ToughBuilt Enters Into Distribution Agreement with One of Kazakhstan’s Largest Equipment Supplier

Rhea-AI Summary

ToughBuilt Industries has announced a distribution agreement with Lamed LLP, a major supplier in Kazakhstan. Starting with 76 ToughBuilt SKUs, Lamed will eventually stock the full product range. This partnership aims to enhance ToughBuilt's presence in the global market, leveraging Kazakhstan's construction industry. CEO Michael Panosian expressed optimism about the relationship, emphasizing the quality of ToughBuilt's innovative tools. Founded in 1991, Lamed serves both professionals and DIY enthusiasts, enhancing ToughBuilt's brand recognition within a growing market.

Positive

• Expansion into Kazakhstan with Lamed LLP as a distributor.
• Initial stocking of 76 SKUs, with plans for the entire product range.
• Opportunity to increase brand presence in a growing market.

Negative

• Dependence on a single distributor for market entry.
• Potential supply chain risks linked to international distribution.

IRVINE, Calif., Nov. 22, 2022 (GLOBE NEWSWIRE) -- ToughBuilt Industries, Inc. ("ToughBuilt") (NASDAQ: TBLT; TBLTW) has announced today that it has entered into a distribution agreement with Lamed LLP (“Lamed”) – one of the largest suppliers of equipment, tools and building materials in Kazakhstan. Lamed begins this agreement with 76 ToughBuilt SKUs and will stock the entire ToughBuilt product range.

Formed in 1991, Lamed has expanded into a high-volume trading company serving both construction professionals, and DIY enthusiasts across the ninth largest nation in the world. Today, Lamed offers many of the world’s leading professional tool brands.

Michael Panosian, ToughBuilt CEO, commented, “We believe ToughBuilt is continuing to grow as a global brand with new distributors in many countries across the globe due to the quality of our innovative jobsite tools, gear, and storage solutions.” He continued, “We are delighted to be supplying to Lamed and its loyal base of professional and DIY customers in Kazakhstan. We look forward to a long and mutually beneficial relationship with Lamed.”

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, (vii) product liability claims, (viii) product malfunctions, (ix) our limited manufacturing capabilities and reliance on subcontractors for assistance, (x) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (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.

Investor Relations Contact:
KCSA Strategic Communications
David Hanover
toughbuilt@kcsa.com

Source: ToughBuilt Industries, Inc

FAQ

What is ToughBuilt's new distribution agreement about?

ToughBuilt has entered a distribution agreement with Lamed LLP to supply its tools and products in Kazakhstan.

How many SKUs will Lamed stock from ToughBuilt?

Lamed will initially stock 76 SKUs from ToughBuilt, with plans to expand to the full product range.

What is the significance of the partnership for ToughBuilt?

This partnership is expected to enhance ToughBuilt’s presence and brand recognition in Kazakhstan's growing construction market.

When was the distribution agreement with Lamed LLP announced?

The distribution agreement was announced on November 22, 2022.

What are the stock symbols for ToughBuilt?

ToughBuilt trades under the stock symbols TBLT, TBLTW, and TBLTU.