Business
Worksport Announces raising over US$1,100,000 in Regulation-A Offering to date.
TORONTO, Jan. 05, 2021 (GLOBE NEWSWIRE) -- Worksport Ltd (OTCQB: WKSP) (or the “Company”) is announcing that, to date, it has raised over US$1.1 Million from
About this update from Worksport, Ltd.
[{"type":"text","content":"TORONTO, Jan. 05, 2021 (GLOBE NEWSWIRE) -- Worksport Ltd (OTCQB: WKSP) (or the “Company”) is announcing that, to date, it has raised over US$1.1 Million from its Regulation A public offering. The offering can remain open until November 2021 but with over 25% of the target amount received, the Company believes that it will be closed ahead of schedule. “The success of Worksport’s Regulation A offering has been very gratifying, and we wish to thank all those who expressed their faith in the Company’s future by investing in it,” said Worksport CEO Steven Rossi. “Its potential early closing is a testimony to the Company meeting the many milestones we have experienced since inception.” Some of these milestones include: ●Intellectual Property Portfolio of over 30 patents and trademarks in the U.S., Canada, China, and globally ●Large private label customers purchasing volumes direct from Worksport but due to individual customization not in conflict with the Company’s own brand ●The TerraVis™ and Cor Battery System launch and development ●Initial TerraVis™ partnerships with Atlis and Hercules (in partnership with Nissan), two prominent forthcoming EV nameplates “These accomplishments have been achieved with limited outside investment, while vigorously protecting the Company’s capital and equity treasury,” added Rossi. “We strongly believe in a successful future for Worksport, especially based upon our offering’s initial success. Worksport will be a lean and formidable force in the automotive markets, now with more free cash than ever before. We have shown just how far we can come with limited cash. Now we will show what is possible with incoming growth capital.” The Regulation A proceeds will be directed to a number of key Worksport growth projects, the first of which is to fully launch all product lines and establish local Canadian manufacturing, Rossi said. Localized manufacturing will allow the Company produce orders “just in time” and begin expeditiously growing Worksport B2B and B2C revenue channels. The TerraVis Cor Battery System and the ground-breaking TerraVis™ tonneau cover system, which integrate solar panels and battery banks for a mobile power solution, will be finalized and assembled in the proposed Ontario factory. Localized manufacturing will also allow the Company the flexibility to launch additional exciting projects th...