Worksport Ltd. to Inspect Major Factory Equipment for U.S. Facility from January 19-21.

Rhea-AI Summary

Worksport Ltd. (Nasdaq: WKSP; WKSPW) announced the inspection of a custom manufacturing line in Europe, crucial for automating the production of hard folding truck covers and components for the SOLIS solar truck bed cover system. This $4 million system will complete their 222,000 sq. ft. manufacturing facility in New York, aiming to enhance revenue and profitability. Following approval, the system is expected to arrive in late February with operational training concluding in April. The factory will emphasize sustainable practices, using recyclable materials. CEO Steven Rossi expressed optimism about accelerating production and revenue generation.

Positive

• Announcement of a $4 million custom manufacturing system to automate production.
• Completion of a 222,000 sq. ft. manufacturing facility aimed at increasing revenue.
• Sustainable manufacturing practices with recyclable materials proposed.

Negative

• None.

Richmond Hill, Ontario, Canada, Jan. 19, 2023 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP; WKSPW) (the “Company” or “Worksport”) is pleased to announce the inspection of its commissioned custom manufacturing line. The assessment will take place by an agent of Worksport in Europe from Today January 19^th to the 21^st. The custom-made manufacturing line is essential to Worksport beginning and expanding automated production of its American-made hard folding truck covers. This manufacturing line will also produce components for Worksport’s highly anticipated SOLIS solar truck bed cover system.

The US$4 million custom manufacturing system is intended to automate the Company’s in-house production of major components for Worksport’s hard-fold tonneau covers, the basis for the much anticipated, highly innovative SOLIS solar truck bed cover.

“This machinery is needed to complete our 222,000 sq. ft. Western N.Y manufacturing facility, a key link in our drive to generate revenues and profitability,” said Worksport CEO, Steven Rossi. Rossi continued, “If everything is confirmed and approved, the production system is expected to arrive in the U.S. at the end of February. After the installation of the equipment expected to be in March, operator training is expected to take several weeks and conclude in April. We are very proud that hardcover parts will contain no single-use plastics or toxic sealants. Instead, bonding agents, which are cheaper, stronger and lighter as well as fully recyclable at the end of their usefulness, will be used. We intend to be a green company from start to finish in both products and manufacturing.” 

Once operational, the New York factory will be used to produce Worksport’s proprietary hard tonneau covers. These products comprise the basis for SOLIS Solar Cover, expected to be the largest source of Worksport’s future growth and revenues — and which has interest from several major global automotive OEMs. A complete working SOLIS cover needs its companion COR battery with its advanced hot-swap technology to store and deploy its saved power for a myriad of uses.

“We hope to communicate good news on approval for the machine soon,” Rossi said.

“Approval will bring Worksport closer to production in our U.S. facility and allow us to shift focus to sales and revenue growth once the facility is in production,” added Rossi.

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 Worksport's recent announcement regarding their manufacturing line?

Worksport announced the inspection of a $4 million custom manufacturing line essential for automated production of hard folding truck covers.

When will the custom manufacturing system for Worksport arrive in the U.S.?

The system is expected to arrive at the end of February 2023.

What is the significance of the SOLIS solar truck bed cover system for Worksport?

The SOLIS system is anticipated to be a major growth driver for Worksport's revenues.

How does Worksport plan to ensure sustainability in its manufacturing process?

Worksport plans to use recyclable materials and eliminate single-use plastics in their products.

What timeline has Worksport set for its manufacturing facility operations?

After equipment installation in March 2023, operator training is expected to be completed by April 2023.