ToughBuilt Announces Planned Launch of New Mobile Apps Designed for Licensed Contractors
May 15 2019 - 9:00AM
ToughBuilt Industries, Inc. (“ToughBuilt”) (NASDAQ: TBLT;
TBLTW; TBLTU), a leading designer, manufacturer and
distributor of innovative tools and accessories for the building
industry, today announced the planned launch of a suite of new
applications designed for the licensed contractor market, which
launch is expected to occur in late 2019.
The planned apps for mobile phones fall into
four categories: Planning, Building Services, Business Services,
and Professional Network. The specific apps will include:
- Planning: “My
Project,” “Shopping List,” and “Permitting and Inspection”
- Building
Services: “Architect” and “Structural Engineer”
- Business Services:
“Insurance,” “Collection Agencies,” and “Legal Services”
- Professional
Network: To be announced
Michael Panosian, Chief Executive Officer of
ToughBuilt, commented, “Licensed contractors require special apps
that allow them to do their job better and more efficiently. In the
U.S. alone, the home improvement market is over $350 billion and
there are over 4 million contractors, including more than 600,000
electricians, over 500,000 landscapers, and approximately 400,000
plumbers. We are designing our apps based on direct feedback from
these and other building professionals. As a result, we
believe these apps help solve a significant unmet need in the
market by enabling licensed contractors to better organize workflow
and streamline day-to-day activities. In addition to the
recurring revenue potential from subscriptions, these apps will be
marketed under the ToughBuilt® brand, further reinforcing our brand
identity and building market awareness for our growing line of
products.”
About ToughBuilt Industries,
Inc.
ToughBuilt is a 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/.
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)
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.
Contact:
Crescendo Communications, LLC Email: TBLT@crescendo-ir.com Tel:
(212) 671-1021
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