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Worksport Reports 2020 Full Year Financial Results and Provides Business Update

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EV Updates
  • Ended 2020 with $1.1 Million in Cash and Cash Equivalents
  • Introduced Upcoming TerraVis™ Product Line
  • Announced Tier-One OEM Supply Agreement with Major EV Manufacturer

TORONTO – April 14 , 2021 — Worksport Ltd (OTC: WKSP) (or the “Company”) a developer and manufacturer of high quality, modular, and attractively priced tonneau covers and solar-powered systems for light-duty trucks, today reported financial results for the fourth quarter and full year ended December 31, 2020.

Steven Rossi, Chief Executive Officer of Worksport said, “Worksport today is a significantly stronger and more diversified company than it was a year ago.  Like most companies, the Covid-19 pandemic significantly impacted operations but our capital structure, which includes no long-term debt, allowed us to use that time to lay the groundwork for what we believe will be significant revenue growth in the future.  We now have a full line of innovative tonneau covers that have been meticulously scrutinized as we retooled for greater manufacturing capacity in preparation for the 2021 production year.  Most importantly, in late August, we introduced TerraVis™, revolutionary development in the emerging EV market that we believe is a transformative step in our evolution, and to that end we announced an agreement with Hercules Electric Mobility Inc. to become a Tier-One OEM supplier for their highly anticipated Alpha Electric Pickup, with over US $27 million in early customer reservations.  Finally, and as a testament to the enthusiasm investors have for Worksport, late in 2020 we initiated a Reg-A offering which by December 31, 2020 had raised more than $1 million, and by the time we closed the offering in February 2021, had raised more than $4 million.  This capital will allow us to invest in manufacturing capabilities, building inventory, and boosting our marketing and branding efforts.  With an anticipated surge in consumer spending many say will follow the end of the pandemic, and the emerging market for electric vehicles and accessories, Worksport is well-positioned to benefit from these developing trends.”

Subsequent Events

  • In February 2021, Worksport closed its oversubscribed Reg-A offering, raising more than $4 million
  • To date, Worksport received an additional $2.9 million from the exercise of warrants associated with its Reg-A offering
  • Worksport raised $3 million from non-brokered Private Placement

Full Year 2020 Financial Results

For the year ended December 31, 2020, total revenues were $346,144, compared to $1,926,405 for the year ended December 31, 2019.

Net loss for the year ended December 31, 2020 was $1,187,620 compared to a net loss of $359,034 for the prior year period

Total cost of sales for the year ended December 31, 2020 decreased by 82% from $1,687,857 to $298,996 for the prior year period.

General and administrative expenses were $201,929 in 2020 compared to $238,841 for the prior year period.

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.

 

About Worksport Ltd.

Worksport Ltd. (currently OTCQB: WKSP) develops and manufactures high quality, modular, and 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-oriented adventures & purposes, where portable energy is a necessity. Available soon to pre-order, 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.  Expected to launch by end of year 2021, its allied TerraVis COR™ mobile energy storage system (ESS), will be another redefining product targeted for vacationers, second-home owners, and campers.  Plans are also being constructed to expand 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, Ltd. operations or to the environment in which it operates, which are based on Company 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 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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Worksport Enters Pre-Production & Testing Phase with TerraVis COR: Mobile Energy Storage System

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WKSP

TORONTO, May 13, 2021 — Worksport Ltd (OTC: WKSP) (or the “Company”) is updating its investors, shareholders, and supporters about its ground-breaking TerraVis COR mobile energy storage system. The Company has completed the final designs for TerraVis COR. As a result of overwhelming international demand, Worksport will soon be launching a new TerraVis specific website that we will be providing more information about in the coming weeks.

TerraVis COR has entered the production prototype phase with the first pre-production prototype expected to be ready by early Q3, 2021. The prototype system(s) will be fully operational and is expected to mirror that which will be commercially available at the turn of the year, barring any drastic changes warranted from results of the complete testing process. Please note that this extensive testing is required to receive certifications that go beyond North American’s mandated requirements and will make TerraVis COR a commercially viable global product.

Worksport CEO Steven Rossi comments, “My team and I are delighted to be at the stage where we can showcase our TerraVis COR system. We believe the system is the ideal integration of user-friendly simplicity with clever, multi-dimensional, complex function, creating an intriguing, robust, practical, and mobile energy storage product for the everyday consumer. We believe the TerraVis COR system is going to be a truly unique product, the first of its kind. We expect that as the broader global markets experience this ultra-functional modular, portable, energy storage and deployment system, demand will be extraordinary.”

WKSPOne more development: Worksport is in in the process of getting its uniquely designed, branded products, sold through several large, automotive-focused, online retailers which is expected to expand the Company’s footprint on the national scale. At the same time, discussions are being held with various distribution channels to get Worksport’s innovative branded products in many brick-and-mortar stores in the coming year.

Rossi concluded, “Worksport is working diligently to become a household brand known for its unique combination of leading-edge technology with every-day use. The TerraVis COR system is huge step for the growth of this brand as it epitomizes the combination of sophistication and simplicity. We expect it to be a massive revenue stream, supplementing the solid foundation as the business journeys back to profitability and beyond.

