Worksport Ltd
(Nasdaq-CM:
WKSP) (the “Company”) is providing a Corporate Update,
including a review of 2021 and what Management has planned in 2022.
Company management would like its community of
shareholders and supporters to know that 2021 was a year of
consolidation, building and strategic planning.
As a cornerstone of Worksport’s agenda, the
Company began ramping up production from its Chinese factory
immediately following the close of the Regulation-A offering in
March. To service Worksport’s new B2B and B2C sales strategies, the
Company has been stocking inventory during Q4, 2021, which includes
our conventional products that will be sold through our eCommerce
platform slated for launch Q1 2022.
During 2021, we developed the first solar
tonneau cover along with its counterpart, the Terravis COR,
portable rechargeable energy storage unit. With our $30mm capital
raise we were able to begin to bring our manufacturing home to
Canada. In our new facility, we will be able to streamline our
manufacturing process to produce our products faster while
maintaining similar profit margins.
To close out 2021 Worksport will be heavily
focusing on securing and tooling its new facility. - with the first
automated cutting and milling machines having arrived in October.
Management expects delivery of the remaining equipment to continue
into December and through the end of January. These production
capabilities range from cutting and milling, to metal bending,
automated sewing, to plastic application and tarp cutting.
Management expects most, if not all, of these systems to be
installed between the end of January and mid-February 2022. If
there are no delays due to unpredictable lead times as a result of
the pandemic global recovery, management believes the Canadian
factory will begin servicing its B2B and B2C customers by the end
of Q2 2022.
In addition, we have been able to increase our
research and development operations and attract several
professionals with PhDs to join our already talented team of
engineers and designers. We believe our team is poised to undertake
and complete projects that will be ground-breaking with respect to
clean energy solutions. Although shipping and supply challenges
have delayed its launch, we are excited to demonstrate the
Terravis’ capabilities and will be in a position to do so hopefully
in Q1 2022. The Company originally planned a demonstration in Q4
2021, however crucial components are stick in transit.
As of the date of this release, we are waiting
for the internal batteries to arrive. There have been some delays
in shipping due to batteries of this energy capacity not able to be
shipped conventionally. Regardless of shipping delays, management
believes that it will be able to debut the Terravis COR and solar
cover, demonstrating its capabilities for consumers and investors
publicly before the end of 2021.
As Management looks toward the second half of
2022, we have already begun the process of transforming the COR
system into its own platform, with a variety of uses, including
whole home power backup with an emphasis on portability to work in
conjunction with its SOLIS and COR products. To echo Worksport’s
Director of Engineering, Dr. Rafael Oliveira, the Company is
already looking to continue innovating with more powerful mobile
units, maintaining focus on simplicity and usability. And while
still early in its development, Terravis Energy’s NPEV system is
making incredibly significant progress, with Management expecting
to have a working prototype in early 2022. Furthermore, because of
the Company’s charismatic business development strategies involving
actively seeking out partners and having conversations with
potential partners, there have been exploratory talks of building a
B2B business with large multinational stores.
Worksport CEO Steven Rossi comments, “Part of
our goal is to make power systems easier and simpler to use. We
have made incredible strides towards achieving these objectives,
going from concept to production in just under 1.5 years, and we
look forward to even greater steps. We maintain our strong
commitment to decarbonize transportation and shift consumer
mindsets toward sustainable energy technologies, and we look
forward to sharing these developments with the investment community
as they come to fruition.”
About Worksport
Ltd.
Worksport Ltd. (Nasdaq: WKSP), 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, www.investworksport.com and
www.goterravis.com.
Connect with
Worksport:
Please 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 or
www.investworksport.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.
Linkedin
Facebook
Twitter
Instagram
For additional information, please
contact:Steven ObadiahBusiness
Development ManagerWorksport Ltd.T: 1-(888)
506-2013E: investors@worksport.comW:
www.investworksport.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.
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