IRVINE, Calif., Oct. 05, 2022 (GLOBE NEWSWIRE) -- Today, ToughBuilt Industries, Inc. ("ToughBuilt") (NASDAQ: TBLT; TBLTW) announced it has entered into four major retailers in Germany, representing tens of thousands of new end users across Europe, which accounted for a 35% share of the global hand tools market in 2022.1 A wide range of ToughBuilt SKUs will now be sold in stores and online by these new retailers:
- Friedrich Delker GmbH & Co. KG (“Delker”). Delker is one of the largest privately owned hardware suppliers in Germany. With three general headquarters across Germany and Poland and a strong e-commerce presence, Delker is a professional wholesale group selling power tools, warehouse and factory equipment, machine tools, and occupational safety products from globally recognized brands.
- Witte Metallwaren GmbH & Co.KG (“Witte”). Witte supplies flooring, interior specialists, painters, and floor covering wholesalers and continues to be under family ownership today. All new additions to its portfolio of brands are subjected to a stringent round of quality testing to ensure they meet Witte’s exacting standards.
- Vageler & Christiansen GmbH (“Vageler & Christiansen”). A major online retailer, Vageler & Christiansen distributes tools, machines, protective clothing, and accessories to professional consumers across Europe. The business ships over 2,500 orders monthly to over 30,000 end users.
- Bernd Ulbricht Nachf, A supplier of professional customers with tools and consumables (such as fixings and fastenings), building chemicals, and workshop supplies from its headquarters in Großolbersdorf, is an established source of quality for the Saxon community.
Michael Panosian, ToughBuilt CEO, commented, “These new partnerships in Germany offer the Company opportunities to capture further market share in a key EU Member state for ToughBuilt’s global growth strategy and European expansion. Our distribution alliance with Witte, Bernd Ulbricht Nachf, and Delker will help to increase awareness of the ToughBuilt brand, cementing our reputation for quality and innovation worldwide.”
- COHERENT MARKET INSIGHTS 2022, (https://www.coherentmarketinsights.com/market-insight/hand-tools-market-3807)
ABOUT TOUGHBUILT INDUSTRIES, INC:
ToughBuilt is an advanced product design, manufacturer and distributor with emphasis on innovative products. Currently, we are 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 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 of the worldwide COVID-19 pandemic and government actions, on our business, (ii) supply chain disruptions, (iii) market acceptance of our existing and new products, (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, (v) product liability claims, (vii) product malfunctions, (viii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (ix) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (x) our reliance on single suppliers for certain product components, (xi) 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 (xii) 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.
Investor Relations Contact:
KCSA Strategic Communications
David Hanover
toughbuilt@kcsa.com
