Worksport ltd. Announces Production of AL4 Premium Tonneau Cover, Signaling Major Growth Potential

Company Targets Significant Revenue Surge in 2025 with High-Demand AL4 Cover Poised to Revolutionize the $4 Billion Tonneau Cover Market

West Seneca, New York, October 23, 2024 — Worksport Ltd. (NASDAQ: WKSP) (“Worksport” or the “Company”), a U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors is thrilled to announce a targeted market release of its highly anticipated AL4 Premium Tonneau Cover on December 15^th, 2024. The Company has already begun manufacturing production-ready samples for testing and customer evaluation. Engineering staff at the Company’s state-of-the-art factory are finalizing the custom production lines required to produce large volumes of the new AL4 tonneau cover. The Company believes this launch will boost sales channels, improve profit margins, and enhance brand penetration.

Strategic Impact on Revenue Growth

Worksport anticipates that the introduction of the AL4 cover will significantly impact revenue growth in 2025 and beyond. With the AL4 cover believed to be targeting the highest-volume category of all hard tonneau covers in the $4 billion market, the Company aims to aggressively capture market share. A sales forecast update is expected to be provided within Q4 2024 or early Q1 2025.

Initial offering will cover major brands including Chevrolet, GMC, Ford, Ram, with the following truck applications:

• Chevrolet & GMC: Models for the GMC Canyon / Chevrolet Colorado / Chevrolet Silverado
• Ford: Ford Ranger and Ford Super Duty models.
• Ram: Ram 1500

In addition, Worksport’s R&D team is currently developing variations of the AL4 cover for additional truck models, such as those made by Toyota, Nissan, and Honda.

Accelerating Sales Growth with AL3 and AL4 Covers

Building on the success of its AL3 hard cover line, Worksport recently achieved $1 million in monthly sales. The Company believes it can increase sales to $1 million per week in the near- to mid-term. With its 156,000 square foot, New York State-supported factory, Worksport has the capacity to produce over $150 million worth of products per year, before expansion. If revenues surpass capacity, the Company will evaluate expansion opportunities as it seeks to operate in multiple multi-billion-dollar markets.

Upcoming Innovations: SOLIS, COR, and Terravis Energy

Worksport continues to push the boundaries of innovation:

SOLIS Solar Cover and COR Portable Energy System

: Currently in the Alpha release phase, these portable nano-grid systems are highly anticipated in the market and set to revolutionize off-grid power solutions.

Terravis Energy’s Heat Pump Technology

: The Company’s subsidiary, Terravis Energy, is developing a highly efficient heat pump technology. An update on this groundbreaking project is expected in the coming weeks.

Advantages of the AL4:

The AL4 cover will target the highest-volume category of all hard tonneau covers in the $4 billion tonneau cover market. Key advantages include:

• Aggressive Pricing: A manufacturing process that may allow for pricing below current market-leading covers.
• Distributor Interest: Ongoing discussions with key distribution partners have generated significant interest. Worksport’s experienced sales team will continue to engage the 17,000 businesses in its database, offering quicker shipping times and enhanced service.
• Premium Positioning: With an anticipated Minimum Advertised Price (MAP) of $1,099, the AL4 cover will be Worksport’s most premium offering ahead of market launch of its innovative SOLIS and COR systems.

AL4 Premium Tonneau Cover – Key Product Features

The AL4 is a low-profile, hard tonneau cover designed for full bed access on the go. Manufactured in the USA, it is strong, lightweight, and built to last. Key features include:

• Flip-Up Design: Provides 95% use of your truck bed without removing the cover.
• Robust Construction: Up to 4x thicker aluminum.
• Diamond SHIELD Ceramic Finish: Scratch and UV-resistant coating.
• Quick Access: Cable-operated quick latches allow for lightning-fast cargo access.
• Made in the USA: Proudly manufactured domestically, ensuring high quality of products and support for local industries.

CEO Commentary

“The upcoming launch of our AL4 Premium Tonneau Cover marks a significant milestone for Worksport,” said Steven Rossi, CEO of Worksport Ltd. “We are entering a high-demand segment of the market with a superior product that offers both quality and value. Combined with our aggressive brand expansion strategy and growing B2B interest, we anticipate this will drive substantial revenue growth in 2025 and beyond. Our manufacturing capabilities position us to meet this demand effectively, and we’re excited to deliver on our commitment to innovation and excellence.”

_{Figure 1: Worksport’s AL4 Featuring Full Bed Access.}

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Stay Tuned for More

Worksport remains committed to keeping investors informed and will continue to provide timely updates on significant developments throughout the coming quarter. See below for some of our major updates of 2024:

Key 2024 Press-Releases:

• October 17: Nasdaq Grants Extension To Regain Compliance
• October 17: $2MM+ Projected Savings From New Strategic Initiative
• October 3: Commencing U.S Government Sales
• September 30: Update On ISO Certification
• September 19: Alpha Launch of SOLIS & COR
• September 12: Record High August Sales
• September 11: Worksport COR as an EV Range Extender for Tesla Model 3
• August 14: Record High Revenues; 275% Q2 Growth
• August 1: Impressive SOLIS Solar Cover Test Results
• May 8: Worksport Awarded $2.8MM Grant