Worksport to Purchase 222,000-Square Foot, US-Based Manufacturing Facility

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Mississauga – February 01, 2022 — Worksport Ltd (Nasdaq: WKSP) (the “Company”), seeking to capitalize on the growing shift of consumer mindsets towards clean energy with its proprietary solar and green hydrogen-based technologies, is set to expand its manufacturing operations by 222,000 square feet into the United States of America.  The Company is under contract and conducting due diligence for a period of 70 days.  This purchase would establish a strategic presence with a state-of-the-art facility in the Buffalo, NY suburb of Seneca, near ports, distribution hubs, and the Canadian border.

As the Company’s manufacturing systems began occupying more space than expected and demand across all product lines increased, management proactively pursued additional manufacturing capacity that its recently leased Canadian manufacturing facility could not support alone.

“We are working with numerous US banks for a mortgage with attractive rates to preserve our large cash reserves and have already been acquiring necessary equipment including two robotic milling machines and cutting machines to hit the ground running.  We are also considering robotic panel cutting, punching, and bending machines,” states Steven Rossi, CEO Worksport.

With an effective 222,000 square feet sitting on over 15 acres of land, the facility spans approximately 150,00 square feet and comes equipped with a 17,229-square foot Automated Storage & Retrieval System (AS/RS) standing 90 feet tall.  This AS/RS can reduce labor costs and increase throughput by automatically loading, handling, storing, and picking 5,200 pallets weighing up to 3,000 lbs/pallet; a system representing 70,000 square feet of additional, fully automated warehouse space to support inventory demands and long-term growth.

There are also five more acres of additional land where the Company can develop between 50,000 to 100,000 square feet of additional space over coming years. And the facility’s footprint infrastructure already meets the Company’s current power and height requirements, which will allow for quick and streamlined occupancy and setup.

Worksport management would be proud to bear the American flag across all product lines, including the Company’s mobile, modular Terravis System (having recently resolved shipping and supply chain issues), Terravis Energy’s versatile, fast charging Non-Parasitic Electric Vehicle (NPEV) systems, and the Terravis Microgrid™, as well as future products.

This manufacturing expansion would also align directly with the Company’s direct-to-consumer push that management expects will result in strong profit margins and immediate market penetration, as the Company focuses on aggressive EBITA targets within the next 12-24 months.

Worksport will update its shareholders on the purchase contract ratification, contingent upon no critical findings from Company due diligence, as well as the facility’s full-scale production readiness as they become material; management estimates to close no later than April 2022.

“This is an absolutely huge step in the journey for Worksport and Terravis Energy to become major leading forces in the automotive and energy sectors.  The State of New York and the municipality of Buffalo have been incredible to work with and very generous in offering business incentives of various forms including grants and rebates.  We aspire to complete due diligence early and begin capitalizing on this opportunity.  We would be thrilled to proudly proclaim the Company’s products are ‘Made in America’,” said Steven Rossi, CEO Worksport.

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.

Be the first to know the latest Worksport news

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.

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.

Be the first to know the latest Worksport news

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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