Worksport Announces Purchase of 222,000-Sq Ft Facility, On-shoring Production of Consumer Products
Worksport Ltd. (Nasdaq: WKSP) has acquired a manufacturing facility in West Seneca, New York, for $8.125 million, with $5.3 million financed through a loan. The 152,847 square-foot facility will produce its new solar cover, SOLIS, using advanced manufacturing technologies. This strategic move aims to enhance production capabilities and reduce supply chain issues. The facility is expected to be operational within three months, with plans for full capacity by the end of 2022. The investment is seen as a significant step towards establishing a robust local production base.
- Acquisition of a 152,847 square-foot manufacturing facility for $8.125 million.
- Financed with a favorable $5.3 million loan agreement.
- Facility will produce the new SOLIS solar cover, enhancing product offerings.
- Expected operational within three months, aiming for full capacity by end of 2022.
- Investment aims to mitigate supply chain risks and enhance production control.
- None.
Mississauga , May 12, 2022 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP) (the “Company” or “Worksport”), through its wholly owned subsidiary, Worksport New York Operations Corporation (“WKSP NY”), seeking to capitalize on the growing shift of consumer mindsets towards clean energy with its proprietary solar and green hydrogen-based technologies, has completed the purchase of a manufacturing facility in upstate New York. The Company plans to manufacture its line-ups of advanced products in this new facility, including its brand-new solar cover, SOLIS, which utilizes the Company’s TC3 truck bed cover as its base and is primarily constructed of aluminum components.
Located in West Seneca, a suburb of Buffalo, New York, the facility was purchased for
This facility investment is a culmination of two years’ worth of planning and Company management believes it will afford the business to take complete control of its production pipelines for all its current and future products.
Mr. Steven Rossi, Worksport Chief Executive Officer states, “With all the manufacturing issues plaguing multiple industries today, from supply chain issues to the risk of IP being compromised, on-shoring production to a facility we own is the next logical step in Worksport’s growth strategy. Establishing a solid foundation in this particular phase of the business is invaluable and very exciting for the Company.” Worksport will begin setting up machines that have been purchased over the last several months, including an Emmegi milling line, fabric cutter from Gerber Technology, and a fully automated bending machine from Prima Power. The Company is paving a new path where it will be able to compete at the highest level for the first time in the Company’s history. It plans to be operational within three months and is aiming to be running at full capacity by the end of 2022. In the interim, 30,000 square feet of the building is leased to Sonwil Distribution until December 31, 2022, reducing some expenses while the Company completes setup for full-scale production.
The Governor’s Office of New York had the following to say about this acquisition:
“Governor Hochul’s dedication to attracting small businesses, by supporting forward-thinking companies like Worksport Ltd., will continue to strengthen the economy and create high-quality jobs in Erie County and across the state,” said Empire State Development Acting Commissioner and President & CEO-designate Hope Knight. “As Worksport’s first U.S. production facility, this project will solidify the company’s investment within New York State, help foster innovation and green technology, and provide the potential for even more jobs in the future.”
Company CEO Steven Rossi adds, “We are ecstatic to be bringing the Company’s manufacturing to North America, and especially in New York, where our first ‘Made in USA’ SOLIS solar cover and Terravis Energy grid-connected fast chargers will roll off our production lines in short order. We intend to continue investing in the facility to ensure success for Worksport while striving to become a valued member of the community. We are on a new, exciting path and are grateful to New York. The New York Community has been great and pivotal in the closing of this monumental purchase for the Company. We are looking forward, with this facility, to do extremely exciting things.”
About Worksport Ltd.
Worksport Ltd. (Nasdaq: WKSP), 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 www.worksport.com, www.terravisenergy.com, www.investworksport.com and www.goterravis.com.
About Terravis Energy, Inc.
Terravis Energy, Inc. designs, develops, and manufactures clean, green energy solutions that power lifestyle markets, with each segment of the company feeding into the derivation of the brand itself – Latin for “Earth” and “Force”. The company foresees the future of the electric vehicle markets and sustainable energy markets through multiple lenses. Its Non-Parasitic Electric Vehicle (NPEVTM) fast charging platform which combines ultra-efficient hydrogen fuel cells with solar to create completely carbon-free charge points that can re-energize Battery Electric Vehicles. Its Terravis Energy Nanogrid which is designed to power houses and is modular where excess power can be directed toward utilities such as crypto mining. Its Terravis Energy Microgrid system, composed of several Terravis Energy Nanogrid systems, can power data centres and entire communities.
Connect with Worksport:
Please follow the company’s social media accounts on Twitter, Facebook, Linkedin, and Instagram, as well as sign up for the company’s newsletters at www.worksport.com, www.terravisenergy.com or www.investworksport.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.
For additional information, please contact:
Steven Obadiah
Business Development Manager
Worksport Ltd.
T: 1-(888) 506-2013
E: investors@worksport.com
W: www.investworksport.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," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. Such statements include, but are not limited to, statements contained in this press release relating to the view of management of the Company concerning its business strategy, an up listing to a national exchange, future operating results and liquidity and capital resources outlook. Forward‐looking statements are based on the Company's current expectations and assumptions regarding its business, 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. The Company's actual results may differ materially from those contemplated by the forward‐looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward‐looking statements. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward‐looking statements to conform these statements to actual results. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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FAQ
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