ToughBuilt Expands Distribution in the United Kingdom, Entering into Two of The Largest National Trade Retailers
03 Agosto 2023 - 9:30AM
ToughBuilt Industries, Inc. ("ToughBuilt”
or the Company”) (NASDAQ: TBLT; TBLTW), announced today
that the Company is expanding distribution to customers in the
United Kingdom through new business with Howdens UK and City
Electrical Factors UK (“CEF”), marking entry into a combined
network of more than 1,200 retail locations nationwide.
Howdens UK, established in 1995 to provide
customers with electrical and kitchen renovation supplies, joinery,
and hardware products and has grown over the last 27 years with 800
locations across the country and a 2015 Royal Warrant by
Appointment to Her Majesty, Queen Elizabeth II to provide goods and
services to the Royal Households.
City Electrical Factors UK is a private, limited
company established in 1951. CEF, the largest electrical wholesaler
in the United Kingdom, services professional trade customers with
nearly twice as many outlets as the nearest competitor, through a
network of over 400 national branches.
Michael Panosian, Chief Executive Officer of
ToughBuilt, commented, “We are thrilled to build relationships with
these highly regarded and retail distributors in the United
Kingdom, and further expand our network into new
professional-focused storefronts in the United Kingdom. We continue
to grow our distribution worldwide, accessing additional new
revenue streams with careful steps to build greater shareholder
value.”
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 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, (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, (xiv) our
use of the net proceeds in this offering, and (xv) 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
CommunicationsDavid Hanovertoughbuilt@kcsa.com
ToughBuilt Industries (NASDAQ:TBLTW)
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