Material, Product Type, End User & Region - Forecast 2022 -
2032- Future Market Insights
https://www.globenewswire.com/news-release/2022/07/20/2482850/0/en/Tool-Boxes-Market-is-Expected-to-Reach-US-6-8-Billion-and-Exhibit-Growth-at-a-CAGR-of-8-3-in-the-2022-to-2032-Future-Market-Insights-Inc.html
ABOUT TOUGHBUILT INDUSTRIES, INC.
ToughBuilt is an innovative advanced product
developer, 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 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 tackTech™ mobile stacking
toolbox system (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, (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, and
(xiv) market 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 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, except as required by
law.
Investor Relations Contact: KCSA Strategic
Communications David Hanover
toughbuilt@kcsa.com
ToughBuilt Industries (NASDAQ:TBLT)
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