Worksport Announces US$1.6MM Order for Its Hard-Folding Covers in Anticipation of Production Start, Solidifying Growth in Tonneau Cover Market

Rhea-AI Summary

Worksport Ltd. receives a substantial purchase order of US$1,600,000 for its advanced hard-folding tonneau covers, following a recent order of US$720,000 for its soft-folding covers. Production of the hard-folding covers will begin in two weeks. Worksport's manufacturing facility in Western NY is operating at an exceptional pace to ensure timely shipments. Worksport CEO, Steven Rossi, expresses confidence in the success of both product lines and emphasizes the market's growing trust in Worksport.

West Seneca, New York, United States, July 25, 2023 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP; WKSPW) ("Worksport" or the "Company") is thrilled to announce a substantial US$1,600,000 purchase order for its advanced hard-folding tonneau covers. This significant order follows closely on the heels of the Company's recently reported US$720,000 purchase orders for its innovative soft-folding tonneau covers. Production of the hard-folding covers is scheduled to kick off in a mere two weeks, adding to the Company’s already soaring momentum.

"Our commitment to quality and innovation has once again been validated by this new and substantial order," commented Worksport CEO Steven Rossi. "Following the successful rollout of our soft-folding covers, we're poised to further elevate our position in the market with our hard-folding line. The anticipation surrounding this product launch has been palpable."

Building upon the success of previous weeks, the Company's 222,000 sq. ft. Western NY manufacturing facility has been operating at an exceptional pace, ensuring timely shipments of the soft-folding tonneau covers. This facility will now be crucial in ensuring the successful rollout of the hard-folding covers.

Mr. Rossi added, "The dual success of both these product lines and the increasing orders speaks volumes about our strategic direction and the market's growing trust in Worksport. With the hard-folding covers' production on the horizon, our dedicated team is more focused than ever on optimizing efficiency and magnifying our 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 recent purchase order received by Worksport Ltd.?

Worksport Ltd. has received a purchase order of US$1,600,000 for its advanced hard-folding tonneau covers.

What was the previous purchase order for Worksport's products?

Worksport recently received a purchase order of US$720,000 for its soft-folding tonneau covers.

When will production of the hard-folding covers begin?

Production of the hard-folding covers is scheduled to start in two weeks.

How is Worksport's manufacturing facility in Western NY performing?

Worksport's manufacturing facility in Western NY is operating at an exceptional pace to ensure timely shipments.

What does Worksport CEO, Steven Rossi, say about the success of the product lines?

Steven Rossi expresses confidence in the success of both the soft-folding and hard-folding tonneau covers and highlights the market's growing trust in Worksport.