Worksport Provides Corporate Update, 2021 Retrospective and 2022 Ramp-Up

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Mississauga – December 1, 2021 — Worksport Ltd (Nasdaq-CM: WKSP) (the “Company”) is providing a Corporate Update, including a review of 2021 and what Management has planned in 2022.

Company management would like its community of shareholders and supporters to know that 2021 was a year of consolidation, building and strategic planning.

As a cornerstone of Worksport’s agenda, the Company began ramping up production from its Chinese factory immediately following the close of the Regulation-A offering in March. To service Worksport’s new B2B and B2C sales strategies, the Company has been stocking inventory during Q4, 2021, which includes our conventional products that will be sold through our eCommerce platform slated for launch Q1 2022.

In 2021, we developed the first solar tonneau cover along with its counterpart, the Terravis COR, a portable rechargeable energy storage unit. With our $30mm capital raise, we were able to begin to bring our manufacturing home to Canada.  In our new facility, we will have the ability to streamline our manufacturing process to produce our products faster while maintaining similar profit margins.

To close out 2021 Worksport will be heavily focusing on securing and tooling its new facility. – with the first automated cutting and milling machines having arrived in October. Management expects delivery of the remaining equipment to continue into December and through the end of January. These production capabilities range from cutting and milling, to metal bending, automated sewing, plastic application and tarp cutting. Management expects most, if not all, of these systems to be installed between the end of January and mid-February 2022. If there are no delays due to unpredictable lead times as a result of the Covid-19 global recovery, management believes the Canadian factory will begin servicing its B2B and B2C customers by the end of Q2 2022.

In addition, we have been able to increase our research and development operations and attract several professionals with PhDs to join our already talented team of engineers and designers.  We believe our team is poised to undertake and complete projects that will be ground-breaking with respect to clean energy solutions.  Although shipping and supply challenges have delayed its launch, we are excited to demonstrate the Terravis’ capabilities and will be in a position to do so hopefully in Q1 2022.  The Company originally planned a demonstration in Q4 2021, however crucial components are stuck in transit.

As of the date of this release, we are waiting for the internal batteries to arrive. There have been some delays in shipping due to batteries of this energy capacity not able to be shipped conventionally. Regardless of shipping delays, management believes that it will be able to debut the Terravis COR and solar cover, demonstrating its capabilities for consumers and investors publicly before the end of 2021.

As Management looks toward the second half of 2022, we have already begun the process of transforming the COR system into its platform, with a variety of uses, including whole-home power backup with an emphasis on portability to work in conjunction with its SOLIS and COR products.  To echo Worksport’s Director of Engineering, Dr. Rafael Oliveira, the Company is already looking to continue innovating with more powerful mobile units, maintaining focus on simplicity and usability.  And while still early in its development, Terravis Energy’s NPEV system is making incredibly significant progress, with Management expecting to have a working prototype in early 2022.  Furthermore, because of the Company’s charismatic business development strategies involving actively seeking out partners and having conversations with potential partners, there have been exploratory talks of building a B2B business with large multinational stores.

Worksport CEO Steven Rossi comments, “Part of our goal is to make power systems easier and simpler to use. We have made incredible strides towards achieving these objectives, going from concept to production in just under 1.5 years, and we look forward to even greater steps.  We maintain our strong commitment to decarbonize transportation and shift consumer mindsets toward sustainable energy technologies, and we look forward to sharing these developments with the investment community as they come to fruition.”

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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WORKSPORT IN THE MEDIA

When an offering gets this much attention it is a sign to stand up and take notice. Some of the biggest names in Cleantech are talking Worksport.

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