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Worksport™ Enters into US $70 Million OEM Agreement for TerraVis™ with US Based EV Truck Manufacturer
TORONTO, Sept. 03, 2020 (GLOBE NEWSWIRE) -- Worksport Ltd (Formerly Franchise Holdings International Ltd)., (OTC:WKSP) (or the “Company”), is now able to
About this update from Worksport, Ltd.
[{"type":"text","content":"TORONTO, Sept. 03, 2020 (GLOBE NEWSWIRE) -- Worksport Ltd (Formerly Franchise Holdings International Ltd)., (OTC:WKSP) (or the “Company”), is now able to announce more details from its late-stage agreement. The agreement, presently in active negotiations, to supply the ground -breaking Worksport TerraVis™ tonneau cover system with solar power integration to a U.S.-based Electric Truck manufacturer. The partnership between the two companies is expected to generate US$70 million in revenues for Worksport in the near-to-mid-term, according to Worksport CEO Steven Rossi.\n\n \n \n \n \n \n \n \n \n \n \n \n Worksport TerraVis™ tonneau cover system with solar power integration to a U.S.-based Electric Truck manufacturer.\n \n \n \n \n \n \n \n \n\n Additional information about the details surrounding specific terms of the agreement, including an official statement from the EV Truck manufacturer, are expected to be disclosed in mid-September. “The economic value of this pioneering relationship is expected to be of profound significance for Worksport and its future growth and development,” added Rossi. “The announced $70 million in expected revenues in the first contract is just the beginning, and it is likely to expand over the longer-term.” The anticipated partnership calls for Worksport, with its TerraVis™ solar charging system, to be the Tier One OEM supply partner for the U.S manufacturer’s forthcoming electric truck. The TerraVis system, for that truck line, will be exclusively configured and uniquely crafted so that the TerraVis™ system will provide the EV Truck, with a meaningful source of recharge. The collaboration agreement closely followed the first public disclosure of details about TerraVis™ , the very first advanced folding truck bed tonneau cover system to be a fusion of cutting edge solar power, storage, and delivery. The platform takes advantage of a standard pick-up truck’s practical capabilities, while also utilizing the power of more sustainable and renewable energy. Proprietary, high efficiency solar panels built into the rugged tonneau cover—the likes of which Worksport™ has become widely known for—will collect the sun's rays and store energy in multiple battery banks. “With the recent TerraVis™ reveal, Worksport enters the most exciting period since inception,” said Worksport CEO Steven Rossi. “We have been work...