Worksport Awarded 'Innovator of the Year': Growth Catalyst

Rhea-AI Summary

West Seneca, New York - June 13, 2024 - Worksport (NASDAQ: WKSP) was awarded 'Innovator of the Year' by Buffalo Business First. This recognition highlights Worksport's advancements in the automotive sector, particularly with the SOLIS Solar Truck Bed Cover and COR Portable Battery Generator System. Both products are set for Alpha launch this summer.

The SOLIS cover is a solar-integrated tonneau cover designed for major truck brands, targeting a multi-billion-dollar market segment. The COR system provides mobile clean energy and is expected to penetrate several peripheral markets.

Since starting full-scale production in January 2024 and launching direct-to-consumer sales in late Q1, Worksport has quickly gained market traction. A new partnership with a prominent Midwest distributor further enhances its market presence.

Positive

• Awarded 'Innovator of the Year' by Buffalo Business First, highlighting industry recognition.
• Introduction of SOLIS Solar Truck Bed Cover and COR Portable Battery Generator System as innovative products.
• SOLIS cover taps into a multi-billion-dollar market segment for major truck brands.
• COR system offers mobile clean energy solutions for various use cases, indicating market potential.
• Started full-scale production in January 2024, showing commitment to growth.
• Successful launch of direct-to-consumer sales in late Q1 2024, demonstrating market interest.
• Partnership with a prominent Midwest distributor established to enhance market presence.

Negative

• No specific financial data or revenue projections provided, leaving investors without concrete figures to assess potential returns.
• The Alpha launch of SOLIS and COR products is expected this summer, which may lead to uncertainty and potential delays.
• Lack of detailed information on the scalability and production capacity for new products.

West Seneca, New York--(Newsfile Corp. - June 13, 2024) - Worksport® Ltd. (NASDAQ: WKSP), a key U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, is proud to announce that it has been awarded "Innovator of the Year" by Buffalo Business First. This prestigious accolade recognizes Worksport's commitment to pioneering advancements in the automotive sector.

Worksport's "Innovator of the Year" award emphasizes a significant growth catalyst represented by its products, particularly the SOLIS Solar Truck Bed Cover and COR Portable Battery Generator System. The Alpha launch of these revolutionary clean-tech products is expected to take place this summer.

Revolutionary Products Driving Innovation

Worksport's innovative edge is exemplified by its groundbreaking products like the Worksport SOLIS and COR duo. The SOLIS cover is a first-to-market solar-integrated tonneau cover, designed to provide eco-friendly energy solutions while maintaining the functionality of a truck bed cover. This revolutionary product harnesses solar power to provide power "on the go," making it a game-changer for truck owners and overlanding enthusiasts. The SOLIS cover-expected to be compatible with major truck brands such as Ford F-Series, Chevrolet Silverado, and Ram pickup trucks-is set to tap into an estimated multi-billion-dollar market segment.

The COR portable energy system, another milestone in Worksport's innovation journey, is designed to provide mobile, clean energy "on the go." Ideal for work settings and outdoor enthusiasts, the COR system offers unparalleled versatility and convenience, reinforcing Worksport's commitment to sustainable energy solutions. Further, the Company anticipates expansion of the COR system into many peripheral markets, opening new possibilities for Worksport.

"This award from Buffalo Business First is a testament to our team's relentless pursuit of innovation and excellence," said Steven Rossi, CEO of Worksport. "The SOLIS and COR product lines are major growth catalysts for Worksport, and we are excited for their anticipated Alpha releases this Summer."

Strategic Growth and Market Expansion

Worksport has demonstrated significant growth and strategic market expansion. Starting full-scale production in January 2024, the Company launched direct-to-consumer (B2C) sales in late Q1, quickly gaining traction and capturing substantial interest from dealers and consumers. The recently secured partnership with a prominent Midwest distributor, renowned for its 50-year legacy in the automotive industry, is expected to further enhance Worksport's market presence. The Company has seen great early traction in B2C sales from Q2 2024 and will provide an update in the coming days.

Read all Worksport press releases: [Link to All Press Releases].

Stay Connected

For more information about Worksport Ltd., its award-winning innovations, or to arrange an interview with CEO Steven Rossi, please contact Investor Relations. Investors and customers are invited to follow Worksport's progress as it builds on this momentum and strives to redefine industry standards with each new corporate development.

• Contact Information
  Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128
  W: investors.worksport.com E: investors@worksport.com W: worksport.com

• Investor Newsletter
  Subscribe to our Investor Newsletter for automatic email notifications of future Worksport press releases: Link to Newsletter

About Worksport
Worksport Ltd. (NASDAQ: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property 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 has an active partnership with Hyundai for the SOLIS Solar cover. Additionally, Worksport's hard-folding cover, designed and manufactured in-house, is compatible with RAM, Chevrolet, and GMC models from General Motors, as well as Ford, Jeep, Nissan, and Toyota pickup trucks. Worksport 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. Terravis Energy's website is terravisenergy.com. For more information, please visit investors.worksport.com.

Connect with Worksport

Please follow the Company's social media accounts on X (previously Twitter), Facebook,

LinkedIn, YouTube, and Instagram (collectively, the "Accounts"), the links of which are links to external third party websites, as well as sign up for the Company's newsletters at investors.worksport.com. The Company does not endorse, ensure the accuracy of, or accept any responsibility for any content on these third-party websites other than content published by the Company.

Product social media	Investor social media
Instagram	X (formerly Twitter)
Facebook YouTube	LinkedIn Link to Newsletter

 

Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, Securities and Exchange Commission ("SEC") filings, and public conference calls and webcasts. The Company also uses social media to announce Company news and other information. The Company encourages investors, the media, and others to review the information the Company publishes on social media.

The Company does not selectively disclose material non-public information on social media. If there is any significant financial information, the Company will release it broadly to the public through a press release or SEC filing prior to publishing it on social media.

For additional information, please contact:

Steven Obadiah, Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com W: www.worksport.com E: investors@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," "should," or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. These 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: (i) supply chain delays; (ii) acceptance of our products by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) 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 SEC, including, without limitation, 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/212772

FAQ

What award did Worksport (NASDAQ: WKSP) receive?

Worksport received the 'Innovator of the Year' award from Buffalo Business First.

What products are driving Worksport's innovation?

Worksport's innovation is driven by the SOLIS Solar Truck Bed Cover and the COR Portable Battery Generator System.

When are Worksport's new products expected to launch?

The Alpha launch of Worksport's new products, SOLIS and COR, is expected to take place this summer.

What market segment does the SOLIS Truck Bed Cover target?

The SOLIS Truck Bed Cover targets a multi-billion-dollar market segment for major truck brands such as Ford F-Series, Chevrolet Silverado, and Ram pickup trucks.

How has Worksport expanded its market presence in 2024?

Worksport has expanded its market presence by starting full-scale production in January 2024, launching direct-to-consumer sales in late Q1, and securing a partnership with a prominent Midwest distributor.