- ToughBuilt Industries Inc. successfully obtained a letter of credit from King Trade Capital ("KTC"), a provider of more than $2.5 billion in capital to over 400 public and private companies worldwide.
- Credit line expected to empower ToughBuilt Industries Inc. to strengthen purchasing power by a minimum of $30 million annually.
IRVINE, Calif., April 02, 2024 (GLOBE NEWSWIRE) -- ToughBuilt Industries, Inc. ("ToughBuilt" or the "Company") (NASDAQ:TBLT) today announced its strategic alliance with King Trade Capital ("KTC"), securing a line of credit expected to significantly enhance the Company's procurement, direct import, and order fulfillment capabilities.
The Company believes this line of credit will ensure its commitment to existing and new retail partners and strengthen its relationships with key retail partners and factories, translating to enhanced operational efficiency, growth, and improved cost-effectiveness.
King Trade Capital, the largest independent provider of purchase order finance in the United States, has provided more than $2.5 billion in capital to over 400 public and private companies worldwide.
Michael Panosian, ToughBuilt's Co-Founder and Chief Executive Officer, remarked, "We believe our arrangement with King Trade Capital will fuel our agility in sourcing and meeting demand for our current and new customers. Our relationship will allow us to fulfill and optimize our direct import orders, as needed." Panosian continued, "We intend for this alliance to demonstrate the Company's growing financial maturity as we follow our path to cashflow positivity and continue to press toward greater shareholder value and profitability."