Worksport Ltd. Announces US$4 Million Manufacturing Line Shipped to its U.S. Factory; Estimated Arrival 1 Month Earlier than Expected.
Richmond Hill, Ontario, Canada, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP; WKSPW) (the “Company” or “Worksport”) is pleased to announce that its US$4 million custom European manufacturing line has now begun the shipping process to the Company's wholly-owned 222,000 sq. ft. factory in Western N.Y., with an estimated arrival date of February 28th – one month earlier than initially anticipated. The manufacturing line is an essential component of the Company’s final preparations for full production of its advanced, proprietary hard-folding tonneau cover -- and later, the proprietary Solis solar cover -- for the growing pickup truck market.
Upon its arrival, the Company anticipates that the installation and training process will take several weeks, after which the Company plans to conduct test runs. Although the Company’s hard-folding tonneau covers are expected to be ready to be sold upon production, before the Solis solar cover can reach the market, the COR advanced hot-swap battery must be tested and completed.
"The expected arrival of this machinery is much anticipated and will be a significant milestone for the Company," said Worksport CEO, Steven Rossi. "We are excited to begin installation and training so that production of our hard-folding tonneau covers can begin as soon as possible. We believe that will enable us to steer the Company toward our long-stated goal of revenue growth."
"We had looked into other potential solutions that might have allowed the Company to start production without this custom machinery, but there wasn't a viable alternative that we believe would enable us to meet our high standards for tonneau cover production" Rossi added. "If the installation of the new manufacturing line and training go as expected, we should be in full production with the hard-folding covers soon after. Then, we believe we will be well positioned to finish, test and perfect the Solis solar cover production line."
Investors will receive additional updates as each of these steps is confirmed.
About Worksport Ltd.
Worksport Ltd. (Nasdaq: WKSP; WKSPW), 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 .
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For additional information, please contact:
Steven Obadiah
Investor Relations
Worksport Ltd.
T: 1-(888) 506-2013
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