Worksport's US$4 million European Machine Line Arrives at Company’s New York Factory.

Rhea-AI Summary

Worksport Ltd. (Nasdaq: WKSP; WKSPW) has successfully received a US$4 million custom European manufacturing line at its New York factory, one month ahead of schedule. This installation is pivotal for the production of its hard-folding tonneau covers and the SOLIS solar-charging cover for the pickup truck market. The company will commence installation and training shortly, with production expected to follow. CEO Steven Rossi highlighted this development as a significant step towards achieving anticipated revenue growth and fulfilling market readiness for their innovative products.

Positive

• Manufacturing line arrived one month early, ensuring faster production.
• Investment of US$4 million in advanced manufacturing technology to enhance production capabilities.
• Focus on hard-folding tonneau covers and SOLIS solar-charging tonneau covers for expanding market.

Negative

• Production of SOLIS cover is contingent upon the completion and testing of the newly designed COR battery system.

--Installation and Training Next--

Richmond Hill, Ontario, Canada, March 14, 2023 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP; WKSPW) (the “Company” or “Worksport”) is excited to announce that its US$4 million custom European manufacturing line has arrived at the Company’s 222,000 sq. ft. factory in Western N.Y. – one month earlier than initially scheduled. The Company anticipates making final preparations for the American production of its advanced, hard-folding tonneau cover -- and later, the proprietary SOLIS solar-charging tonneau cover -- for the growing pickup truck market.

The Company plans to start installing the manufacturing right away and expects the installation to take several weeks, after which it plans to start several weeks of training before it will conduct numerous test runs.

Worksport's hard-folding tonneau covers are expected to be market ready upon production. The newly redesigned COR advanced hot-swap battery system must be tested and completed before its companion SOLIS cover can be sold.

"All of us at Worksport were so proud to have this advanced European manufacturing line delivered to our New York factory," said Worksport CEO Steven Rossi. "It confirms our strategy of sourcing this machine so that American production of our hard-folding tonneau covers can begin. We anticipate beginning installation and training immediately so that we can deploy the manufacturing line as soon as possible. And when that happens, we believe Worksport will be well on the way toward our long-predicted goal of revenue growth."

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) 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," 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 Ltd.'s recent announcement regarding its manufacturing line?

Worksport Ltd. announced that its US$4 million custom European manufacturing line has arrived at its New York factory one month ahead of schedule.

How does the new manufacturing line impact Worksport Ltd.'s production capabilities?

The new manufacturing line will enhance Worksport Ltd.'s production capabilities for hard-folding tonneau covers and the upcoming SOLIS solar-charging tonneau cover.

When will production start for Worksport's tonneau covers?

Worksport plans to start the installation of the manufacturing line immediately, with production expected to follow after training and testing.

What are the future products Worksport Ltd. aims to produce?

Worksport Ltd. aims to produce advanced hard-folding tonneau covers and the proprietary SOLIS solar-charging tonneau cover.

What is the significance of Worksport's new manufacturing line for its revenue growth?

The new manufacturing line is a key element in Worksport's strategy to achieve anticipated revenue growth and market readiness for its innovative products.