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ToughBuilt Industries Inc. has successfully obtained a letter of credit from King Trade Capital (“KTC”), which provides over $2.5 billion in capital to over 400 public and private companies worldwide.
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The financing facility is expected to increase ToughBuilt Industries Inc.'s purchasing power by at least $30 million annually.
IRVINE, Calif., April 2, 2024 (Globe Newswire) — Toughbilt Industries Co., Ltd. (“Tahbu”(NASDAQ: TBLT) today announced a strategic partnership with King Trade Capital (“KTC”), securing a credit facility that is expected to significantly enhance the company's sourcing, direct import and order fulfillment capabilities.
We believe this credit facility will secure our commitment to existing and new retail partners, strengthen our relationships with key retail partners and factories, and lead to improved operational efficiency, growth, and cost effectiveness. I am.
King Trade Capital is the largest independent provider of purchase order financing in the United States and has provided more than $2.5 billion in capital to more than 400 public and private companies around the world.
“Our agreement with King Trade Capital will accelerate our agility in sourcing and responding to the demands of our existing and new customers,” said Michael Panosian, co-founder and CEO of ToughBuilt. We believe that our relationship allows us to execute and optimize transactions directly.” Import orders as required. Mr. Panossian continued, “This partnership reflects our growing financial maturity as we continue our path to cash flow positivity and increase shareholder value and profitability.'' I intend to demonstrate that there is.”
About Toughbilt Industrial Co., Ltd.
ToughBuilt is an innovative advanced product development, manufacturing and distribution company with a focus on innovative products, currently tools and other accessories for the professional and do-it-yourself construction industry. We market and distribute a variety of home improvement and construction product lines to both do-it-yourself and professional markets under the TOUGHBUILT brand name within the multi-billion dollar annual global tool market industry. . Our in-house design team creates all of our products. Since we began selling our products in 2013, we have experienced significant annual sales growth. Our current product line includes his three main categories, with several additional categories in various stages of development, consisting of Soft Goods & Kneepads and Sawhorse & Work Products. Our mission is to build and build innovative, superior quality products that derive in part from enlightened creativity for end users, while improving performance, improving well-being, and building high brand loyalty. is to provide to the home improvement community. Additional information about the company can be found at https://www.toughbuilt.com/.
Forward-looking statements
This press release contains “forward-looking statements.” Such statements include, but are not limited to, statements regarding the use of proceeds from the offering, including, but not limited to, statements regarding the use of proceeds from the offering. “will'', “expect'', “anticipate'', “predict'', “estimate'', “goal'', “believe'', “hope'', “possibility'', or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to a variety of known and unknown risks and uncertainties, many of which are beyond the Company's control. actual results may vary. materially different from those expressed or implied by such forward-looking statements. Such risks and uncertainties include (i) the impact of the Ukraine and Middle East wars on our business; (ii) supply chain disruptions; and (iii) market acceptance of our existing products and products. involve, but are not limited to, risks and uncertainties. new products, including our StackTech™ Mobile Stacking Toolbox System, (iv) delays in introducing our products into key markets, (v) our inability to secure regulatory approval to sell our products in certain markets, (vi) ) intense competition in the marketplace; (vii) product liability claims and malfunctions; (viii) our limited manufacturing capabilities and dependence on subcontractors; (ix) adequate acquisition and maintenance of intellectual property; our efforts to protect our products may not be successful; (x) our dependence on a single supplier for certain product components; and (xi) our business requirements in the future. (xii) the Company operates in multiple foreign jurisdictions and is subject to fluctuations in foreign exchange rates, logistics and communications issues, the fact that we are exposed to the burdens and costs of foreign laws and political and economic compliance; the instability of each jurisdiction; and (xiii) capital market and other conditions. More detailed information regarding the Company and the risk factors that may affect the realization of forward-looking statements, including the Company's annual and quarterly reports on Form 10-K, is available from the Securities and Exchange Commission (SEC). as described in the Company's filings. On Form 10-Q, current reporting is done on Form 8-K. Investors and securityholders are encouraged to read these documents and other documents we file with the SEC free of charge on the SEC's website. http://www.sec.gov It is also available on our website. www.toughbuilt.com. The contents of our website are not incorporated by reference into this press release. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Information Contact:
KCSA Strategic Communications
toughbuilt@kcsa.com
ToughBuilt Press and Media Contact:
pr@toughbuilt.com
