Worksport Ltd. Announces US$4 Million Manufacturing Line Shipped to its U.S. Factory; Estimated Arrival 1 Month Earlier than Expected.

Rhea-AI Summary

Worksport Ltd. (Nasdaq: WKSP; WKSPW) announced that its custom $4 million European manufacturing line has begun shipping to its New York facility, arriving a month ahead of schedule on February 28, 2023. This line is crucial for initiating full production of their proprietary hard-folding tonneau covers and the Solis solar cover for the pickup truck market. Following arrival, installation and training will occur, followed by test runs. CEO Steven Rossi emphasized that this milestone is vital for achieving revenue growth. The installation's success could lead to swift production ramp-up for their products.

Positive

• The $4 million custom manufacturing line is scheduled to arrive one month early.
• Installation and training following the arrival will enable quick initiation of production.
• This manufacturing capability aims to meet growing demand in the pickup truck market.

Negative

• None.

Richmond Hill, Ontario, Canada, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP; WKSPW) (the “Company” or “Worksport”) is pleased to announce that its US$4 million custom European manufacturing line has now begun the shipping process to the Company's wholly-owned 222,000 sq. ft. factory in Western N.Y., with an estimated arrival date of February 28^th – one month earlier than initially anticipated. The manufacturing line is an essential component of the Company’s final preparations for full production of its advanced, proprietary hard-folding tonneau cover -- and later, the proprietary Solis solar cover -- for the growing pickup truck market.

Upon its arrival, the Company anticipates that the installation and training process will take several weeks, after which the Company plans to conduct test runs. Although the Company’s hard-folding tonneau covers are expected to be ready to be sold upon production, before the Solis solar cover can reach the market, the COR advanced hot-swap battery must be tested and completed.

"The expected arrival of this machinery is much anticipated and will be a significant milestone for the Company," said Worksport CEO, Steven Rossi. "We are excited to begin installation and training so that production of our hard-folding tonneau covers can begin as soon as possible. We believe that will enable us to steer the Company toward our long-stated goal of revenue growth." 

"We had looked into other potential solutions that might have allowed the Company to start production without this custom machinery, but there wasn't a viable alternative that we believe would enable us to meet our high standards for tonneau cover production" Rossi added. "If the installation of the new manufacturing line and training go as expected, we should be in full production with the hard-folding covers soon after. Then, we believe we will be well positioned to finish, test and perfect the Solis solar cover production line."

Investors will receive additional updates as each of these steps is confirmed.

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: 

Please follow the company’s social media accounts on Twitter, Facebook, Linkedin, YouTube, and Instagram, as well as sign up for the company’s newsletters at www.worksport.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.

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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.

FAQ

What is the significance of Worksport's new manufacturing line?

The new manufacturing line is crucial for initiating full production of Worksport's hard-folding tonneau covers and the Solis solar cover.

When is the expected arrival date of the new manufacturing line for Worksport?

The expected arrival date is February 28, 2023, which is one month earlier than initially anticipated.

What are the future plans for Worksport's product production?

Following the installation of the new manufacturing line, Worksport plans to start production of their tonneau covers and finalize testing for the Solis solar cover.

How does Worksport plan to achieve revenue growth?

Worksport aims to achieve revenue growth by successfully installing the new manufacturing line and ramping up production of its products.