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Worksport Presents Uniquely Configured Bed Cover Model for Canadian Automotive Store Chain Following Recent $16 Million Annual Sales Agreement with U.S Brand
Source: Nasdaq GlobeNewswire / 26 Oct 2023 08:00:00 America/New_York
West Seneca, New York, Oct. 26, 2023 (GLOBE NEWSWIRE) -- Worksport Ltd. (Nasdaq: WKSP; WKSPW) (“Worksport” or the “Company”) is pleased to announce that it has received interest from a leading Canada-based automotive aftermarket reseller for the Company’s hard-folding tonneau covers. The Company has already sent product samples to this reseller as well. The potential customer has an impressive annual sales volume surpassing $10 billion CAD. As it would be a private-label customer, the Company cannot disclose its name at this time.
This interest comes on the heels of executing a $16 million USD annual sales agreement for its hard-folding and soft-folding covers with a leading U.S. aftermarket reseller earlier this year. Worksport is once again diligently working to grow and increase its revenues.
Management believes that entering into yet another potential collaboration signals the robust demand and confidence in Worksport's cutting-edge truck bed covers. This development further fortifies the Company's position in the aftermarket space and underscores its growth trajectory.
This year and next year will see Worksport branching out into the cleantech sector with its highly anticipated SOLIS Solar Cover, coupled with its COR Battery System. This game-changing combination serves dual purposes: providing additional driving range for electric pickup trucks of partnering OEM brands and furnishing off-grid power in remote locations to most pickup trucks.
Several major automotive manufacturers have expressed a keen interest in Worksport’s innovative solutions, with a notable partnership already announced with Hyundai.
While Worksport's U.S. factory is taking steps to meet the high demand, it is simultaneously preparing for the launch of the SOLIS Solar Cover with COR Battery System. The Company expects to update investors soon on its progress.
Steven Rossi, CEO of Worksport, is brimming with enthusiasm for what the future holds. "After recently announcing the $16 million sales agreement, the fact that another top-tier aftermarket reseller has shown interest in our products just further illustrates the trust and interest in our brand. While there's much ground to cover, these developments act as tremendous motivators. We're more committed than ever to amplify our factory capabilities and present unyielding value to our investors," Rossi remarked.
About Worksport
Worksport Ltd. (Nasdaq: WKSP; WKSPW), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, and NP (Non-Parasitic), Hydrogen-based true green energy solutions for the sustainable, clean energy, and automotive industries. Worksport seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations with its proprietary solar solutions, mobile energy storage systems (ESS), and NP (Non-Parasitic), Hydrogen-based technology. Terravis Energy’s website is terravisenergy.com. For more information, please visit investors.worksport.com.
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In order to comply with Regulation FD, the Company does not selectively disclose material non-public information on any Account. If there is any significant financial information, it is the policy of the Company to release it broadly to the public through a press release or SEC filing prior to publishing it on one of the Accounts.
For additional information, please contact:
Steven Obadiah
Investor Relations
Worksport Ltd.
T: 1 (888) 554 8789 E: investors@worksport.com W: www.worksport.com
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