Worksport Announces Purchase of 222,000-Sq Ft Facility, On-shoring Production of Consumer Products

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Mississauga – May 12, 2022 — 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 and investors.worksport.com.

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 or 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.

For additional information, please contact:

Steven Obadiah
Investor Relations
Worksport Ltd.
T: 1-(888) 554-8789
E: investors@worksport.com
W: 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,” 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: a delay in the production of the T3 tonneau cover, supply chain delays, acceptance of our T3 tonneau cover and other 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 The Company encourages you to consider all of these risks, uncertainties and other factors carefully in evaluating the forward-looking statements contained in this press release. 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.

Invest in Innovation

Nasdaq: WKSP

Starting as a producer of truck bed tonneau covers for pickups in the United States and Canada, Worksport has since evolved to position itself as an innovator in the automotive aftermarket.

Top Product: SOLIS Solar Cover & COR Battery

Key Innovations: Extra mileage EV Pickups OffGrid Mobile Power from the Sun.

Usability: For both EV Pickups & Petrol Pickups COR Battery with or without pickup

Other Products: Regular Hard and Soft-Folding Covers

WORKSPORT’S SOLIS & COR

Worksport SOLIS and COR provide an adaptable power source for off-grid power. Not just another battery, these powerhouses work in unison to offer continuous clean, rechargeable power from the sun. COR has a fully replaceable system that allows you to swap a depleted battery for a fresh one without losing juice. SOLIS charges batteries to be ready for the exchange.

The truck bed power system

Worksport’s truck bed power system kit will come with COR (which includes one hub inverter and one battery), SOLIS Folding Solar Tonneau Cover, rail mounting system, MPPT (solar charge controller), and all cables necessary.

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WORKSPORT IN THE MEDIA

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