Worksport Takes Major Step to Fulfilling its Promises
Worksport Ltd. (OTC: WKSP) has signed a lease for a new manufacturing facility in Mississauga, Ontario. The agreement fosters a partnership with a Tier-one OEM automotive manufacturer, enhancing Worksport's production capabilities.
The facility will be move-in ready within months, allowing Worksport to utilize less than half the space initially, optimizing cost savings as they grow. Equipped with stamping presses and modern tools for product development, this site will facilitate the assembly of the upcoming TerraVis™ and support further innovations aimed at the EV and Sustainable Energy markets.
- Signed a lease for a new manufacturing facility in Mississauga, Ontario, enhancing production capacity.
- Partnership with a Tier-one OEM automotive manufacturer to assist in manufacturing and growth.
- Facility equipped with stamping presses and advanced tools promoting efficient production.
- None.
Signing the Lease Agreement for Their World-Class Manufacturing Facility
TORONTO, May 04, 2021 (GLOBE NEWSWIRE) -- Worksport Ltd (OTC: WKSP) (or the “Company”) is excited to update its investors, shareholders, and supporters that it officially signed a lease agreement for its new Canadian manufacturing facility. This memorializes a deal which also creates a valuable relationship with the property’s ownership, a fully integrated, Tier-one, OEM automotive manufacturer and supplier. Along with being the property owner, management may be advising Worksport leadership at the beginning, fostering a strong working relationship with the Company, helping to develop Worksport’s manufacturing footprint in Canada and position the Company to effectively manage expected growth. “My team and I are very excited for the opportunity to work with such an established business in the automotive manufacturing sector and very much look forward to what the future holds,” states Worksport CEO Steven Rossi.
The facility – located in Mississauga, Ontario, Canada, is in a manufacturing hub just outside of Toronto, minutes from Person International Airport - and will be upgraded at no further expense to Worksport. As a result, Worksport’s new world-class facility could be move-in ready within just a couple months. Another major benefit of this business partnership will give the Company the ability to grow into the space. At first, Worksport will utilize under half of the available space, taking more as the Company expands and grows, being a huge cost-savings benefit to Worksport.
It is worth noting that this manufacturing facility will far exceed the needs for any equipment the Company could require to meet its expected goals. As an added benefit, the operating space comes already equipped with stamping presses that could be utilized in the production process, with minimal capital expenditure. Additionally, the Company has begun to purchase advanced tools to aid in further development of its current and upcoming product lines, from technologically advanced 3D scanners to 3D printers allowing for rapid prototyping to get new products to market faster.
This new facility will be where the forthcoming TerraVis™ is proposed to be assembled and enhanced, with plans for close partner collaboration aiding in meticulous oversight. Worksport management is also moving ahead with new projects. Along with the Company setting up a best-in-class R&D departments, Worksport is working on developing new technologies, focussed on creating even more value for the EV & Sustainable Energy industries. Management will disclose new projects in the near future.
To stay up-to-date on all the latest Worksport news… investors, shareholders, and supporters are encouraged to 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 and www.goterravis.com. Worksport will continue to update investors, shareholders, and supporters to maintain the highest level of disclosure and information dissemination as Worksport continues to grow and develop at a very rapid pace.
About Worksport Ltd.
Worksport Ltd. (currently OTCQB: WKSP) develops and manufactures high quality, modular, attractively priced tonneau covers and solar-powered systems for light-duty trucks such as the Sierra, Silverado, Canyon, RAM, Ford F-Series, et al. as well as consumer adventures & emergency/ disaster-recovery purposes, where portable energy is a necessity. The modular, redefining Worksport TerraVis™ tonneau cover system is being mindfully designed for the jobsite contractor and off-road, light-duty trucker - for work and play - to sustainably supply extra energy for those additional miles. Its allied TerraVis COR™ mobile energy storage system (ESS), expected to launch by end of 2021, will be another redefining product targeted for vacationers, second-home owners, and campers. Plans are also being constructed to address the dire adoption & scaling needs of the EV markets with grid micro-charging stations to provide convenience and efficiency in recharging to smaller form-factor EVs. For more information, please visit www.worksport.com and www.goterravis.com.
Connect with Worksport:
For additional information, please contact:
Faran Ali
Business Development Manager
Worksport Ltd
T: 1-(888) 506-2013
E: investors@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. 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 is the significance of the new manufacturing facility for Worksport (WKSP)?
Where is Worksport's new manufacturing facility located?
What benefits does the lease agreement provide to Worksport (WKSP)?
When will the new Worksport manufacturing facility be operational?
What products will be manufactured at Worksport's new facility?
