{"id":525900,"date":"2021-08-10T08:04:07","date_gmt":"2021-08-10T12:04:07","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/worksport-broadens-ecosystem-with-new-ev-related-product-development\/"},"modified":"2021-08-10T08:04:07","modified_gmt":"2021-08-10T12:04:07","slug":"worksport-broadens-ecosystem-with-new-ev-related-product-development","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/worksport-broadens-ecosystem-with-new-ev-related-product-development\/","title":{"rendered":"Worksport Broadens Ecosystem with New EV Related Product Development"},"content":{"rendered":"
\n

\n Mississauga, Aug. 10, 2021 (GLOBE NEWSWIRE) — <\/strong>Worksport Ltd. (<\/strong>Nasdaq-CM<\/strong>: WKSP<\/strong>; WKSPW<\/strong>)<\/strong> (the \u201cCompany\u201d) is pleased to announce that it has commenced working on a new product termed \u201cNPEV.\u201d This technological endeavor will be in service to the growing EV markets. In and of itself, it will help forge additional Company ecosystems, developed with Worksport\u2019s next-level ingenuity \u2013 intended to redefine industry standards. Worksport\u2019s leadership and skilled engineering team believe NPEV could play a significant role in decarbonizing transportation with true green energy.<\/p>\n

Just as with the potential of TerraVis, NPEV is being engineered as a revolutionizing EV technology aimed to have a profound impact on various green energy industries. Additionally, the Company believes NPEV will provide an extremely vital, very necessary, and much needed change in the current green energy markets to also aid in the care of Earth\u2019s environment at large. Worksport is leveraging its current position to think differently and bring practicality to energy-focused products, introducing technology that does not yet exist in the markets. Management believes this forward-thinking has allowed the Company to capitalize on unique opportunities, laying a foundation for Worksport\u2019s entry into the next stages of growth and development. The Company\u2019s leadership – heeding insightful recommendations from its world-class advisors, engineers, and research partners, including the experienced minds at Ontario Tech University, is ushering Worksport deeper into the EV, ESS, and sustainable energy industries.<\/p>\n

Considering both technical and business developments, the Company plans to provide progress updates on its other initiatives and how it has been able to allocate raised capital from its recent public offerings to ideal departments to enhance long-term value to investors. Worksport\u2019s CEO, Steven Rossi, commented, \u201cWorksport is innovating on incredible levels in its engineering and design work, incorporating a consumer-centric focus on what our industries need to evolve. We are very excited to be making solar and eco-friendly energy appeal to consumers at large and cannot wait to introduce our innovations to the world.\u201d<\/p>\n

To add further clarity, Rossi provided context to the Company\u2019s journey, \u201cWe started working on TerraVis seven years ago, and after persevering through the hardships of the global pandemic caused by COVID-19, it is now being realized expeditiously. Considering our reinvigorated state after our recent oversubscribed Reg-A offering and subsequent underwritten public offering\u2014we are now sitting with almost $29 million in cash with virtually no debt. That\u2019s approximately $2 per share in cash with a recent stock price of $5.46, and this at a time with increasing<\/em> demand<\/em> for our current and upcoming products–we now have access to the best resources to execute on all that we have in the works effectively.\u201d<\/p>\n

\n About <\/strong>
\n Worksport<\/strong>
\n Ltd.<\/strong>\n <\/p>\n

Worksport Ltd. (Nasdaq-CM: WKSP; WKSPW) develops and manufactures high quality, modular, and attractively priced tonneau covers and solar-powered systems for light-duty trucks such as the Sierra, Silverado, Canyon, RAM, Ford F-Series, and consumer-oriented adventures & purposes, where portable energy is a necessity. Available soon to pre-order, the modular, redefining Worksport TerraVis tonneau cover system is being mindfully designed for the job site contractor and off-road, light-duty trucker for work and play, to supply extra energy for those additional miles sustainably. Expected to launch by 2021 year-end, Worksport\u2019s allied TerraVis COR mobile energy storage system (ESS) will be another redefining product targeted for vacationers, second-home owners, and campers. Plans are also being constructed to expand with grid micro-charging stations to provide convenience and efficiency in recharging smaller form-factor EVs. For more information, please visit\u00a0www.worksport.com<\/a> and www.goterravis.com<\/a>.<\/p>\n

