Worksport Ltd. Announces US$4 Million Manufacturing Line Shipped to its U.S. Factory; Estimated Arrival 1 Month Earlier than Expected.
16 February 2023 - 12:00AM
Worksport Ltd. (Nasdaq: WKSP; WKSPW) (the “Company” or “Worksport”)
is pleased to announce that its US$4 million custom European
manufacturing line has now begun the shipping process to the
Company's wholly-owned 222,000 sq. ft. factory in Western N.Y.,
with an estimated arrival date of February 28th – one month earlier
than initially anticipated. The manufacturing line is an essential
component of the Company’s final preparations for full production
of its advanced, proprietary hard-folding tonneau cover -- and
later, the proprietary Solis solar cover -- for the growing pickup
truck market.
Upon its arrival, the Company anticipates that
the installation and training process will take several weeks,
after which the Company plans to conduct test runs. Although
the Company’s hard-folding tonneau covers are expected to be ready
to be sold upon production, before the Solis solar cover can
reach the market, the COR advanced hot-swap battery must
be tested and completed.
"The expected arrival of this machinery is much
anticipated and will be a significant milestone for the Company,"
said Worksport CEO, Steven Rossi. "We are excited to begin
installation and training so that production of our hard-folding
tonneau covers can begin as soon as possible. We believe that will
enable us to steer the Company toward our long-stated goal of
revenue growth."
"We had looked into other potential solutions
that might have allowed the Company to start production without
this custom machinery, but there wasn't a viable alternative that
we believe would enable us to meet our high standards for tonneau
cover production" Rossi added. "If the installation of the new
manufacturing line and training go as expected, we should be in
full production with the hard-folding covers soon after. Then, we
believe we will be well positioned to finish, test and perfect the
Solis solar cover production line."
Investors will receive additional updates as
each of these steps is confirmed.
About Worksport
Ltd.
Worksport Ltd. (Nasdaq: WKSP; WKSPW), 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.
Connect with
Worksport:
Please follow the company’s social media
accounts
on Twitter, Facebook, Linkedin, YouTube, and Instagram,
as well as sign up for the company’s newsletters
at www.worksport.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.
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For additional information, please
contact:Steven ObadiahInvestor RelationsWorksport Ltd.
T: 1-(888)
506-2013E: investors@worksport.comW: www.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. Forward-looking statements are
neither historical facts nor assurances of future performance.
Instead, they are based only on our current beliefs, expectations
and assumptions regarding the future of our business, future plans
and strategies, projections, anticipated events and trends, 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 and many of which are outside of our control.
Our actual results and financial condition may differ materially
from those indicated in the forward-looking statements. Therefore,
you should not rely on any of these forward-looking statements.
Important factors that could cause our actual results and financial
condition to differ materially from those indicated in the
forward-looking statements include, among others, the following:
supply chain delays, acceptance of our products by consumers,
delays in or nonacceptance by third parties to sell our products,
competition from other producers of similar products. More
detailed information about the Company and the risk factors that
may affect the realization of forward-looking statements is set
forth in the Company’s filings with the Securities and Exchange
Commission (SEC), including our Annual Report on Form 10-K and our
subsequent Quarterly Reports on Form 10-Q. Investors and security
holders are urged to read these documents free of charge on the
SEC’s web site at www.sec.gov. As a result of these matters,
changes in facts, assumptions not being realized or other
circumstances, the Company's actual results may differ materially
from the expected results discussed in the forward-looking
statements contained in this press release. The forward-looking
statements made in this press release are made only as of the date
of this press release, and the Company undertakes no obligation to
update them to reflect subsequent events or circumstances.
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