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Ideanomics Signs a Definitive Agreement to Acquire Utah-based Wireless Charging Provider WAVE

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Wave

– WAVE was founded in 2011 and is a leading provider of wireless charging systems for commercial EVs
– Its technology is proven in the field with multiple customer deployments
– WAVE’s 2020 unaudited revenues are expected to be in the region of $7M, with a burgeoning pipeline for 2021 and beyond

New York, January 5, 2021 – Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”) is pleased to announce it has signed a definitive agreement to acquire 100% of privately held Wireless Advanced Vehicle Electrification, Inc. (“WAVE”) for cash and stock consideration, the material terms of which are disclosed in the Company’s related 8-K filing. Roth Capital Partners acted as an advisor to WAVE on the transaction. The acquisition is subject to customary closing conditions.

Founded in 2011, and headquartered in Salt Lake City, Utah, WAVE is a leading provider of inductive (wireless) charging solutions for medium and heavy-duty electric vehicles (EVs). Embedded in roadways and charging vehicles during scheduled stops, the fully automated, hands-free WAVE system eliminates battery range limitations and enables fleets to achieve driving ranges that match that of internal combustion engines.

Deployed since 2012, WAVE has demonstrated the capability to develop and integrate high-power charging systems into heavy-duty electric vehicles from leading commercial EV manufacturers. With commercially available wireless charging systems up to 250kW and higher power systems in development, WAVE provides custom fleet solutions for mass transit, logistics, airport and campus shuttles, drayage fleets, and off-road vehicles at ports and industrial sites.

Wireless charging systems offer several compelling benefits over plug-in-based charging systems, including reduced maintenance, improved health and safety, and expedited energy connection. Furthermore, wireless in-route charging enables greater route lengths or smaller batteries while also maintaining battery life.

WAVE customers include the largest EV bus system in the U.S., the Antelope Valley Transit Authority, and its partnerships include Kenworth, Gillig, BYD, Complete Coach Works, and more.

“The acquisition of WAVE is a significant one for our EV efforts across the board. We are excited to bring Michael Masquelier and his team into the Ideanomics family, where we can inject significant growth capital to enable WAVE to further accelerate its business and bring wireless charging to our product offerings. WAVE has become a market leader in inductive charging systems, which are much better suited for commercial EVs than plug-in charging systems,” said Alf Poor, Ideanomics CEO. “WAVE complements our Medici Motor Works and Treeletrik businesses, and our investment in Solectrac, and is aligned with our MEG division’s Sales to Financing to Charging (S2F2C) model. This is a win-win all around, which will help maximize shareholder value. We’re thrilled to have signed the definitive agreement for this acquisition so we can get to work immediately on the opportunities this brings to both Ideanomics and WAVE.”

“Fast, safe, in-route charging is key to enabling commercial EVs to match the range of internal combustion vehicles,” said Michael Masquelier, WAVE’s Founder and CEO. “Joining the Ideanomics family will allow WAVE solutions to rapidly develop at the scale needed to help fleet operators around the world meet their zero-emission goals.”

About WAVE, Inc.
Founded in 2011, Wireless Advanced Vehicle Electrification (WAVE), is a technology company focused on creating practical and economical solutions for the transit and off-road industrial electric vehicle markets worldwide. WAVE is the premiere developer of inductive charging solutions for medium and heavy-duty vehicles in the United States and has demonstrated the capability to develop and integrate high power charging systems onto heavy-duty electric vehicles.

About Ideanomics
Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. Our Mobile Energy Global (MEG) division is a service provider that facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under our innovative sales to financing to charging (S2F2C) business model. Ideanomics Capital is focused on disruptive fintech solutions for the financial services industry. Together, MEG and Ideanomics Capital provide our global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and our shareholders with the opportunity to participate in high-potential, growth industries.

The company is headquartered in New York, NY, with offices in Beijing, Hangzhou, and Qingdao, and operations in the U.S., China, Ukraine, and Malaysia.

