- ToughBuilt Products will be sold through Howdens UK and City Electrical Factors UK, the largest joinery, hardware, kitchen, and electrical suppliers in the United Kingdom.
- Expanded distribution will reach new customers through a combined network of more than 1,200 retailers, nationally.
IRVINE, Calif., Aug. 03, 2023 (GLOBE NEWSWIRE) — 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/.
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 Communications
Source Globe Newswire