Worksport Nasdaq WKSP

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

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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.

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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