Business
Worksport Provides Corporate Update, 2021 Retrospective and 2022 Ramp-Up
Mississauga, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Worksport Ltd (Nasdaq-CM: WKSP) (the “Company”) is providing a Corporate Update, including a review of 2021 and
About this update from Worksport, Ltd.
[{"type":"text","content":"Mississauga, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Worksport Ltd (Nasdaq-CM: WKSP) (the “Company”) is providing a Corporate Update, including a review of 2021 and what Management has planned in 2022. Company management would like its community of shareholders and supporters to know that 2021 was a year of consolidation, building and strategic planning. As a cornerstone of Worksport’s agenda, the Company began ramping up production from its Chinese factory immediately following the close of the Regulation-A offering in March. To service Worksport’s new B2B and B2C sales strategies, the Company has been stocking inventory during Q4, 2021, which includes our conventional products that will be sold through our eCommerce platform slated for launch Q1 2022. During 2021, we developed the first solar tonneau cover along with its counterpart, the Terravis COR, portable rechargeable energy storage unit. With our $30mm capital raise we were able to begin to bring our manufacturing home to Canada. In our new facility, we will be able to streamline our manufacturing process to produce our products faster while maintaining similar profit margins. To close out 2021 Worksport will be heavily focusing on securing and tooling its new facility. - with the first automated cutting and milling machines having arrived in October. Management expects delivery of the remaining equipment to continue into December and through the end of January. These production capabilities range from cutting and milling, to metal bending, automated sewing, to plastic application and tarp cutting. Management expects most, if not all, of these systems to be installed between the end of January and mid-February 2022. If there are no delays due to unpredictable lead times as a result of the pandemic global recovery, management believes the Canadian factory will begin servicing its B2B and B2C customers by the end of Q2 2022. In addition, we have been able to increase our research and development operations and attract several professionals with PhDs to join our already talented team of engineers and designers. We believe our team is poised to undertake and complete projects that will be ground-breaking with respect to clean energy solutions. Although shipping and supply challenges have delayed its launch, we are excited to demonstrate the Terravis’ capabilities and will be in a ...