Patents mark significant step into new product line opportunity
LAKE FOREST, CA / ACCESSWIRE / March 11, 2019 / ToughBuilt Industries, Inc. (“ToughBuilt”) (NASDAQ: TBLT; NASDAQ: TBLTW), a designer, manufacturer and distributor of innovative tools and accessories to the building industry and home improvement sector, today announced that the United States Patent and Trademark Office (USPTO) has granted two new design patents (US D840,961 S and US D841,635 S) that cover ToughBuilt’s ruggedized mobile devices, which are valid for a period of 15 years.
ToughBuilt has developed a line of ruggedized smartphones with proprietary applications designed to maximize the productivity of construction workers and building enthusiasts in the field. These devices, accessories and custom apps provide enhanced capabilities that allow the users to plan projects with confidence, organize faster, find labor and products efficiently, estimate accurately, purchase wisely, protect themselves, workers and their business, as well as create and track invoicing faster and easier. All of the Company’s mobile devices are IP68 certified and designed to military standards for protection against damage from environmental factors such as moisture/water, dust and dirt, shock, vibration and temperature extremes to ensure durability.
Michael Panosian, Chief Executive Officer of ToughBuilt, commented, “The issuance of these patents represents a significant milestone in our efforts to diversify our products and the markets we serve. These durable mobile devices epitomize the ToughBuilt name as they are designed to endure harsh conditions and give users a technological advantage in the field. Companies in the construction industry, along with field workers and hobbyists, not only utilize mobile devices to communicate, but desire apps that enhance project and work efficiency. Our goal is to disrupt the market with patented and patent-pending technologies throughout our flagship line of ruggedized mobile products and accessories. We remain on track to launch our first ruggedized smartphones in mid-2019, and believe this market represents a significant growth opportunity for the Company and will open the doors to other markets, including outdoor wellness and leisure, such as climbing, hiking and camping, and military uses.”
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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SOURCE: ToughBuilt Industries, Inc.
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