Worksport Ltd.
(Nasdaq: WKSP) (the “Company” or
“Worksport”), through its wholly owned subsidiary, Worksport New
York Operations Corporation (“WKSP NY”), seeking to capitalize on
the growing shift of consumer mindsets towards clean energy with
its proprietary solar and green hydrogen-based technologies, has
completed the purchase of a manufacturing facility in upstate New
York. The Company plans to manufacture its line-ups of advanced
products in this new facility, including its brand-new solar cover,
SOLIS, which utilizes the Company’s TC3 truck bed cover as its base
and is primarily constructed of aluminum components.
Located in West Seneca, a suburb of Buffalo, New
York, the facility was purchased for $8.125M USD. The acquisition
was completed with a purchase and sale agreement between the
Company and J&M Distributing on May 6th, 2022, transacted with
cash and a favorable loan agreement between WKSP NY and Northeast
Bank for $5.3M USD of the purchase price. The facility is 152,847
square feet and features a 17,229-square foot Automated Storage
& Retrieval System, or AS/RS, that stands 90 feet tall. This
advanced system will allow Worksport to store parts and products
vertically, utilizing cubic area of available space, streamlining
component and product retrieval during production and order
fulfilment, respectively.
This facility investment is a culmination of two
years’ worth of planning and Company management believes it will
afford the business to take complete control of its production
pipelines for all its current and future products.
Mr. Steven Rossi, Worksport Chief Executive
Officer states, “With all the manufacturing issues plaguing
multiple industries today, from supply chain issues to the risk of
IP being compromised, on-shoring production to a facility we own is
the next logical step in Worksport’s growth strategy. Establishing
a solid foundation in this particular phase of the business is
invaluable and very exciting for the Company.” Worksport will begin
setting up machines that have been purchased over the last several
months, including an Emmegi milling line, fabric cutter from Gerber
Technology, and a fully automated bending machine from Prima Power.
The Company is paving a new path where it will be able to compete
at the highest level for the first time in the Company’s history.
It plans to be operational within three months and is aiming to be
running at full capacity by the end of 2022. In the interim, 30,000
square feet of the building is leased to Sonwil Distribution until
December 31, 2022, reducing some expenses while the Company
completes setup for full-scale production.
The Governor’s Office of New York had the
following to say about this acquisition:
“Governor Hochul’s dedication to attracting
small businesses, by supporting forward-thinking companies like
Worksport Ltd., will continue to strengthen the economy and create
high-quality jobs in Erie County and across the state,” said Empire
State Development Acting Commissioner and President &
CEO-designate Hope Knight. “As Worksport’s first U.S. production
facility, this project will solidify the company’s investment
within New York State, help foster innovation and green technology,
and provide the potential for even more jobs in the future.”
Company CEO Steven Rossi adds, “We are ecstatic
to be bringing the Company’s manufacturing to North America, and
especially in New York, where our first ‘Made in USA’ SOLIS solar
cover and Terravis Energy grid-connected fast chargers will roll
off our production lines in short order. We intend to continue
investing in the facility to ensure success for Worksport while
striving to become a valued member of the community. We are on a
new, exciting path and are grateful to New York. The New York
Community has been great and pivotal in the closing of this
monumental purchase for the Company. We are looking forward, with
this facility, to do extremely exciting things.”
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.
About Terravis Energy, Inc.
Terravis Energy, Inc. designs, develops, and
manufactures clean, green energy solutions that power lifestyle
markets, with each segment of the company feeding into the
derivation of the brand itself – Latin for “Earth” and “Force”. The
company foresees the future of the electric vehicle markets and
sustainable energy markets through multiple lenses. Its
Non-Parasitic Electric Vehicle (NPEVTM) fast charging platform
which combines ultra-efficient hydrogen fuel cells with solar to
create completely carbon-free charge points that can re-energize
Battery Electric Vehicles. Its Terravis Energy Nanogrid which is
designed to power houses and is modular where excess power can be
directed toward utilities such as crypto mining. Its Terravis
Energy Microgrid system, composed of several Terravis Energy
Nanogrid systems, can power data centres and entire
communities.
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,
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.
Linkedin
Facebook
Twitter
Instagram
YouTube
For additional information, please
contact:Steven ObadiahBusiness
Development ManagerWorksport Ltd.T: 1-(888)
506-2013E: investors@worksport.comW:
www.investworksport.com
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