LAKE FOREST, Calif., Feb. 11, 2019 (GLOBE NEWSWIRE) — ToughBuilt Industries, Inc. (“ToughBuilt”) (NASDAQ: TBLT; TBLTW), a designer, manufacturer and distributor of innovative tools and accessories to the building industry, today announced it will sponsor NextGen Motorsports and returning driver Juan Manuel Gonzalez for the 2019 NASCAR K&N Pro Series, a regional stock car racing series sanctioned by NASCAR.
ToughBuilt joins NextGen Motorsports aligning with its mission to develop young, minority drivers hoping to fulfill their dreams to become NASCAR Cup Series drivers. ToughBuilt has identified NASCAR as the motorsport that most resembles its core values of quality and design. This is also a strategic partnership to introduce the brand into Mexico and Latin America as there are millions of measurable passionate followers for this sport. ToughBuilt makes tool storage products, jobsite metal support equipment and safety products. All ToughBuilt products have a lifetime warranty.
Michael Panosian, CEO of ToughBuilt Industries, stated, “We visited Mexico City for the last race of the 2018 NASCAR PEAK Mexico series. We were so impressed with the level of organization and the drivers, especially Juan Manuel Gonzalez. Juan Manuel and other young athletes dream of becoming NASCAR drivers in the U.S. Like ToughBuilt, these young and eager professionals have an unmatched level of desire and commitment to succeed and grow. They made it easy for us to sign on as a sponsor. We are very grateful to be a part of the NextGen Motorsports developmental program and join their commitment to increasing the diversity in NASCAR.”
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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