Worksport Signals Undervalued Status, Eyes Major 2024 Growth

West Seneca, New York -  April 25, 2024 - Worksport Ltd. (NASDAQ: WKSP) (NASDAQ: WKSPW), a U.S.-based manufacturer dedicated to developing innovative hybrid and clean energy solutions in light truck, overlanding, and global consumer goods markets, today released a memo to shareholders, iterating management's outlook on maximizing shareholder value and setting the stage for a transformative year in projected growth for 2024, on all fronts.

"As we steer through a pivotal phase at Worksport, our direction is clear and aimed at reinforcing our position as a leader in truck accessories and sustainable automotive solutions," said Steven Rossi, CEO & President of Worksport. "With our focus on delivering innovative products that cater to the booming pickup truck, overlanding, and off-roading communities, we have just begun capturing our share of these significant market segments."

‍

Corporate Valuation and Growth Outlook:

• Undervalued Stock Potential: With over 150 registered and pending patents and trademarks, a state-of-the-art facility valued at over $9.2 million-exceeding our current market cap-and advanced manufacturing equipment valued at more than $7 million, it is our belief that Worksport stock is significantly undervalued.
• Year-end sales for 2024 are expected to significantly increase from the previous year, primarily driven by Worksport's U.S.-made hard covers along with highly anticipated green-energy products coming this summer. Having already generated significant press and industry interest, the market introduction of the SOLIS solar cover and the COR portable energy storage system in the months ahead is expected to exponentially boost growth potential and substantially enhance shareholder returns.
• ‍

Strategic Inventory and Production Milestones:

• Robust Inventory and Supply Chain Stability: With a robust balance of inventory to produce new products, a significant revenue growth opportunity is present, and is being met by strong demand for the Company's Made in America hard-covers. The Company is confident in its ability to produce significant volumes and capitalize on increasing demand without delay.
• B2C Sales Momentum: Direct-to-consumer sales campaigns initiated in March 2024 have already led to an uptick in sales, with sales figures from April 2024 already surpassing internal projections, indicating robust consumer demand and market acceptance.
• Accelerated B2B Engagements: An overwhelmingly positive reception from major U.S. business customers, including initial purchase orders from three leading players, has accelerated the Company's B2B pipeline, while marking a significant vote of confidence in Worksport's technology and business model.

‍

Innovation and Market Expansion:

• First-to-Market Solar Truck Bed Cover: Finalized after extensive engineering and prototyping, the patented SOLIS cover is set for its market debut this summer. As a pioneer in the solar technology space, capturing even 5% of the U.S. market translates to significant revenue potential, potentially exceeding $300 million annually from the solar cover line alone. The SOLIS Solar Truck Bed Cover will be among the very first to market and will be available for all major makes and models. The Company has received copious interest from the media, industry partners, and consumers for this forthcoming innovation.
• COR Solid State Power Generator Launch: Complementing the SOLIS cover, the patent pending COR battery system is nearing the end of its prototyping phase. With each SOLIS unit sold, a COR unit stands as its perfect counterpart, enhancing utility and customer value. Alpha units of the COR system are expected to be available by this summer with strong interest from US Government Agencies & Major Retailers.
• Groundbreaking Heat Pump Technology: Additionally, Worksport subsidiary, Terravis Energy, Inc., is on the brink of completing an innovative residential heat pump that surpasses existing technological standards by up to 40%. With the global heat pump market projected to grow at a CAGR of 8.5%, reaching $142.4 Billion by 2030, this development has garnered significant interest from conglomerate companies and governments worldwide.

‍

Grants and Intellectual Property:

• Many active grant applications: Currently Worksport is actively pursuing several multi-million-dollar grants to further support the business, research and development efforts, and sales efforts. Worksport will be excited to share updates in the coming months regarding some of these applications.
• Expanding IP Portfolio: The strength of Worksport's intellectual property portfolio continues to further solidify our market position and innovation capacity, with new additions to the portfolio every quarter for the last year.

Despite a stock price that does not reflect our true value, the company believes 2024 is set to be an inflection point for Worksport that solidifies our position as a U.S-based manufacturer dedicated to developing innovative hybrid and clean energy solutions in the light truck, overlanding, and global consumer goods markets.

‍