Worksport, Ltd. Warrant - WKSPW STOCK NEWS

Worksport Ltd. (WKSP) extends Thanksgiving wishes to employees, investors, and stakeholders. Recent achievements include a long-term agreement for US factory product, R&D for Terravis Energy's heat pump project, registered direct offering, and significant Q3 revenue growth of 2400% YoY.

Worksport Ltd. (Nasdaq: WKSP; WKSPW) announces the transition of its groundbreaking COR battery system into the Test Phase, marking the beginning of intensive testing. The COR system is designed for pickup truck beds and independent use, with a focus on resilience, durability, and adaptability to diverse challenges. The Test Phase will include performance evaluations in extreme climates, rigorous terrain trials, examinations in humidity, vertical drops, splash water, and spray situations, as well as shock tests. This phase aligns with the recent Alpha Release, aiming to gather feedback for further improvements before the Mass Market Release of the COR battery system and the SOLIS solar cover.

Worksport Ltd. (Nasdaq: WKSP; WKSPW) reports a significant revenue growth of approximately 2399% in North American sales for Q3 FY2023, reflecting the company's expanding production and fulfillment of large sales orders. Expansion in product offerings, significant purchase orders, and strategic partnerships contribute to the strong financial results.

Worksport Ltd. is preparing for an alpha release of its COR battery system. The company is streamlining its supply chain and forging partnership agreements with global suppliers. The alpha release will serve as a preliminary user iteration before the mass-market release. Worksport is also expanding its production capabilities and its subsidiary, Terravis Energy, plans to increase research and development for its heat pump.

Worksport Ltd. has entered into a securities purchase agreement with a single institutional investor for a registered direct offering. The investor will purchase 3,500,000 shares of common stock and receive warrants to purchase up to 7,000,000 shares. The combined offering price for each share and warrant is $1.34. The gross proceeds to the company are estimated to be approximately $4.7 million.

Worksport receives interest from a leading Canada-based automotive aftermarket reseller for its hard-folding tonneau covers. The potential customer has an annual sales volume of over $10 billion CAD. Worksport is also expanding into the cleantech sector with its SOLIS Solar Cover and COR Battery System.

Worksport's subsidiary, Terravis Energy, is increasing R&D for its Cold Climate Residential Heat Pump due to expected growth in North American and global markets. The pump utilizes a special fluid to transfer heat and offers zero-emission, sustainable energy for heating and cooling homes. The North American market is estimated to reach $7.3 billion with a projected 9% annual growth rate, while the global market is expected to reach $121.5 billion by 2032. The market expansion is driven by government initiatives to reduce carbon emissions and consumer demand for energy-efficient technologies.

Worksport secures long-term supply agreement, expects $16M in annual sales from single customer

Worksport announces strides in COR battery system development to complement SOLIS solar cover, enhancing remote power supply and driving range of electric pickup trucks. Battery system features redundant overheating protection and seamless connectivity to mobile app. Worksport testing various battery technologies for customization. Partnership with Hyundai and potential partnerships with other manufacturers indicate transformative era in energy producing truck bed solutions.