Safe Harbor Statement
This press release contains certain statements that may include “forward looking statements”. All statements other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Investor Relations and Media Contact

WAVE
Tom McDonald, Senior Director of Marketing
4752 West California Ave, Suite B-400, Salt Lake City, UT 84104
tom.mcdonald@waveipt.com

Ideanomics, Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116, New York, NY 10018
ir@ideanomics.com

Valerie Christopherson / Lora Wilson
Global Results Communications (GRC)
+1 949 306 6476
valeriec@globalresultspr.com

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Worksport Provides Update on Growing Profitable Private Label Sales

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Worksport Terravis Solar System On Electric Pickup Truck

TORONTO – Feb. 25, 2021 — Worksport Ltd (OTC: WKSP) (or the “Company”) is providing an update to its shareholders regarding its Private Label Business. The company has shipped over 1,900 covers to its newest U.S.-based Private Label customer. Meanwhile, Worksport’s Sales team is in active discussions with two more Private Label customers in the US. Each customer represents a multi-national middle market brand but will remain private under the terms of the supply partnership.

“Worksport has begun to further build out its Private Label Business. We have been gaining substantial traction, garnering very valuable attention, and bringing in new customers as a result,” says Worksport CEO Steven Rossi. “Although the identity of our customers must remain private, we look forward to cooperating with each of them as their respective ecosystems include large, nationally recognized brands in the USA and globally. This type of private label business is how Worksport was able to nearly achieve profitability in the year preceding the COVID-19 pandemic and will continue to be a solid driving factor helping elevate the Company to new heights.”

As is Worksport’s standard practice, it will create bespoke tonneau cover designs exclusively for these multinational companies, from its original, non-solar, patented product lines. Assuredly, these products will not compete with Worksport’s branded product offerings, and are accretive to company income as the technology, designs, and manufacturing processes are already in place.

“This is the win-win value proposition that Worksport brings to the automotive aftermarket, which no one does better,” Rossi said. “These orders prove that the demand for Worksport’s advanced tonneau covers have attracted the interest of bigger market players and are a testimony to the success of our advanced products in North America.  It should also be stated that we are devoting most of our marketing thrust to expanding our Worksport-branded tonneau cover business in both its solar and conventional formats.”

Worksport has also received notable interest and demand from two globally recognized brands for private label implementations of its highly anticipated and forthcoming TerraVis Solar Tonneau Cover and COR Battery Systems.

To stay up-to-date on all the latest Worksport news… investors, shareholders, and supporters are encouraged to 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 and www.goterravis.com.  Worksport will continue to update investors, shareholders, and supporters to maintain the highest level of disclosure and information dissemination as Worksport continues to grow and develop at a very rapid pace.

 

About Worksport Ltd.

Worksport Ltd. (currently OTCQB: WKSP) develops and manufactures high quality, modular, attractively priced tonneau covers and solar-powered systems for light-duty trucks such as the Sierra, Silverado, Canyon, RAM, Ford F-Series, et al. and consumer adventures & emergency/ disaster-recovery purposes, where portable energy is a necessity.  The modular, redefining Worksport TerraVis™ tonneau cover system is being mindfully designed for the jobsite contractor and off-road, light-duty trucker – for work and play – to sustainably supply extra energy for those additional miles.  Its allied TerraVis COR™ mobile energy storage system (ESS), expected to launch by end of 2021, will be another redefining product targeted for vacationers, second-home owners, and campers.  Plans are also being constructed to address the dire adoption & scaling needs of the EV markets with grid micro-charging stations to provide convenience and efficiency in recharging to smaller form-factor EVs.  For more information, please visit www.worksport.com and www.goterravis.com.

