Worksport Approves Manufacturing Line for Shipment to Western New York Factory
Worksport Ltd. (Nasdaq: WKSP; WKSPW) announced that its custom European manufacturing line has passed inspection and is set for shipping to its factory in Western New York. The US$4 million machine is crucial for production of the company's American-made hard folding truck covers and is expected to arrive in March.
CEO Steven Rossi stated that this development marks a significant milestone, enabling the company to produce major components for its proprietary tonneau covers. This operational readiness aims to drive revenue growth, particularly with the anticipated launch of the SOLIS Solar Cover, as the company seeks to capitalize on the clean energy market.
- Custom manufacturing line passed inspection, enabling production.
- US$4 million investment signifies commitment to American manufacturing.
- Expected arrival of equipment in March facilitates product development.
- Potential for revenue growth with SOLIS Solar Cover launch.
- None.
Richmond Hill, Ontario, Canada, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP; WKSPW) (the “Company” or “Worksport”) is pleased to announce that the custom European manufacturing line it commissioned has passed a rigorous on-site inspection and will now be readied for shipping to the Company's 222,000 sq. ft. factory in Western N.Y. The US
"With the expected delivery of this custom-built machine, we are now on the verge of being able to produce the major components for our proprietary and patented hard-folding tonneau covers right here in our American factory," said Worksport CEO Steven Rossi. "It is a very exciting and much-anticipated Company milestone, as once the machine is operational and staff is trained, we then can move to produce our hard folding tonneau covers and advance closer to building the SOLIS Solar Cover with all that it represents for the Company's future growth. The focus will then move to revenue growth. As always, we look forward to updating investors on Worksport's progress in bringing its innovative products to the market."
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 www.worksport.com
Connect with Worksport:
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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. 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 subsequent 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.
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