ToughBuilt Industries Launched Innovative StackTech™ Line: A Mobile Stacking Tool Organization Ecosystem
October 24 2023 - 7:34AM
ToughBuilt Industries, Inc. ("ToughBuilt”
or the Company”) (NASDAQ: TBLT; TBLTW), announced today
that the Company has released its revolutionary StackTech™ mobile
stacking toolbox system.
This innovative new storage ecosystem and its accessories have
debuted through a leading US home improvement retailer and will
expand globally across the Company’s growing strategic networks of
international trade partners and buying groups. ToughBuilt's launch
into the stacking Toolbox category has swept social media with an
early preview of the product line, garnering more than 19 million
impressions in just two weeks.
Find out what the Pros are saying:BLUE COLLAR NERD PODCASTZACK
HARRISONDEN OF TOOLSTOOLGUY’D
The StackTech system 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,
according to a June 2022 market research report1.
Michael Panosian, Co-Founder and Chief Executive Officer of
ToughBuilt, commented, “StackTech™ joins the market with multiple
patented competitive advantages that redefine the category,
offering unrivaled functionality, comprehensive breadth of line,
solid durability, and a groundbreaking transportation system.” He
continued, “Professionals can trust our commitment to continued
innovation that will shape the category for years to come. By
entering this category, we harness opportunities to grow and secure
new revenue streams to increase our global brand leadership and
promote greater shareholder value.”
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 StackTech™ 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
CommunicationsDavid Hanover
toughbuilt@kcsa.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8f5d4bff-80df-44ef-b446-49c29864c527
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