Worksport Ltd 2021 Highlights

Rhea-AI Summary

Worksport Ltd. (Nasdaq: WKSP) has filed its annual report with the Securities and Exchange Commission, showing approximately $36 million in assets and $2.1 million in liabilities. The company's cash position has reached $28 million, marking its strongest level since inception. CEO Steven Rossi stated the company is well-positioned for growth after focusing on inventory and transitioning manufacturing from China to North America. Key 2021 milestones include raising $16.1 million in a public offering, completing a Reg A offering, and uplisting to Nasdaq.

Positive

• Strong cash position of $28 million, highest since inception.
• Raised $16.1 million in an underwritten public offering.
• Successfully transitioned manufacturing from China to North America.
• Uplisted to Nasdaq, increasing visibility and potential for investment.

Negative

• None.

Mississauga, April 06, 2022 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP) (the “Company”) has filed its annual report with Securities and Exchange Commission.

The entire report can be found on the Securities and Exchange Commission edgar filing database.

The Company has approximately $36 million in assets and $2.1 million in liabilities. The Company has approximately $28 million in cash which is its strongest cash position since its inception.

“We are in a position that we are comfortable with. We have a great cash position and are poised to have a very good year. During 2021 we focused our energy on building inventory knowing that making the transition from manufacturing in China to North America was going to cost us some production days. Overall, we are in good position to revamp our manufacturing and sales practices and made good strides in just that.” said Steven Rossi, Chief Executive Officer of Worksport.

In 2021 the Company:

• Raised $16.1 million in an underwritten public offering;
• Completed its Reg A offering for proceeds of approximately $7 million;
• Completed its private offering for proceeds of approximately $4 million;
• Uplisted to the Nasdaq Stock Exchange;
• Appointed Bill Caragol and Ambassador Ned. L Siegel to the Board of Directors;
• Established Audit, Compensation and Corporate Governance Committees;
• Formed Terravis Energy, Inc. for its alternative energy endeavors (operations commenced in 2022;
• Built pre-production prototype Worksport SOLIS and COR;
• Created an Advisory Board;
  

About Worksport Ltd.
Worksport Ltd. (Nasdaq: WKSP), 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, www.investworksport.com and www.goterravis.com.

About Terravis Energy, Inc.

Terravis Energy, Inc. designs, develops, and manufactures clean, green energy solutions that power lifestyle markets, with each segment of the company feeding into the derivation of the brand itself – Latin for “Earth” and “Force”. The company foresees the future of the electric vehicle markets and sustainable energy markets through multiple lenses. Its Non-Parasitic Electric Vehicle (NPEV^TM) fast charging platform which combines ultra efficient hydrogen fuel cells with solar to create completely carbon-free charge points that can re-energize Battery Electric Vehicles. Its Terravis Nanogrid^™ which is designed to power houses and is modular where excess power can be directed toward utilities such as crypto mining. Its Terravis Microgrid^™ system, composed of a number of Terravis Nanogrid^™ systems, can power data centres and entire communities. Its Terravis Wall-e^™ platform is a standalone power backup system for homes in cases of power failures, as well as a “power guardian” that can be used in conjunction with the Terravis Nanogrid^™.

For more information, please visit www.terravisenergy.com.

Connect with Worksport: 

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, www.terravisenergy.com or www.investworksport.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.

LinkedIn

Facebook

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For additional information, please contact:
Steven Obadiah
Business Development Manager
Worksport Ltd.
T: 1-(888) 506-2013
E: investors@worksport.com
W: www.investworksport.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.

FAQ

What are the key financial highlights from Worksport Ltd.'s annual report?

Worksport Ltd. reported approximately $36 million in assets and $2.1 million in liabilities, with a strong cash position of $28 million.

What significant events occurred for Worksport Ltd. in 2021?

In 2021, Worksport raised $16.1 million in a public offering, completed a Reg A offering, and uplisted to the Nasdaq Stock Exchange.

What does Worksport Ltd. focus on in terms of product development?

Worksport Ltd. designs and manufactures tonneau covers, solar integrations, and hydrogen-based energy solutions targeting clean energy and automotive sectors.

Who is the CEO of Worksport Ltd. and what did he say about the company's future?

Steven Rossi, CEO of Worksport, stated the company is comfortable with its cash position and is poised for growth after revamping manufacturing.