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Worksport Gears Up for Initial Alpha Release of its Pioneering COR Portable Energy Storage System

West Seneca, New YorkNov. 2, 2023 – Worksport Ltd. (Nasdaq: WKSP; WKSPW) (“Worksport” or the “Company”) proudly announces it is preparing for an alpha release of its highly anticipated COR battery system. In anticipation of the system’s alpha release, the Company is streamlining its supply chain, marked by the strategic forging of partnership agreements with esteemed global suppliers.

The Company expects this initial release of its COR battery system to serve as a preliminary user iteration prior to its anticipated mass-market release in North America, with future intentions of releasing the system in other key global markets. This invaluable phase aims to harness the feedback from a select group of test users to allow the Company to finetune the COR system, ensuring optimal performance, bug-free operation, and a seamless user experience. Worksport will provide a definitive alpha release date upon finalizing all requisite elements.

Reflecting on this exciting journey, CEO Steven Rossi commented, “The energy at Worksport is high. In light of our recent $16MM annual sales agreement with a US-based automotive aftermarket reseller and recent interest from a Canada-based automotive aftermarket reseller, registering well in excess of $10 billion CAD in annual sales, it is encouraging to see the growing industry enthusiasm for our innovations. As we are approaching alpha release of our COR battery system, which will complement our SOLIS solar cover, the horizon looks promising indeed.”

In response to the increasing demand, Worksport is working hard to expand its production capabilities. Additionally, the Company’s subsidiary, Terravis Energy, unveiled its plans this week to increase research and development for its groundbreaking heat pump, reflecting its confidence in the product’s expansive market potential.

“Our roots in manufacturing high-demand hard and soft folding tonneau covers set the stage for our journey,” added Rossi. “But as we move further into the green tech space with our SOLIS solar cover, the COR battery system, and Terravis Energy’s heat pump, our vision is clear – execution paired with the vision to be at the forefront of creating a more sustainable future.”

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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