ToughBuilt Announces Innovative New Line of Pliers and Clamps
07 Febrero 2023 - 7:30AM
ToughBuilt Industries, Inc. ("ToughBuilt")
(NASDAQ: TBLT; TBLTW) announced today the launch of its new line of
pliers and clamps. The new line, comprised of more than 40 SKUs,
will be made available for purchase through leading US home
improvement retailers and across ToughBuilt's growing strategic
networks of North American and global trade partners and buying
groups, servicing over 18,900 storefronts and online portals
worldwide.
ToughBuilt's new line is designed for a strong global
professional hand tools market, projected to grow from $21.2
billion in 2020 to $31.8 billion by 2030, according to a 2022
market research report1. The new SKUs include linesman pliers, long
nose and slip joint pliers, end nippers, cutters, wire strippers,
locking pliers, C-clamps, tongue and groove and V-Jaw pliers.
Co-Founder and CEO of ToughBuilt, Michael Panosian, commented,
“The launch of over 40 new hand tool SKUs in the Pliers and Clamps
segment is poised to open new revenue opportunities for the
company.” Panosian continued, “We are continuing to solidify
ToughBuilt's position within the hand tools market, and we plan to
continue expanding our product offerings throughout 2023 and
beyond.”
1 Valuates Report. (2022-02-10). Hand Tools Market Size to Reach
USD 31,817.3 Million by 2030 at CAGR 4.2% - Valuates Reports
https://www.prnewswire.com/in/news-releases/hand-tools-market-size-to-reach-usd-31-817-3-million-by-2030-at-cagr-4-2-valuates-reports-806971891.html
ABOUT TOUGHBUILT INDUSTRIES, INC:
ToughBuilt Industries, Inc. 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 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,” “looks to”
or similar words and expressions. 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 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 because of new
information, future events or otherwise.
Investor Relations Contact:KCSA Strategic CommunicationsDavid
HanoverToughBuilt@KCSA.COM
ToughBuilt Industries (NASDAQ:TBLTU)
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