Worksport Ltd. Seeks to Scale Production Capabilities with Advanced Automation and Robotics
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West Seneca, N.Y., July 24, 2023 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP; WKSPW) announces plans to further enhance its manufacturing prowess. In a bold move to boost production speed, margin, quality, and revenue, the Company has announced its intentions to invest
Positioned at the heart of the Company's expansive 220,000 sq. ft. manufacturing facility in West Seneca, N.Y., these groundbreaking investments, as emphasized by Worksport CEO Steven Rossi, will “significantly heighten our capacity and ensure we are adeptly primed to cater to surging demand.”
As previously reported, Worksport's continuing expansion efforts contemplate the development of five total assembly lines—one having been completed already. Among the standout features of the planned factory upgrade is the introduction of multiple robotic arms at the production line to increase speed and efficiency – a move set to markedly uplift the company's production capabilities. Worksport's confidence in these robotic interventions underpins its strategy to commence mass production. The Company is of the opinion that this automation is vital for attracting OEM clients in the future.
Notably, several OEMs have engaged in collaborations with Worksport, leveraging the Company's innovative prowess to tailor-make tonneau covers for an array of light truck models. Taking innovation up a notch, Worksport anticipates unveiling its SOLIS solar truck bed covers later in the year, a pioneering initiative tethered to the advancements of its proprietary COR battery system.
Commenting on this monumental phase in the Company's trajectory, Rossi expressed, “Our transformation into a full-fledged manufacturing entity has surpassed even our most optimistic forecasts. The rate of evolution has been nothing short of exhilarating. With our maiden assembly line expected to start production in the next few weeks, we stand at the threshold of an era where we can deliver state-of-the-art light truck covers to tap into a growing market. This marks a pivotal milestone, heralding the dawn of revenue influx.”
In closing, Worksport urges investors to stay connected and witness this exhilarating chapter in the Company's U.S. production and revenue ascendancy.
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 investors.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 investors.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) 554 8789 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," “project,” 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 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.
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