Worksport Ltd.
(Nasdaq: WKSP;
WKSPW) (“Worksport” or the “Company”) is announcing
the completion of its second assembly line for its innovative
hard-folding covers. The company believes it is in a significant
advancement for sustainable automotive innovation, marking a
pivotal moment in the Company's expansion strategy. This
development follows the Company's impressive 2,399% year-over-year
revenue growth in Q3 2023 vs 2022 due the recent new US National
After Market customer, a testament to its production capabilities
and market demand.
Rapid Growth and Scaling
Production
In August 2023, Worksport began production,
setting the stage for this momentous achievement. The completion of
the second assembly line is a strategic step in fulfilling the
substantial $16 million annual sales agreement recently announced.
The increased production capacity is a direct response to the
growing demand for Worksport’s innovative products, including its
hard and soft folding tonneau covers, the much-anticipated SOLIS
solar cover, and the forthcoming COR portable energy storage
system.
Steven Rossi, CEO of Worksport, expressed his
pride in this progress, stating, “The completion of our second
assembly line not only signifies our commitment to growth and
innovation, but also our dedication to meeting our customers’ needs
and sales objectives. We are excited to see the impact this will
have on our production capabilities and overall growth
trajectory.”
Staff Expansion and State-of-the-Art
Automation
To support this expansion, Worksport is actively
increasing its staff, with the expectation of having both assembly
lines fully operational by the end of this month. The Company is
also exploring advanced automation options to enhance its
state-of-the-art production lines, ensuring efficiency and quality
in its manufacturing processes.
Future Developments and Product
Innovation
Worksport recently initiated the test phase for
its COR portable energy storage system, anticipating updates on an
Alpha release soon. This innovative system, along with the SOLIS
solar cover, is designed to provide solar power to pickup trucks.
The COR system also offers the versatility of being used
independently for off-grid power, catering to a broader consumer
base beyond pickup truck owners.
Looking Ahead
Worksport is committed to keeping its
stakeholders informed of the factory's development and future
advancements. The Company's vision, combined with its recent
achievements, positions Worksport for growth in the automotive
accessory industry, especially in the realm of sustainable and
renewable energy solutions.
For further information, please visit
Worksport’s official website for investors
at investors.worksport.com.
About Worksport
Worksport Ltd. (Nasdaq: WKSP; WKSPW),
through its subsidiaries, designs, develops, manufactures, and owns
the intellectual property on a variety of tonneau covers, solar
integrations, and NP (Non-Parasitic), Hydrogen-based true green
energy solutions for the sustainable, clean energy, and automotive
industries. Worksport seeks to capitalize on the growing shift
of consumer mindsets towards clean energy integrations with its
proprietary solar solutions, mobile energy storage systems (ESS),
and NP (Non-Parasitic), Hydrogen-based technology. Terravis
Energy’s website is terravisenergy.com. For more information,
please visit investors.worksport.com.
Connect with Worksport
Please follow the Company’s social media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube, and Instagram
(collectively, the “Accounts”), the links of which are links to
external third party websites, as well as sign up for the Company’s
newsletters at investors.worksport.com. The Company does not
endorse, ensure the accuracy of, or accept any responsibility for
any content on these third party websites other than content
published by the Company.
Worksport strives to provide frequent updates of
its operations to its community of investors, clients, and
customers to maintain the highest level of visibility.
LinkedIn
Facebook
X (previously Twitter)
Instagram
YouTube
Investors and others should note that the
Company announces material financial information to our investors
using our investor relations website, press releases, Securities
and Exchange Commission (“SEC”) filings, and public conference
calls and webcasts. The Company also uses the Accounts to announce
Company news and other information. The information shared on the
Accounts could be deemed to be material information. As a result,
the Company encourages investors, the media, and others to review
the information the Company publishes on the Accounts.
In order to comply with Regulation FD, the
Company does not selectively disclose material non-public
information on any Account. If there is any significant financial
information, it is the policy of the Company to release it broadly
to the public through a press release or SEC filing prior to
publishing it on one of the Accounts.
For additional information, please contact:
Steven Obadiah
Investor Relations
Worksport Ltd.
T: 1 (888) 554 8789
E: investors@worksport.com
W: www.worksport.com
Forward-Looking Statements
The information contained herein may contain
“forward‐looking statements.” Forward‐looking statements reflect
the current view about future events. When used in this press
release, the words “anticipate,” “believe,” “estimate,” “expect,”
“future,” “intend,” “plan,” “project,” or the negative of these
terms and similar expressions, as they relate to us or our
management, identify forward‐looking statements. Forward-looking
statements are neither historical facts nor assurances of future
performance. Instead, they are based only on our current
beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. Important factors that could
cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following: (i) supply chain delays; (ii)
acceptance of our products by consumers; (iii) delays in or
nonacceptance by third parties to sell our products; and (iv)
competition from other producers of similar products. 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 SEC, including,
without limitation, our Annual Report on Form 10-K and our
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 www.sec.gov. As a result of these matters, changes in
facts, assumptions not being realized or other circumstances, the
Company’s actual results may differ materially from the expected
results discussed in the forward-looking statements contained in
this press release. The forward-looking statements made in this
press release are made only as of the date of this press release,
and the Company undertakes no obligation to update them to reflect
subsequent events or circumstances.
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