\n Connect with Worksport:\u00a0<\/strong>\n <\/p>\n

\n Linkedin<\/a>\n <\/p>\n

\n Facebook<\/a>\n <\/p>\n

\n Twitter<\/a>\n <\/p>\n

\n Instagram<\/a>\n <\/p>\n

\n For additional information, please contact:<\/strong>
\n
\n Faran<\/strong>
\n \u00a0Ali<\/strong>
\n
Business Development Manager
Worksport Ltd.
T:<\/strong> 1-(888) 506-2013
E:<\/strong>\u00a0investors@worksport.com<\/a><\/p>\n

\n
\n
\n Forward-Looking<\/u>
\n <\/em>
\n <\/strong>
\n
\n
\n Statements<\/u>
\n <\/em>
\n <\/strong>\n <\/p>\n

\n The information contained herein may contain \u201cforward\u2010looking statements.\u201d Forward\u2010looking statements reflect the current view about future events. When used in this press release, the words \u201canticipate,\u201d \u201cbelieve,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cfuture,\u201d \u201cintend,\u201d \u201cplan,\u201d or the negative of these terms and similar expressions, as they relate to us or our management, identify forward\u2010looking statements. Such statements include, but are not limited to, statements contained in this press release relating to the view of the Company\u2019s management concerning its business strategy, future operating results, liquidity, and capital resources outlook. Forward\u2010looking statements are based on the Company\u2019s current expectations and assumptions regarding its business, the economy, and other future conditions. <\/em>\n <\/p>\n

\n Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. The Company\u2019s actual results may differ materially from those contemplated by the forward\u2010looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution readers, therefore, against relying on any of these forward\u2010looking statements. Factors or events that could cause the Company\u2019s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. <\/em>\n <\/p>\n

\n Important factors that could cause our actual results and financial condition to differ materially from those indicated in the\u00a0forward-looking\u00a0statements include, among others, the following: <\/em>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \u00a0<\/em>\n <\/td>\n\n \u25cf<\/em>\n <\/td>\n\n our going concern and history of losses;<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u25cf<\/em>\n <\/td>\n\n the ongoing COVID-19 pandemic;<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u25cf<\/em>\n <\/td>\n\n our ability to compete;<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u25cf<\/em>\n <\/td>\n\n our reliance on a small number of customers for the majority of our sales;<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u25cf<\/em>\n <\/td>\n\n our ability to successfully protect our intellectual property rights and claims of infringement by others;<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u25cf<\/em>\n <\/td>\n\n the effectiveness of our sales and marketing efforts;<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u25cf<\/em>\n <\/td>\n\n our ability to retain key management personnel;<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u25cf<\/em>\n <\/td>\n\n failure to remedy material weaknesses in internal accounting controls and failure to implement proper and effective internal controls;<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u25cf<\/em>\n <\/td>\n\n our need to raise additional capital;<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u25cf<\/em>\n <\/td>\n\n cybersecurity threats and incidents;<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u25cf<\/em>\n <\/td>\n\n the volatility of our stock price;<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u25cf<\/em>\n <\/td>\n\n the decline in the price of our <\/em>
\n securities<\/em>
\n due to offers or sales of a substantial number of shares;<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u25cf<\/em>\n <\/td>\n\n limited trading volume and price fluctuations of our securities; <\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n\n \u00a0<\/em>\n <\/td>\n<\/tr>\n
\n \u00a0<\/em>\n <\/td>\n\n \u25cf<\/em>\n <\/td>\n\n our ability to meet continuing listing requirements of the Nasdaq Capital Market; and <\/em>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u25cf<\/em>\n <\/td>\n\n such other risk factors as discussed throughout the \u201cRisk Factors\u201d section of our prospectus supplement, dated July 27, 2021, and other annual and quarterly reports filed by us with the Securities and Exchange Commission.<\/em>\n <\/td>\n<\/tr>\n<\/table>\n

\n Any\u00a0forward-looking\u00a0statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to update any\u00a0forward-looking\u00a0statement publicly, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.<\/em>\n <\/p>\n

\n

\n Attachments<\/strong>\n <\/p>\n