August 30, 2021

Worksport Ltd. Announces Formation of Wholly Owned Subsidiary – TerraVis Energy, Inc.

Mississauga, Aug. 31, 2021 (GLOBE NEWSWIRE) — Worksport Ltd (Nasdaq-CM: WKSP; WKSPW) (“Worksport” or the “Company”) is announcing the incorporation of Terravis Energy, Inc. (or “Terravis Energy”), a wholly-owned subsidiary of Worksport Ltd.

The Company has established Terravis Energy to execute on the Company’s global mission to become a leader in the energy creation and storage markets. The Company’s initial research into solar and energy storage system (ESS) initiatives uncovered opportunities even greater than initially thought, leading to the creation of Terravis Energy to maximize these opportunities. Terravis Energy will focus on harnessing and advancing renewable, green energy-based technologies, expanding on the vision that began more than five years ago – leading Worksport to partners who identify with the Company’s mission to truly decarbonize transportation. Terravis will be helmed by Mr. Lorenzo Rossi: A director of Worksport, visionary who helped lay the foundation for the Company’s solar and energy storage system (ESS) products, and father to Worksport CEO Steven Rossi.

Lorenzo Rossi has been appointed President & CEO of Terravis Energy, Inc. Lorenzo holds numerous degrees including a B.A., B.Ed., and an M.Ed. from the University of Toronto. He is the former Chair of Finance for the York Catholic District School Board and Former Director of NEOTEL, a biometric company listed on the TSX. Lorenzo was also President and founder of Virtual Academy Online, founded in 2009 as the first ministry-licensed e-learning high school in Ontario.

“I am delighted to be appointed to this new role at Terravis Energy,” said Lorenzo Rossi. “I hope my role will be instrumental in helping our company bring various forms of renewable energy to the masses. The energy storage market alone is estimated to reach $19.7 billion by 2027, with a more than 20% CAGR between now and then. We believe Terravis Energy is at the forefront of innovation in this growing sector. Our team’s duty is to understand clients’ needs and the ways in which consumers will want to adopt new green energy technologies, paving the way for our teams to develop solid strategies specifically designed to decarbonize transportation and facilitate the adoption by the masses of both BEVs and FCEVs,” Mr. Rossi continued.

Worksport Ltd. CEO Steven Rossi comments, “Terravis Energy will cross-pollinate with Worksport’s truck bed systems and branch outwards to broader global markets, shifting to truly green energy production and consumption, independent of current electrical infrastructure. Another part of our grand vision is to deploy Hydrogen-based EV charging solutions as well as neighborhood and private home power grids.”

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.