Worksport announces strong Solis & COR Pre-order Sales

Rhea-AI Summary

Worksport Ltd. (Nasdaq: WKSP) has announced anticipated unrealized revenue of US$350,000-$450,000 from pre-orders of its innovative solar truck bed tonneau cover, SOLIS, and portable energy storage system, COR. Management attributes this success to a stronger-than-expected pre-sale performance despite minimal marketing efforts. The company plans to initiate manufacturing by Q4 2022 at its West Seneca, NY facility. CEO Steven Rossi expressed optimism about the potential disruption of the EV and energy storage markets, highlighting that customer insights gained will inform targeted marketing efforts.

Positive

• Expected unrealized revenue of US$350,000-$450,000 from SOLIS and COR pre-orders.
• Stronger-than-expected pre-sales indicate promising market interest.
• Plans to begin manufacturing in Q4 2022 at the West Seneca facility.

Negative

• None.

Richmond Hill, Ontario, Canada, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP) (the “Company” or “Worksport”) and its subsidiaries, announce that the Company expects between US$350,000-$450,000 in unrealized revenue for pre-orders of SOLIS, the Company’s proprietary solar truck bed tonneau cover, and COR, its portable energy storage system. Given the limited marketing efforts, the pre-sale has exceeded expectations and management believes the data collected is very promising. The Company, following the official launch of the Worksport eCommerce website, will prepare its dedicated product marketing campaigns with pre-sales of SOLIS and COR expected to be more robust.

Worksport is inventing a new category for mobile power generation and off-grid energy storage,” said Worksport CEO Steven Rossi. “SOLIS and COR are new, out of the box ideas, that we believe will disrupt the EV and ESS industries. Current pre-sales have helped us understand who will be buying SOLIS and COR. We now know our customer much better, which has been necessary to build marketing campaigns for these two products that could have the potential to change lifestyles.”

“Having a truck is more of a lifestyle choice,” added Rossi. “It could be used for everyday driving, off-roading, camping, and home or business projects. Owners want off-grid portable and renewable green energy – and view the SOLIS and COR system as reflecting their own commitment to the future of the environment.”

“The SOLIS and COR pre-sale efforts are necessary to determine how many units would be needed for initial manufacturing, which is expected to begin in Q4 2022 at Worksport’s West Seneca, NY facility. Investors and shareholders will be interested to know that as SOLIS and COR approach full scale production, we are planning marketing campaigns aimed at securing as many pre-orders as possible before the end of 2022,” Rossi said. “The market for SOLIS and COR doesn’t fit into a neat and pre-existing niche – we are pioneering a new and very large market, and now we know much better what it is and who is in it. That should make Worksport’s production and marketing that much more smooth and more targeted as a result. It was time and investment well spent. Worksport is eager to get these very exciting breakthrough products in the hands of customers which have demonstrated how excited they are by pre-ordering months in advance. This is an important milestone for the Company, and we look forward to delivering our products to the larger markets as USA manufacturing comes fully online. Our team is hard at work to build capacity to meet the higher-than-expected demand based on these preliminary results.”

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.worksportltd.com.

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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 www.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) 506-2013
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," 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.

FAQ

What is the expected unrealized revenue for Worksport from SOLIS and COR pre-orders?

Worksport anticipates between US$350,000 and US$450,000 in unrealized revenue from pre-orders of SOLIS and COR.

When does Worksport plan to start manufacturing SOLIS and COR?

Worksport plans to begin manufacturing SOLIS and COR in Q4 2022.

What market does Worksport aim to disrupt with its new products?

Worksport aims to disrupt the electric vehicle (EV) and energy storage systems (ESS) markets with its SOLIS and COR products.

What has led to the strong pre-sales performance of Worksport's products?

The strong pre-sales performance is attributed to promising market interest despite limited marketing efforts.

How is Worksport preparing for future marketing of SOLIS and COR?

Worksport is using insights gained from pre-sales to inform targeted marketing campaigns for SOLIS and COR.