Business
Worksport Reports 2020 Full Year Financial Results and Provides Business Update
Ended 2020 with $1.1 Million in Cash and Cash EquivalentsIntroduced Upcoming TerraVis™ Product LineAnnounced Tier-One OEM Supply Agreement with Major EV
About this update from Worksport, Ltd.
[{"type":"text","content":"Ended 2020 with $1.1 Million in Cash and Cash EquivalentsIntroduced Upcoming TerraVis™ Product LineAnnounced Tier-One OEM Supply Agreement with Major EV Manufacturer TORONTO, April 14, 2021 (GLOBE NEWSWIRE) -- 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 millionTo date, Worksport received an additional $2.9 million from the exercise of warrants associated with its Reg-A offeringWorksport raised...