Business
Worksport Reports 2021 Third Quarter Financial Results and Provides Business Update
Mississauga, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Worksport Ltd (Nasdaq-CM: WKSP) (the “Company”) reported financial results for the 2021 third quarter period
About this update from Worksport, Ltd.
[{"type":"text","content":"Mississauga, Nov. 15, 2021 (GLOBE NEWSWIRE) -- Worksport Ltd (Nasdaq-CM: WKSP) (the “Company”) reported financial results for the 2021 third quarter period ended September 30, 2021. Investors are encouraged to read the Company’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”), which can also be found at www.worksport.com. Third Quarter Highlights: Ended the third quarter with approximately $29.0 million in cash and cash equivalents, it’s largest cash position ever.Secured a 55,000 square foot manufacturing facility essential for the Company’s plans to bring its manufacturing operations back from overseas.Began developing Terravis Energy, Inc., its wholly owned subsidiary that will lead the Company’s alternative energy operations.Appointed Bill Caragol and Ambassador Ned L. Siegel as independent directors who have immediately become invaluable additions to the Company.Appointed Michael Timmons and Sengkee Ahn to the Company’s advisory board.Launched the Company’s Global Pre-Order Portal, which the Company’s believes will play an important role in generating further sales, sidelined by the global supply challenges. Worksport has secured and moved into a new manufacturing facility in Canada. The Company has added to its Board two extremely experienced, independent directors. Additionally, the Company has expanded its Advisory Board with experts from both financial and automotive industries. Following the strides made in green energy storage with the development of the Company’s Terravis COR energy storage system, Worksport launched its wholly owned subsidiary, Terravis Energy Inc. – establishing a new home for in-development, revolutionary technologies like NPEV, a hydrogen-based EV charging solution. Steven Rossi, Chief Executive Officer of Worksport said, “Worksport continues to build what we believe will become an industry staple brand, where our technologies and efficiencies will create unique solutions to the challenges of energy storage and transportation. In August, we completed a public offering and listed our shares on Nasdaq. We will continue to forge new paths in the pursuit of our vision of providing innovative products within the tonneau cover market and beyond.” Worksport has officially started taking pre-orders for its much-anticipated Terravis System, a one of a kind solar...