ToughBuilt Industries Reports 41% Growth in Online Sales with $3.4 Million in Q1 2022 Sales Through Amazon
LAKE FOREST, Calif., April 27, 2022 (GLOBE NEWSWIRE) — ToughBuilt Industries, Inc. (“ToughBuilt”) (NASDAQ: TBLT; TBLTW)today announced that gross sales through Amazon.com increased 41% to approximately $3.4 million for the quarter ended March 31, 2022, from approximately $2.4 million for the first quarter of 2021.
Michael Panosian, Managing Director of ToughBuilt, said, “We closed the first quarter of 2022 with strong e-commerce demand driven by both our current product lines and recently launched innovations. We expect this continued growth in demand to be bolstered by an additional 5-10 new product lines, which we plan to launch later this year. »
ABOUT TOUGHBUILT INDUSTRIES, INC.
ToughBuilt is an advanced product designer, manufacturer and marketer with a focus on innovative products. Currently we focus on tools and other accessories for the professional construction and DIY industries. We market and distribute various lines of home improvement and construction products for the DIY and professional markets under the TOUGHBUILT brand, within the global multi-billion dollar-a-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 range comprises three main categories, with several additional categories in various stages of development, consisting of Soft Goods & Kneepads and Sawhorses & Work Products. Our mission is to provide the building and home improvement communities with innovative, superior products resulting in part from informed creativity for our end users while enhancing performance, enhancing well-being and by strengthening brand loyalty. Additional information about the Company is available at: https://www.toughbuilt.com/.
This press release contains “forward-looking statements”. Such statements may be preceded by the words “intends”, “may”, “will”, “plans”, “expects”, “anticipates”, “projects”, “predicts”, “estimates”. , “aim”, “believe”. ‘, ‘hope’, ‘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 control of the Company and cannot be predicted or quantified and, therefore, the actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties associated with (i) the impact of the global COVID-19 pandemic and government actions on our business, (ii) supply chain disruptions. supply, (iii) market acceptance of our new products, (iv) delays in product introduction in key markets, (v) inability to obtain regulatory approvals for the ability to sell our products in certain markets, (vi) intense industry competition from much larger multinational corporations, (v) product liability claims, (vii) product malfunctions, (viii) our manufacturing capabilities limitations and our reliance on subcontractors for assistance, (ix) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (x) our dependence on sole-sourcing certain product components, (xi) the fact that we will need to raise additional capital to meet our business needs in the future and that such capital Raising of capital may be costly, dilutive or difficult to obtain and (xii) the fact that we operate in multiple foreign jurisdictions, exposing us to currency exchange rate fluctuations, logistical and communication challenges, the burdens and costs of complying with foreign laws and policies and the economic instability in each jurisdiction. More detailed information about the Company and the risk factors that could affect the making 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 materials free of charge on the SEC’s website at http://www.sec.gov. The Company undertakes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Contact with Investor Relations:
KCSA Strategic Communications
Source: ToughBuilt Industries, Inc.