ToughBuilt Industries, Inc.
Under the Symbol:
ToughBuilt Announces Launch of New Technology-Based Business Segment Focused Exclusively on Mobile Solutions for the Building Industry
Wednesday, April 17, 2019 9:00 AM
LAKE FOREST, CA / ACCESSWIRE / April 17, 2019 / ToughBuilt Industries, Inc. ("ToughBuilt") (NASDAQ: TBLT; TBLTW), a designer, manufacturer and distributor of innovative tools and accessories for the building industry, today announced the formal launch of its technology business segment, TOUGHBUILT TECHNOLOGIES, INC., which is dedicated to the continued advancement, production and marketing of Mobile solutions. These innovative hardware devices and software applications focus on jobsite automation and minimizing repetitive tasks.
Michael Panosian, Chief Executive Officer of ToughBuilt, commented: "We enter this new business segment as a natural next step, expanding into advanced tech tools and solutions. This May, we are launching our first suite of mobile applications for beta testing. These custom apps create a mobile office that will streamline work flow through trade specific solutions, thereby increasing profitability by cutting time and labor costs."
"In addition, we are in the final phase of development for a new line of ruggedized mobile products. The increasing demand for unlocked rugged phones makes our mobile product strategy potent. The combination of our unique hardware and software technologies will enhance workflow efficiency and automation. These innovations extend our brand awareness into new markets and demographics. Based upon our market research, these products have strong appeal across industries from construction and industrial to military and law enforcement. These end users often utilize mobile devices in adverse physical and climate conditions."
Mr. Panosian concluded, "We have committed significant resources to launch this new business segment, which we believe will greatly enhance the industry and help us exploit the full market potential of our mobile solutions."
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.
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SOURCE: ToughBuilt Industries, Inc.