Worksport Ltd. Seeks to Scale Production Capabilities with Advanced Automation and Robotics
24 July 2023 - 10:00PM
Worksport Ltd. (Nasdaq: WKSP; WKSPW) announces plans to further
enhance its manufacturing prowess. In a bold move to boost
production speed, margin, quality, and revenue, the Company has
announced its intentions to invest $1,500,000 over the next 18
months with a strong potential for additional investment in a range
of automation tools, notably in the realm of robotics. As part of
its mission to achieve the zenith of production efficiency.
Positioned at the heart of the Company's
expansive 220,000 sq. ft. manufacturing facility in West Seneca,
N.Y., these groundbreaking investments, as emphasized by Worksport
CEO Steven Rossi, will “significantly heighten our capacity and
ensure we are adeptly primed to cater to surging demand.”
As previously reported, Worksport's continuing
expansion efforts contemplate the development of five total
assembly lines—one having been completed already. Among the
standout features of the planned factory upgrade is the
introduction of multiple robotic arms at the production line to
increase speed and efficiency – a move set to markedly uplift the
company's production capabilities. Worksport's confidence in these
robotic interventions underpins its strategy to commence mass
production. The Company is of the opinion that this automation is
vital for attracting OEM clients in the future.
Notably, several OEMs have engaged in
collaborations with Worksport, leveraging the Company's innovative
prowess to tailor-make tonneau covers for an array of light truck
models. Taking innovation up a notch, Worksport anticipates
unveiling its SOLIS solar truck bed covers later in the year, a
pioneering initiative tethered to the advancements of its
proprietary COR battery system.
Commenting on this monumental phase in the
Company's trajectory, Rossi expressed, “Our transformation into a
full-fledged manufacturing entity has surpassed even our most
optimistic forecasts. The rate of evolution has been nothing short
of exhilarating. With our maiden assembly line expected to start
production in the next few weeks, we stand at the threshold of an
era where we can deliver state-of-the-art light truck covers to tap
into a growing market. This marks a pivotal milestone, heralding
the dawn of revenue influx.”
In closing, Worksport urges investors to stay
connected and witness this exhilarating chapter in the Company's
U.S. production and revenue ascendancy.
For further information, please visit Worksport’s
official website for investors at investors.worksport.com.
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 investors.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
investors.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.
LinkedInFacebookTwitterInstagramYouTube
For additional information, please
contact:Steven ObadiahInvestor RelationsWorksport
Ltd.T: 1 (888) 554 8789
E: investors@worksport.com
W: 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," “project,” 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 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.
Worksport (NASDAQ:WKSPW)
Historical Stock Chart
From Apr 2024 to May 2024
Worksport (NASDAQ:WKSPW)
Historical Stock Chart
From May 2023 to May 2024