ToughBuilt Industries, Inc. Announces Board Appointments
November 16, 2018 at 04:30 pm
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ToughBuilt Industries, Inc. announced that as previously disclosed in the Registration Statement on Form S-1 of ToughBuilt Industries, Inc., filed with the SEC of July 9, 2018, Zareh Khachatoorian resigned as a director effective as of November 9, 2018, the date of the Company’s initial listing on the Nasdaq Capital Market. Also, as disclosed, Robert Faught, Frederick D. Furry and Paul Galvin assumed their previously elected roles as directors as of the same day. All three of these new directors meet the independence requirements as defined by Nasdaq and SEC rules. All three independent directors will serve on each of the Audit Committee, Compensation Committee and Nominating and Governance Committee, with Mr. Furry as the Audit Committee Chair, Mr. Galvin as the Compensation Committee chair and Mr. Faught as the Nominating and Corporate Governance Committee Chair. Due to his extensive experience as a certified public accountant and in chief financial officer roles, Mr. Furry is also deemed to be the Audit Committee Financial Expert.
Toughbuilt Industries, Inc. is engaged in designing, manufacturing, and distributing tools and accessories to the building industry. The Company markets and distributes various home improvement and construction product lines for both Do-It-Yourself (DIY) and professional markets under the TOUGHBUILT brand name. Its business is based on development of products, primarily in tools and hardware category, with particular focus on building and construction industry. Its three categories contain a total of approximately 19 product lines, consists of soft goods, which includes kneepads, tool bags, pouches and tool belts; metal goods, which consists of sawhorses, tool stands and workbench; and utility products, which includes utility knives, aviation snips, shears, lasers and levels, tape measures and chalk reels, striking tools, garden and landscaping tools, and pliers and clamps. It also has various additional categories and product lines in various stages of development.