Business
Worksport Announces Purchase of 222,000-Sq Ft Facility, On-shoring Production of Consumer Products
Mississauga , May 12, 2022 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP) (the “Company” or “Worksport”), through its wholly owned subsidiary, Worksport
About this update from Worksport, Ltd.
[{"type":"text","content":"Mississauga , May 12, 2022 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP) (the “Company” or “Worksport”), through its wholly owned subsidiary, Worksport New York Operations Corporation (“WKSP NY”), seeking to capitalize on the growing shift of consumer mindsets towards clean energy with its proprietary solar and green hydrogen-based technologies, has completed the purchase of a manufacturing facility in upstate New York. The Company plans to manufacture its line-ups of advanced products in this new facility, including its brand-new solar cover, SOLIS, which utilizes the Company’s TC3 truck bed cover as its base and is primarily constructed of aluminum components. Located in West Seneca, a suburb of Buffalo, New York, the facility was purchased for $8.125M USD. The acquisition was completed with a purchase and sale agreement between the Company and J&M Distributing on May 6th, 2022, transacted with cash and a favorable loan agreement between WKSP NY and Northeast Bank for $5.3M USD of the purchase price. The facility is 152,847 square feet and features a 17,229-square foot Automated Storage & Retrieval System, or AS/RS, that stands 90 feet tall. This advanced system will allow Worksport to store parts and products vertically, utilizing cubic area of available space, streamlining component and product retrieval during production and order fulfilment, respectively. This facility investment is a culmination of two years’ worth of planning and Company management believes it will afford the business to take complete control of its production pipelines for all its current and future products. Mr. Steven Rossi, Worksport Chief Executive Officer states, “With all the manufacturing issues plaguing multiple industries today, from supply chain issues to the risk of IP being compromised, on-shoring production to a facility we own is the next logical step in Worksport’s growth strategy. Establishing a solid foundation in this particular phase of the business is invaluable and very exciting for the Company.” Worksport will begin setting up machines that have been purchased over the last several months, including an Emmegi milling line, fabric cutter from Gerber Technology, and a fully automated bending machine from Prima Power. The Company is paving a new path where it will be able to compete at the highest level for the first time in the C...