ToughBuilt Industries, Inc. (NASDAQ: TBLT) is engaged as a designer, manufacturer, and distributor of innovative tools and accessories to the building industry. Shares soared 204.26% through early trading on Wednesday, January 16, 2019. Over the past three months, ToughBuilt has seen an average daily volume of 327,680 shares. However, through Wednesday morning, already 23.08 million shares have traded hands, equating to $87.94 million in dollar volume.
Shares soared on Wednesday morning after ToughBuilt announced the formal launching of its tool and accessory products at Menards, Inc. Menards is “a leading midwestern home improvement chain” with more than 300 stores across fourteen states. ToughBuilt is now “supplying this retailer with over 75 different SKUs” and will continue to expand their offering over time. Michael Panosian, CEO of ToughBuilt, commented, “Overall, we are consistently gaining traction expanding our network in the U.S. and abroad given what we believe to be the superior quality and strong appeal of our products within both the do-it-yourself and professional markets.” Here is the full press release detailing the launch of ToughBuilt’s products at Menards’ stores:
ToughBuilt Industries, Inc. Press Release:
LAKE FOREST, Calif., Jan. 16, 2019 (GLOBE NEWSWIRE) — ToughBuilt Industries, Inc. (“ToughBuilt”) (NASDAQ: TBLT; TBLTW), a leading designer, manufacturer and distributor of innovative tools and accessories to the building industry, today announced it has formally launched product sales following an earlier distribution agreement with Menards, Inc. (Menards®), a leading midwestern home improvement chain. A family-owned company started in 1958, Menards is headquartered in Eau Claire, Wisconsin and has more than 300 home improvement stores located in Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin and Wyoming.
Michael Panosian, Chief Executive Officer of ToughBuilt, commented, “We are delighted to formally launch product sales within Menards, one of the leading U.S. home improvement chains, which dramatically expands our footprint across the U.S. into hundreds of retail locations. Under the agreement, we will be supplying tools and accessories under both the ToughBuilt brand and private label. We are now supplying this retailer with over 75 different SKUs, which we expect to expand over time. In the short time since our launch, the feedback from our partner and consumer response has been extremely positive. Overall, we are consistently gaining traction expanding our network in the U.S. and abroad given what we believe to be the superior quality and strong appeal of our products within both the do-it-yourself and professional markets. As a result, we remain very encouraged by the outlook for the business heading into 2019.”
About ToughBuilt Industries, Inc.
ToughBuilt is a leading 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.
Article By: Andrew Rego