Worksport is moving into its New Headquarters and Manufacturing Facility

Rhea-AI Summary

Worksport Ltd (Nasdaq: WKSP; WKSPW) is relocating to a new 55,000 sq ft headquarters and manufacturing facility at 7299 East Danbro Crescent, Mississauga, Ontario. This move supports the growing tonneau cover business, enabling improved manufacturing processes for the TerraVis solar-powered tonneau cover and COR battery systems. The facility will also automate production processes, addressing labor challenges. Worksport aims to enhance its manufacturing capabilities and will keep investors updated on operational progress.

Positive

• New 55,000 sq ft headquarters to enhance manufacturing processes.
• Automation of soft cover manufacturing will improve efficiency.
• Partnership with Matcor-Matsu provides valuable industry resources.

Negative

• None.

Mississauga, Aug. 17, 2021 (GLOBE NEWSWIRE) -- Worksport Ltd (Nasdaq-CM: WKSP; WKSPW) (the “Company”) is moving into a new location which will serve as its headquarters and Canadian manufacturing facility. The new 55,000 sq ft office and facility is located at 7299 East Danbro Crescent, Mississauga, Ontario L5N 6P8, Canada.

As the Company’s tonneau cover business continues to grow, the move will help the team to solidify its manufacturing process for pre-production of its TerraVis solar-powered tonneau cover and COR battery systems. The facility will not only host existing operating infrastructure, but also brings a valuable industry and networking resource – its landlord, a top executive at Matcor-Matsu, which is an established tier 1 OEM manufacturer with over 1.5 million square ft. across US, Canada and Mexico. Matcor has been an ally of the Company and has been pivotal for helping Worksport establish itself in Canada as a home-grown manufacturer.

Worksport believes it now has the physical foundation and network of partners to manage the next phase of its growth and development. The Company is only paying for square footage that it needs and will have all available onsite equipment at its disposal, including but not limited to integrated manufacturing tools required for faster prototyping.

Furthermore, at the new facility, Worksport will now be able to automate the cutting and sewing processes for its soft tonneau cover tarp. Being one of the biggest bottlenecks in soft cover manufacturing, this will allow faster upscaling of its soft cover business. Worksport will first be setting up its manufacturing operations with an Advance Bespoke sewing and Conveyor System from Wales, UK, that will feature world-leading digital technology from Juki and Panasonic which will integrate custom requirements for Worksport’s new sewing method. As skilled sewing labor is becoming increasingly difficult to find, automation of soft cover manufacturing will likely prove to be a valuable asset for the Company. Worksport will continue to update its shareholders on any further progress made setting up the new facility for full scale production as it becomes relevant.

About Worksport Ltd.

Worksport Ltd. (Nasdaq: WKSP) designs, develops, manufactures tonneau truck covers and solar-based, true green energy systems for the automotive industry. Its technology is also being applied to consumer recreation, emergency/disaster-recovery purposes, and jobsite mobile power. The modular TerraVis^™ tonneau cover system is being designed to supply extra electrical power to vehicles and other portable devices through true green energy methods. The TerraVis COR^™ mobile energy storage system (ESS), expected to launch by end of 2021 is targeted for use by a wide array of portable power applications. For more information, please visit www.worksport.com.

Please follow the company’s social media accounts on Twitter, Facebook, Linkedin, and Instagram, as well as sign up for the Company’s newsletters at www.worksport.com and www.goterravis.com. Worksport strives to provide frequent updates of its operations to its community of investors, clients, and customers to maintain the highest level of visibility.

Connect with Worksport: 

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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 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.

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FAQ

What is the significance of Worksport's new manufacturing facility at 7299 East Danbro Crescent?

The new facility, spanning 55,000 sq ft, will enhance Worksport's manufacturing capabilities, particularly for the TerraVis solar-powered tonneau cover and COR battery systems.

How will Worksport's new facility improve its tonneau cover business?

The new facility will automate production processes, specifically in cutting and sewing, which will help scale up the soft cover business more efficiently.

What is the expected impact of the new facility on Worksport's stock (WKSP, WKSPW)?

The new facility is expected to strengthen Worksport's operational capabilities, potentially boosting investor confidence and stock performance.

Is Worksport partnering with Matcor-Matsu for its new facility?

Yes, Worksport's new facility is located within a property managed by Matcor-Matsu, which offers valuable industry connections and support.