LAKE FOREST, California, Might 13, 2019 (GLOBE NEWSWIRE) – ToughBuilt Industries, Inc. (“ToughBuilt”) (NASDAQ: TBLT; TBLTW), a number one designer, manufacturer and distributor of progressive instruments and supplies. The development business in the present day delivered an update and announced financial results for the quarter ending March 31, 2019.
Michael Panosian, CEO of ToughBuilt, commented: “We have started strongly in 2019 with revenues over $ 5 Million. in the first quarter, an increase of 27.9% compared to the previous year. These results reflect our success, expanding the ToughBuilt retail footprint in North America and internationally, to the November 2018 heel of IPO. In January, we announced that we had officially launched Menards®, a mid-west home improvement chain with more than 300 retail sites. We later announced that we signed a distribution agreement with Toolbank, one of Europe's leading hand and power tool retailers. We also announced a partnership Bull Sales, Inc., it is a third-party logistics and wholesale company based in Canada, which provides an improvement chains, independent retailers, as well as the construction, the contractor and automotive markets. We are discussing with a number of other major retail chains and international distributors that we think we are helping to catapult our business to the next level. ”
“ In addition to expanding our retail footprint, we recently launched our e-commerce platform. During the first quarter, we launched the US Amazon store, which has become a major driver of demand for our products. In fact, we reached $ 2.5 million in annual running value and over $ 200,000 in sales in the first month – just the first ten products. We're going to significantly expand the number of SKUs and aggressively market our Amazon store. Based on this success, we are now preparing to launch our Amazon Canada store, as well as a much wider global e-commerce initiative between businesses and consumers to expand our online presence. ”
“ We also promote a mobile strategy with a new subsidiary, ToughBuilt Technologies, Inc., which focuses on developing new technologies for sustainable mobile devices. We have recently received two new design patents from the US Patent and Trademark Office to cover mobile devices. In addition to mobile devices, we are launching mobile applications that streamline workflow through special marketing solutions, thereby increasing the profitability of the workforce by cutting down on time and labor costs across a wide range of areas, while the primary focus remains on construction and industrial technologies. ”
First Quarter 2019 Highlights
The three months ending March 31, 2019 and 2018 have been $ 5,052,471 and $ three,928,125. Internet gross sales elevated by $ 1,094,346, or 27.9%, primarily as a consequence of the broad acceptance of our merchandise in the software business, the receipt of orders for repeat metallic products and tender items from our present clients and our new clients, and the introduction and sale of new smooth items products. our buyer. At the end of the three-month interval, the three-month gross margin ended March 31, 2014 was $ 1,177,714 compared to $ 965,434 for the three months ended March 31, 2018. The company announced a internet of $ 500,213 for the three months ended March 31, 2019 compared to internet loss
About ToughBuilt Industries, Inc.
ToughBuilt is a designer, manufacturer and distributor of progressive instruments and provides for the development business. We market and distribute numerous residence improvement and development product strains for both do-it-yourself and professional markets beneath the TOUGHBUILT® model. All of our products have been designed by our inner design group. After launching product gross sales in 2013, we now have grown considerably yearly. Our present product vary consists of three most important categories, with a number of further categories at totally different levels of improvement, consisting of tender goods and knee varieties and saws and work gadgets. Our objective is to offer merchandise with progressive and high-quality products which are partly the end result of end-user illuminated creativity, improved performance, improved well-being, and high brand loyalty. For extra information about the company, please visit: https://www.toughbuilt.com/ .
This press release incorporates "forward-looking statements". precedes the words "intends", "can", "wants", "plans", "wait", "anticipate", "projects", "predict", "estimates", "goals", "believes" "hopes," potential 'Or comparable phrases. Forward-looking statements don’t guarantee future efficiency, are based mostly on certain assumptions, and are topic to varied recognized and unknown risks and uncertainties, many of that are beyond the control of the Firm and cannot be predicted or measured and thus actual results can range considerably Such dangers and uncertainties embrace, without limitation, the risks and uncertainties associated with (i) the acceptance of present and new merchandise on the market, (ii) the unfavorable outcomes of medical trials, or long delays in key markets, iii) lack of ability to ensure regulatory approvals for the product (iv) robust competitors in medical units for a lot bigger, multinational corporations; (v) product legal responsibility claims; (vi) product malfunctions; (vii) limited production capability and dependence on subcontractors for assist; (viii) Compensation paid by government and other third events for our merchandise is inadequate or insufficient. , (ix) our efforts to accumulate and keep mental property rights that cover our merchandise, which can not succeed, (x) legislative or regulatory reform. well being care system each in the US and overseas, (xi) dependence on particular person suppliers for sure product elements; that we need to increase further capital as a way to meet enterprise requirements in the future and that such capital elevating may be pricey, mitigating or cumbersome; and (xiii) doing enterprise in a number of overseas jurisdictions and exposing us to overseas trade fluctuations in foreign money change charges, logistics and communications challenges, overseas regulation enforcement prices and costs and political and economic instability in each jurisdiction. More detailed information about the Company and the danger elements which will have an effect on the implementation of forward-looking statements is introduced in the Company's Securities and Trade Commission (SEC) knowledge, including the company's Annual Report Type 10-Okay and its quarterly reviews on Type 10-Q. Buyers and policyholders are suggested to read these documents free of cost on the SEC website at http://www.sec.gov. The Company just isn’t obliged to replace or revise its forward-looking statements consequently of new info, future events, or in any other case.
Crescendo Communications, LLC
E-mail: TBLT @ Crescendo -ir.com
Tel: (212) 671-1021
TOUGHBUILT INDUSTRIES , INC.
CONDENSED BALANCE SHEES