 

Connect with Worksport:

LinkedIn

Facebook

Twitter

Instagram

For further information please contact:

Mr. Steven Rossi
CEO & Director

LinkedIn

Twitter
Worksport Ltd

T: 1-888-554-8789
E: srossi@worksport.com

 

Forward-Looking Statements

This document may contain forward-looking statements, relating to Worksport™ operations or to the environment in which it operates, which are based on Worksport™ operations, estimates, forecasts and projections. These statements are not guarantees of future Company performance and may involve risks and uncertainties that are difficult to predict, and/or are beyond Worksport’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. Worksport™ disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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Worksport Receives First Trademark Registration in China for Worksport Brand

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EV Updates

TORONTO – February 18, 2021 — Worksport Ltd (OTC: WKSP) (or the “Company”) has received official notice from the trademark office in China that it has been granted exclusive use of its Worksport trademark in the People’s Republic of China for the next ten (10) years.  A first for Worksport, the China-based trademark allows Worksport to expand its international presence and grow globally without fear of losing brand equity from similar products or trademarks either made in or exported from the vast 1.4 billion-person-strong Chinese market.  Worksport is the leading manufacturer of solar and conventional tonneau covers for the international light-truck markets.

“Winning trademark protection in China is the first part of Worksports ambitious strategy to not only set the stage for a global footprint in solar-powered, light-truck tonneau cover markets, but also to expand our TerraVis™ solar technology systems in a market that is ripe for a fresh new player providing differentiating solutions for renewable, sustainable power production, storage, and deployment.  The TerraVis™ technology will go beyond just automotive light-truck markets. Worksport is already working on an outgrowth TerraVis™ offering of modular, mobile, solar-charging stations for smaller form-factor EVs – and plans to support all EV sizes – as well as roll out implementations for recreation, marine, and transportation vehicle markets,” Worksport CEO Steven Rossi said.

Rossi said that the Company was “very excited” about this achievement.  It is indeed a major addition to its growing international Intellectual Property Portfolio of 30+ patents and trademarks, which is rapidly becoming an increasingly valuable Company asset.  This China-based trademark is the Company’s second trademark protection announced this year, with the first being for its TerraVis COR™ line of mobile battery packs in the U.S.  The company looks forward to continuously developing and building the Worksport brand into a reputable force, one that will be a major player in the nearly $15-trillion GDP Chinese economy.  “We expect to expand expeditiously, penetrating the broadening global markets in parallel with our patent- and trademark-protected products in North America,” Rossi said.  “We aim to be a global household brand name, and this achievement is another milestone contributing to our history of successes.”

To stay up-to-date on all the latest Worksport news investors, supporters, and shareholders are encouraged to 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 and www.goterravis.com.  Worksport will continue to update shareholders, supporters, and investors to maintain the highest level of disclosure and information dissemination as Worksport continues to grow and develop at a very rapid pace.

About Worksport Ltd.

Worksport Ltd. (currently OTCQB: WKSP) develops and manufactures high quality, modular, attractively priced tonneau covers and solar-powered systems for light-duty trucks such as the Sierra, Silverado, Canyon, RAM, Ford F-Series, et al. and consumer adventures & emergency/ disaster-recovery purposes, where portable energy is a necessity.  The modular, redefining Worksport TerraVis™ tonneau cover system is being mindfully designed for the jobsite contractor and off-road, light-duty trucker – for work and play – to sustainably supply extra energy for those additional miles.  Its allied TerraVis COR™ mobile energy storage system (ESS), expected to launch by end of 2021, will be another redefining product targeted for vacationers, second-home owners, and campers.  Plans are also being constructed to address the dire adoption & scaling needs of the EV markets with grid micro-charging stations to provide convenience and efficiency in recharging to smaller form-factor EVs.  For more information, please visit www.worksport.com and www.goterravis.com.

Connect with Worksport:

LinkedIn

Facebook

Twitter

Instagram

For further information please contact:

Mr. Steven Rossi
CEO & Director

Worksport, Ltd

T: 1-888-554-8789
E: srossi@worksport.com

 

Forward-Looking Statements

This document may contain forward-looking statements, relating to Worksport™ operations or to the environment in which it operates, which are based on Worksport™ operations, estimates, forecasts and projections. These statements are not guarantees of future Company performance and may involve risks and uncertainties that are difficult to predict, and/or are beyond Worksport’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. Worksport™ disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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Worksport Broadens Development with Advanced TerraVis COR Portable Solar & Battery System for Global Market Launch.

