Worksport Ltd (Nasdaq:
(the “Company”), seeking to capitalize on the
growing shift of consumer mindsets towards clean energy with its
proprietary solar and green hydrogen-based technologies, is set to
expand its manufacturing operations by 222,000 square feet into the
United States of America. The Company is under contract and
conducting due diligence for a period of 70 days. This purchase
would establish a strategic presence with a state-of-the-art
facility in the Buffalo, NY suburb of Seneca, near ports,
distribution hubs, and the Canadian border.
As the Company’s manufacturing systems began
occupying more space than expected and demand across all product
lines increased, management proactively pursued additional
manufacturing capacity that its recently leased Canadian
manufacturing facility could not support alone.
“We are working with numerous US banks for a
mortgage with attractive rates to preserve our large cash reserves
and have already been acquiring necessary equipment including two
robotic milling machines and cutting machines to hit the ground
running. We are also considering robotic panel cutting, punching,
and bending machines,” states Steven Rossi, CEO Worksport.
With an effective 222,000 square feet sitting on
over 15 acres of land, the facility spans approximately 150,00
square feet and comes equipped with a 17,229-square foot Automated
Storage & Retrieval System (AS/RS) standing 90 feet tall. This
AS/RS can reduce labor costs and increase throughput by
automatically loading, handling, storing, and picking 5,200 pallets
weighing up to 3,000 lbs/pallet; a system representing 70,000
square feet of additional, fully automated warehouse space to
support inventory demands and long-term growth.
There are also five more acres of additional
land where the Company can develop between 50,000 to 100,000 square
feet of additional space over coming years. And the facility’s
footprint infrastructure already meets the Company’s current power
and height requirements, which will allow for quick and streamlined
occupancy and setup.
Worksport management would be proud to bear the
American flag across all product lines, including the Company’s
mobile, modular Terravis System (having recently resolved shipping
and supply chain issues), Terravis Energy’s versatile, fast
charging Non-Parasitic Electric Vehicle (NPEV) systems and the
Terravis Microgrid™, as well as future products.
This manufacturing expansion would also align
directly with the Company’s direct to consumer push that management
expects will result in strong profit margins and immediate market
penetration, as the Company focuses on aggressive EBITA targets
within the next 12-24 months.
Worksport will update its shareholders on the
purchase contract ratification, contingent upon no critical
findings from Company due diligence, as well as the facility’s full
scale production readiness as they become material; management
estimates to close no later than April 2022.
“This is an absolutely huge step in the journey
for Worksport and Terravis Energy to become major leading forces in
the automotive and energy sectors. The State of New York and the
municipality of Buffalo have been incredible to work with and very
generous in offering business incentives of various forms including
grants and rebates. We aspire to complete due diligence early and
begin capitalizing on this opportunity. We would be thrilled to
proudly proclaim the Company’s products are ‘Made in America’,”
said Steven Rossi, CEO Worksport.
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.terravisenergy.com,
www.investworksport.com and www.goterravis.com.
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,
www.terravisenergy.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.
For additional information, please
contact:Steven Obadiah Investor
T: +1 (888) 506-2013 E: firstname.lastname@example.orgW:
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the current view about future events. When used in this press
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identify forward‐looking statements. Such statements include, but
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