Worksport Broadens Ecosystem with New EV Related Product Development
Worksport Ltd. (Nasdaq: WKSP; WKSPW) announced the development of a new EV-related product called NPEV, aimed at transforming the green energy market. This initiative aims to support the decarbonization of transportation. With a strong engineering team, Worksport plans to update investors on its capital allocation for long-term growth. Currently, the company holds approximately $29 million in cash, equating to around $2 per share, and is positioned for future growth in the EV and sustainable energy sectors.
- Development of NPEV to tap into growing EV markets.
- Strong cash position of approximately $29 million with virtually no debt.
- Strategic partnerships with Ontario Tech University to enhance innovation.
- Potential risks associated with reliance on limited customers for sales.
- Competitive pressures in the rapidly evolving EV and green energy markets.
Mississauga, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq-CM: WKSP; WKSPW) (the “Company”) is pleased to announce that it has commenced working on a new product termed “NPEV.” This technological endeavor will be in service to the growing EV markets. In and of itself, it will help forge additional Company ecosystems, developed with Worksport’s next-level ingenuity – intended to redefine industry standards. Worksport’s leadership and skilled engineering team believe NPEV could play a significant role in decarbonizing transportation with true green energy.
Just as with the potential of TerraVis, NPEV is being engineered as a revolutionizing EV technology aimed to have a profound impact on various green energy industries. Additionally, the Company believes NPEV will provide an extremely vital, very necessary, and much needed change in the current green energy markets to also aid in the care of Earth’s environment at large. Worksport is leveraging its current position to think differently and bring practicality to energy-focused products, introducing technology that does not yet exist in the markets. Management believes this forward-thinking has allowed the Company to capitalize on unique opportunities, laying a foundation for Worksport’s entry into the next stages of growth and development. The Company’s leadership - heeding insightful recommendations from its world-class advisors, engineers, and research partners, including the experienced minds at Ontario Tech University, is ushering Worksport deeper into the EV, ESS, and sustainable energy industries.
Considering both technical and business developments, the Company plans to provide progress updates on its other initiatives and how it has been able to allocate raised capital from its recent public offerings to ideal departments to enhance long-term value to investors. Worksport’s CEO, Steven Rossi, commented, “Worksport is innovating on incredible levels in its engineering and design work, incorporating a consumer-centric focus on what our industries need to evolve. We are very excited to be making solar and eco-friendly energy appeal to consumers at large and cannot wait to introduce our innovations to the world.”
To add further clarity, Rossi provided context to the Company’s journey, “We started working on TerraVis seven years ago, and after persevering through the hardships of the global pandemic caused by COVID-19, it is now being realized expeditiously. Considering our reinvigorated state after our recent oversubscribed Reg-A offering and subsequent underwritten public offering—we are now sitting with almost
About Worksport Ltd.
Worksport Ltd. (Nasdaq-CM: WKSP; WKSPW) develops and manufactures high quality, modular, and attractively priced tonneau covers and solar-powered systems for light-duty trucks such as the Sierra, Silverado, Canyon, RAM, Ford F-Series, and consumer-oriented adventures & purposes, where portable energy is a necessity. Available soon to pre-order, the modular, redefining Worksport TerraVis tonneau cover system is being mindfully designed for the job site contractor and off-road, light-duty trucker for work and play, to supply extra energy for those additional miles sustainably. Expected to launch by 2021 year-end, Worksport’s allied TerraVis COR mobile energy storage system (ESS) will be another redefining product targeted for vacationers, second-home owners, and campers. Plans are also being constructed to expand with grid micro-charging stations to provide convenience and efficiency in recharging smaller form-factor EVs. For more information, please visit www.worksport.com and www.goterravis.com.
Connect with Worksport:
For additional information, please contact:
Faran Ali
Business Development Manager
Worksport Ltd.
T: 1-(888) 506-2013
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,” 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 the Company’s management concerning its business strategy, future operating results, 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 readers, 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.
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:
| ● | our going concern and history of losses; | |
| ● | the ongoing COVID-19 pandemic; | |
| ● | our ability to compete; | |
| ● | our reliance on a small number of customers for the majority of our sales; | |
| ● | our ability to successfully protect our intellectual property rights and claims of infringement by others; | |
| ● | the effectiveness of our sales and marketing efforts; | |
| ● | our ability to retain key management personnel; | |
| ● | failure to remedy material weaknesses in internal accounting controls and failure to implement proper and effective internal controls; | |
| ● | our need to raise additional capital; | |
| ● | cybersecurity threats and incidents; | |
| ● | the volatility of our stock price; | |
| ● | the decline in the price of our securities due to offers or sales of a substantial number of shares; | |
| ● | limited trading volume and price fluctuations of our securities; | |
| ● | our ability to meet continuing listing requirements of the Nasdaq Capital Market; and | |
| ● | such other risk factors as discussed throughout the “Risk Factors” section of our prospectus supplement, dated July 27, 2021, and other annual and quarterly reports filed by us with the Securities and Exchange Commission. |
Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement publicly, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.
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