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Worksport Expands Factory Production with Additional Assembly Line Producing Innovative Light Truck (Tonneau) Covers

Additional Production Line Needed to Meet Demand. Additional Factory Growth Planned in Short-Term.

West Seneca, New YorkDec. 7, 2023 – Worksport Ltd. (Nasdaq: WKSP; WKSPW) (“Worksport” or the “Company”) is announcing the completion of its second assembly line for its innovative hard-folding covers. The company believes it is in a significant advancement for sustainable automotive innovation, marking a pivotal moment in the Company’s expansion strategy. This development follows the Company’s impressive 2,399% year-over-year revenue growth in Q3 2023 vs 2022 due the recent new US National After Market customer, a testament to its production capabilities and market demand.

Rapid Growth and Scaling Production

In August 2023, Worksport began production, setting the stage for this momentous achievement. The completion of the second assembly line is a strategic step in fulfilling the substantial $16 million annual sales agreement recently announced. The increased production capacity is a direct response to the growing demand for Worksport’s innovative products, including its hard and soft folding tonneau covers, the much-anticipated SOLIS solar cover, and the forthcoming COR portable energy storage system.

Steven Rossi, CEO of Worksport, expressed his pride in this progress, stating, “The completion of our second assembly line not only signifies our commitment to growth and innovation, but also our dedication to meeting our customers’ needs and sales objectives. We are excited to see the impact this will have on our production capabilities and overall growth trajectory.”

Staff Expansion and State-of-the-Art Automation

To support this expansion, Worksport is actively increasing its staff, with the expectation of having both assembly lines fully operational by the end of this month. The Company is also exploring advanced automation options to enhance its state-of-the-art production lines, ensuring efficiency and quality in its manufacturing processes.

Future Developments and Product Innovation

Worksport recently initiated the test phase for its COR portable energy storage system, anticipating updates on an Alpha release soon. This innovative system, along with the SOLIS solar cover, is designed to provide solar power to pickup trucks. The COR system also offers the versatility of being used independently for off-grid power, catering to a broader consumer base beyond pickup truck owners.

Looking Ahead

Worksport is committed to keeping its stakeholders informed of the factory’s development and future advancements. The Company’s vision, combined with its recent achievements, positions Worksport for growth in the automotive accessory industry, especially in the realm of sustainable and renewable energy solutions.

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,” “should,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. These 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: (i) supply chain delays; (ii) acceptance of our products by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) 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 SEC, including, without limitation, 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.

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