Worksport Achieves Milestone with First Assembly Line Completion, Production Scheduled to Commence in Just Three Weeks

Rhea-AI Summary

Worksport Ltd. is set to start production in three weeks after completing its first assembly line. The company plans to have a total of five assembly lines, increasing its capacity and market position. Skilled personnel recently onboarded through successful job fairs will undergo final training to ensure high-quality products. Worksport's investment in its manufacturing facility in West Seneca, NY demonstrates a long-term commitment to revenue growth and market leadership.

West Seneca, New York, United States, July 20, 2023 (GLOBE NEWSWIRE) -- Worksport Ltd. (NASDAQ: WKSP; WKSPW) is pleased to announce an eagerly awaited update on its operational developments. With its first assembly line now completed and primed for action, the Company is on track to start production in just three weeks.

This remarkable feat paves the way for the eventual completion of a total of five assembly lines. With each successive line, the Company is poised to increase its capacity, reinforcing its market position and readiness to meet escalating demand.

CEO Steven Rossi reflects on this pivotal moment, stating, "It took us some time to set up the initial assembly line, but moving forward, we anticipate subsequent lines to be ready more quickly. This accomplishment is a testament to our team's dedication and the solid groundwork laid in our West Seneca, New York facility."

Building on the momentum from its previous announcement, Worksport's forthcoming production start signifies a transformative phase in the Company's evolution. The rapid operationalization of the first assembly line reinforces confidence in the investments and reaffirms the Company’s trajectory toward solidifying its growth in the industry.

The next three weeks are expected to be characterized by a hive of activity as skilled personnel recently onboarded through the Company’s two successful job fairs, undergo their final phase of training. Their integration will further ensure the consistent delivery of high-quality, innovative products.

Rossi further added, "The commencement of our first assembly line is more than just an operational update; it's a reflection of Worksport's unwavering commitment to quality, innovation, and growth. We are on the cusp of unlocking substantial value by shifting focus to revenue growth and offering our loyal customers even more exceptional products."

With four more assembly lines on the horizon, Worksport’s investment in its state-of-the-art, 220,000 sq. ft. manufacturing facility in West Seneca, NY signifies a long-term commitment to driving revenue growth, optimizing production capabilities, and bolstering its market leadership.

The Company invites investors and stakeholders to remain engaged and monitor this exciting phase in Worksport's journey towards U.S. production and revenue growth.

For further information, please visit Worksport’s official website for investors at investors.worksport.com.

About Worksport Ltd.
Worksport Ltd. (Nasdaq: WKSP; WKSPW), through its subsidiaries, designs, develops, manufactures, and owns the IP 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 Ltd. 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. For more information, please visit investors.worksport.com

Connect with Worksport: 
Please follow the company’s social media accounts on Twitter, Facebook, Linkedin, YouTube, and Instagram, as well as sign up for the company’s newsletters at investors.worksport.com. Worksport Ltd. strives to provide frequent updates of its operations to its community of investors, clients, and customers to maintain the highest level of visibility.

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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: supply chain delays, acceptance of our products by consumers, delays in or nonacceptance by third parties to sell our products, 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 Securities and Exchange Commission (SEC), including 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.

FAQ

What is the update from Worksport Ltd.?

Worksport Ltd. has completed its first assembly line and is on track to start production in three weeks.

How many assembly lines does Worksport plan to have?

Worksport plans to have a total of five assembly lines.

What does the completion of the first assembly line signify?

The completion of the first assembly line signifies a transformative phase in Worksport's evolution and reinforces confidence in the company's investments.

What is the significance of skilled personnel recently onboarded?

Skilled personnel recently onboarded through successful job fairs will undergo final training to ensure the consistent delivery of high-quality, innovative products.

What does Worksport's investment in its manufacturing facility demonstrate?

Worksport's investment in its manufacturing facility in West Seneca, NY demonstrates a long-term commitment to revenue growth and market leadership.