ToughBuilt Industries, Inc. (NASDAQ: TBLT) is engaged within the design, manufacture, distribution and marketing of do it yourself (DIY) tools, building materials and accessories. Shares of the tools company are jumping 28.26%, through early trading on Thursday, May 9, 2019. Over the past three months, ToughBuilt Industries has seen average daily volume of 890,930 shares. However, volume of 24.53 million shares or dollar volume of $29.44 million, exchanged hands during trading on early Thursday.
Shares of ToughBuilt Industries are gaining on Thursday, after the company announced that its U.S. Amazon.com, Inc. (NASDAQ: AMZN) online store reported sales of $200,000 in its first month of operations. This represents an annual run-rate of $2.5 million. The sales were generated from a soft launch and with only ten products. ToughBuilt Industries announces it is launching a Amazon Canada online store as well, as the company looks to expand its e-commerce footprint across the world. Here is the full press release detailing of the e-commerce updates:
ToughBuilt Industries, Inc. Press Release:
LAKE FOREST, CA / ACCESSWIRE / May 9, 2019 / ToughBuilt Industries, Inc. (”ToughBuilt”) (NASDAQ: TBLT; TBLTW), a cutting edge designer, manufacturer and distributor of innovative tools and accessories for the burgeoning do it yourselfer (DIY) market and building industry, today announced that its U.S. Amazon storefront had sales in its initial launch month in excess of $200,000 (or an annualized run-rate of $2.5 million). These sales were achieved with a soft launch and only 10 products (the product offering has since been expanded eight fold), and sales are expected to grow when a full marketing program is in effect with the product offerings having been expanded by 800% or more. The Company also announced its intention to duplicate this success through the launch of its Amazon Canada storefront, as part of a broader business-to-consumer global e-commerce initiative to expand the Company’s online presence in an additional 40 countries throughout Western Europe, Eastern Europe, Pan-Asia and beyond.
Michael Panosian, Chief Executive Officer of ToughBuilt, commented, ”The momentum of the initial roll-out of our e-commerce and online distribution strategy through our U.S. Amazon storefront has been ground breaking in terms of our history. We have exceeded our initial expectation in every metric, including sales of $50,000 in the first 10 days with only 10 products (and we now have more than 80 products available online). This incredible reception to our products on Amazon and resulting immediate online success is further evidence of the superiority of our products in the consumer’s eye, and the strong brand recognition we are gaining in the marketplace. We intend to use this initial traction as our baseline and build upon this through increased sales through Amazon and introduction of our product through additional online channels.”
”Beyond our e-commerce success with Amazon in the United States, we are thrilled to announce the launch of our Amazon Canada storefront. We are optimistic that we will see a repeat performance in Canada, as with the US, as Amazon Canada is Canada’s largest online retailer. This rollout is part of our broader strategy to make our mark globally by expanding our footprint and gaining access to markets via e-commerce platforms to cost effectively reach customers worldwide.”
About ToughBuilt Industries, Inc.
ToughBuilt is a groundbreaking designer, manufacturer and distributor of innovative tools and accessories to the building industry. 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 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) market acceptance of our existing and new products, (ii) negative clinical trial results or lengthy product delays in key markets, (iii) an inability to secure regulatory approvals for the sale of our products, (iv) intense competition in the medical device industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) insufficient or inadequate reimbursement by governmental and other third party payers for our products, (ix) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (x) legislative or regulatory reform of the healthcare system in both the U.S. and foreign jurisdictions, (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 as a result of new information, future events or otherwise.