Worksport will update shareholders on new Intellectual Property, TerraVis Pre-Order Site, and a global launch of the TerraVis COR soon, among other forthcoming updates.

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. as well as 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 additional information, please contact:
Faran Ali
Business Development Manager
Worksport Ltd
T: 1-(888) 506-2013
E: investors@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. Such statements include, but are not limited to, statements contained in this press release relating to the view of management of the Company concerning its business strategy, an up listing to a national exchange, future operating results and liquidity and capital resources outlook. Forward‐looking statements are based on the Company’s current expectations and assumptions regarding its business, 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. The Company’s actual results may differ materially from those contemplated by the forward‐looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward‐looking statements. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward‐looking statements to conform these statements to actual results. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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Worksport Adds to Private Label Business and notes Increased Product Demand

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TORONTO, May 11, 2021 — Worksport Ltd (OTC: WKSP) (or the “Company”) is issuing an update to its investors, shareholders, and supporters about how it continues to add to its customer base. Following up its announcement from March 16, 2021, after diligent pursuit, business from a renowned brand in the automotive sector has been officially secured for the Company’s Private Label unit. And, once again, the Company is pleased to report that it has a queue of additional customer orders pending, due to overwhelming product demand. When Worksport realized profitability in 2019, prior to the COVID-19 pandemic, it was able to do so with just one customer. With the three private label customers the Company has gained, with two additional that are in the process of being secured, Worksport is on track to realizing profitability once again.

Worksport Meizhou Factory

These business developments speak volumes to the Company’s relentless determination and keen execution. Worksport’s business is on the cusp of new growth, bringing Worksport to an inflection point as it has gained not one, but three new customers that are similar in vein with regard to revenue forecasts for the Company.

Worksport is also reporting that the first shipment from its last signed Private Label brand has already been scheduled for delivery, a major milestone for Company deliverables. Speaking to delivery capabilities, Worksport CEO Steven Rossi comments, “Strengthening our manufacturing footprint will ensure our processes can effectively manage the increased demand that has already begun, bringing opportunities previously out of reach, propelling us to new heights, all but guaranteeing the brightest future.”

Shipment Loaded & Ready

Regarding Worksport’s Private Label business, it is worth highlighting to investors that the Company makes non-competing products with respect to both type and cost for Private Label customers, meaning that Worksport provides bespoke products for each customer that do not directly compete with neither each other nor the Worksport brand. As always, the Company respects the boundaries of the Private Label agreements, never publicly disclosing customer identities for Company benefit.

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. as well as 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 additional information, please contact:
Faran Ali
Business Development Manager
Worksport Ltd
T: 1-(888) 506-2013
E: investors@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. Such statements include, but are not limited to, statements contained in this press release relating to the view of management of the Company concerning its business strategy, an up listing to a national exchange, future operating results and liquidity and capital resources outlook. Forward‐looking statements are based on the Company’s current expectations and assumptions regarding its business, 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. The Company’s actual results may differ materially from those contemplated by the forward‐looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward‐looking statements. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward‐looking statements to conform these statements to actual results. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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BenzingaPRs

Worksport, Ltd. Presenting at the Benzinga Global Small Cap Conference

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Worksport WKSP

Detroit, MI – May 6, 2021 — Worksport Ltd (OTC: WKSP) (or the “Company”) will be presenting at the Benzinga Global Small Cap Conference, taking place on May 13-14, 2021. We invite our shareholders and all interested parties to explore investment opportunities within the global small cap space.

Sign up to get a free spectator pass for the event: https://www.benzinga.com/events/small-cap/global/

And ICYMI, Worksport officially signed a lease agreement for its new Canadian manufacturing facility, located in Mississauga, Ontario, Canada – just outside of Toronto. This move signifies a major step to augmenting the Company’s path. Once Worksport has its Canadian manufacturing footprint established, it will be able to further explore new opportunities previously out of reach, propelling Worksport™ to new heights and a bright future.

About the Benzinga Global Small Cap Conference

The Benzinga Global Small Cap Conference bridges the gap between Small Cap companies, investors, and traders. Learn about small cap investing with clearly defined educational modules, take a look at a curated group of small cap investment opportunities, and connect with the global small cap audience in an intimate, virtual setting.

For more information and/or to register for the conference please visit: https://www.benzinga.com/events/small-cap/global/ 

We look forward to seeing you there.

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 http://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. as well as 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 additional information, please contact:

Faran Ali

Business Development Manager
Worksport Ltd

T: 1-(888) 506-2013
E: investors@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. Such statements include, but are not limited to, statements contained in this press release relating to the view of management of the Company concerning its business strategy, an up listing to a national exchange, future operating results and liquidity and capital resources outlook. Forward‐looking statements are based on the Company’s current expectations and assumptions regarding its business, 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. The Company’s actual results may differ materially from those contemplated by the forward‐looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward‐looking statements. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward‐looking statements to conform these statements to actual results. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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