Worksport, Ltd. - WKSP STOCK NEWS

Worksport Ltd. (Nasdaq: WKSP) has entered into a letter of understanding with Hyundai America Technical Center, Inc. to develop prototypes for the Worksport SOLIS and a modified COR energy storage system tailored to the Hyundai Santa Cruz's bed. Hyundai provided 3D data for the project, which aims to explore potential collaboration. Both parties expect to present working models by October 2022, with Worksport confident in delivering satisfactory results. This collaboration is set against the backdrop of increasing consumer demand for clean energy solutions in the automotive sector.

Worksport Ltd. (Nasdaq: WKSP) has filed its annual report with the Securities and Exchange Commission, showing approximately $36 million in assets and $2.1 million in liabilities. The company's cash position has reached $28 million, marking its strongest level since inception. CEO Steven Rossi stated the company is well-positioned for growth after focusing on inventory and transitioning manufacturing from China to North America. Key 2021 milestones include raising $16.1 million in a public offering, completing a Reg A offering, and uplisting to Nasdaq.

Worksport Ltd. (Nasdaq: WKSP) has partnered with N.A. Williams Company for eCommerce operations management across platforms like Amazon and Walmart. This collaboration aims to enhance product visibility, data consistency, and sales optimization. N.A. Williams will implement a B2C sales channel strategy leveraging its expertise to allow Worksport to focus on R&D. The integration will also include a customer relationship management system to support pre- and post-sales services. This initiative is expected to improve customer experiences with Worksport's product offerings by the year's end.

Worksport Ltd (Nasdaq: WKSP) announced CEO Steven Rossi's participation in the 2022 Virtual Growth Conference from March 28-30, hosted by Maxim Group LLC. The conference will run daily from 9:00 a.m. to 5:00 p.m. EDT and feature a variety of sectors including Clean Energy and Electric Vehicles. Attendees can expect presentations, fireside chats, and live Q&A sessions. Worksport focuses on solar and hydrogen-based technologies to meet the shift towards clean energy.

Worksport Ltd. (Nasdaq: WKSP) has appointed Mr. Thomas DiNanno to its Advisory Board. DiNanno, a Hudson Institute Adjunct Fellow, brings extensive experience from key U.S. Government roles focusing on national security and infrastructure. His insights aim to enhance the company’s government sector initiatives. CEO Steven Rossi expressed enthusiasm for collaborating with DiNanno to integrate Worksport and Terravis Energy products into U.S. Government markets, highlighting efforts in clean energy solutions.

Worksport Ltd (Nasdaq: WKSP) has successfully completed testing of its pre-production prototype for the Terravis System™, which includes the Terravis SOLIS and Terravis COR energy storage systems. Production is set to begin by the end of March 2022, with deliveries planned for Q2 2022. The system's design has surpassed engineering expectations, featuring advanced hot swapping and high-quality inverter performance. Management expresses optimism for public adoption of this clean energy technology.

Worksport Ltd (Nasdaq: WKSP) announced a delay in launching new energy solutions from its subsidiary Terravis Energy to ensure accuracy and completeness. The postponement is necessary to highlight recent innovations effectively. The Terravis Energy website will provide detailed, updated information on the company's fast-charging Non-Parasitic Electric Vehicle (NPEV™) systems and the Terravis Microgrid™. Management seeks a few more weeks of patience from the community, emphasizing that the unveiling will showcase significant developments.

Worksport Ltd (Nasdaq: WKSP) is expanding its manufacturing operations by 222,000 square feet in Seneca, NY, to meet rising demand for its solar and hydrogen-based technologies. The facility, strategically located near distribution hubs, will enhance production capabilities with advanced automated systems. Management is securing favorable mortgage rates to maintain cash reserves while acquiring new equipment. The expansion aligns with the company's direct-to-consumer strategy, aiming for strong profit margins and market penetration over the next 12-24 months. Closure is expected by April 2022, pending due diligence.

Worksport Ltd (Nasdaq: WKSP) is set to launch a new website for its subsidiary, Terravis Energy, showcasing its innovative products, including Non-Parasitic Electric Vehicle (NPEV) systems and Terravis Microgrid™ technology. The site aims to address community inquiries and highlight applications of its systems, particularly for municipalities and industries like agriculture and blockchain. CEO Lorenzo H. Rossi emphasized the website's role in promoting transportation decarbonization and sustainable energy solutions.