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EV Updates

Global Energy Storage Projected to Increase to $546 Billion by 2035 

TORONTO –February 9, 2021 — Worksport Ltd (OTC: WKSP) (or the “Company”) has expanded the development of its advanced TerraVis COR mobile energy storage system (ESS) that can be recharged via solar or conventional A/C power. It is an outgrowth of their ground-breaking TerraVis tonneau cover system, a recently introduced fusion of cutting-edge solar power, storage, and delivery.

Worksport CEO Steven Rossi estimates that the Company could have working prototypes of this system within 60-90 days, and possibly debut it to market within six months following the outset of final development.  The TerraVis COR system is the first of its kind providing continually charged COR battery packs, where depleted batteries can be removed, recharged, and replaced, on-demand.  The TerraVis COR system will be portable for jobsite and off-road uses, and will be marketed globally as standalone products, rechargeable by most common power sources as well as any solar panel.

“We are entering a lateral and much more extensive mobile energy market where not just light-duty truck owners will benefit from the many advanced features of TerraVis,” Rossi said. “We are broadening our horizons with this new product, which can be used in emergency & disaster efforts; by contractors, vacationers, second-home owners, and campers; as well as in rural areas for agricultural purposes – among many other applications where portable energy is a necessity.  Depleted COR batteries can be recharged with solar power or by plugging them right into a wall outlet.  We are extremely excited about this development and believe it will be yet another gamechanger for Worksport, in addition to its TerraVis system.  The TerraVis COR system is expected to launch globally later this year.  There are also plans to further expand TerraVis COR to grid micro-charging stations for smaller form-factor EVs.  As well, plans are in motion to pursue applications within Freight & Transport, Marine, and Rail industries.”

To aid in rapid product development, Rossi said Worksport has hired four additional staff members, including two industrial engineers.  Worksport has also entered into a large contract with a special engineering firm that has extensive knowledge and resources of battery systems, charge controllers, and sine-wave inverters. The firm possesses a vast network of resources with numerous military and enterprise-level contracts.  An announcement pertaining to this relationship is expected soon.

In addition, Rossi expects the TerraVis COR battery system to be assembled in North America – most likely in Ontario – as part of a Worksport trend to bring back production from overseas.

“The portable battery storage market is huge, and the trend is growing,” Rossi said. “The TerraVis COR will bring immense value to not just truck owners, but also the global consumer market, forecasted to grow to over $546 Billion by 2035.  There will be cost advantages and attractive pricing for these very innovative, patented products.  We look forward to telling investors and shareholders all about them along with the launch of the TerraVis pre-order site as soon as possible.”

Invest Now

To participate in Worksport’s current Regulation-A+ offering, interested investors are encouraged to navigate over to the company’s investment platform (www.invest.worksport.com).  Every investment dollar will be used to further the Company’s growth.  Minimum investment is $2000, and all securities purchased will be registered and tradeable.  Investors have an opportunity to purchase one (1) common share and one 12-month warrant, directly from the company.”

To stay up-to-date on all of the latest news, investors, supporters, and shareholders are also encouraged to 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 and www.goterravis.com.  Worksport will continue to update shareholders, supporters, and investors to maintain the highest level of disclosure and information dissemination as Worksport continues to grow and develop at a very rapid pace.

About Worksport Ltd.

Worksport Ltd., an innovative manufacturer of high quality, functional, and attractively priced tonneau covers for light-duty trucks such as the Sierra, Silverado, Canyon, RAM, and Ford F-Series. For more information, please visit www.worksport.com. Currently trades on the OTCQB Market, under the trading symbol “WKSP.”

Connect with Worksport:

LinkedIn

Facebook

Twitter

Instagram

For further information, please contact:

Mr. Steven Rossi
CEO & Director

Worksport, Ltd

T: 1-888-554-8789
E: srossi@worksport.com

Forward-Looking Statements

This document may contain forward-looking statements, relating to Worksport, Ltd. operations or to the environment in which it operates, which are based on Franchise Holdings International Inc. operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Worksport, Ltd.’s ’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. Worksport, Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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