Mississauga – December 8, 2021 — Worksport Ltd (Nasdaq: WKSP) (the “Company”) continues its plan to become a global original equipment manufacturer (OEM). After a solid year of building, strategizing, and operational change management, the Company started due diligence on potential automotive manufacturers as of third quarter this year – – to actively seek out partners interested in solar integration programs.
Through active efforts, the Company is currently engaged in discussions with several global automotive manufacturers for OEM contracts. The Company believes that its new strategy of growth through obtaining OEM contracts will increase value for the Company’s shareholders.
If Worksport succeeds in assuming the position of a major OEM, as a result of this strategy, the Company will be ready to meet the manufacturing needs of automakers via its first new manufacturing facility, currently being outfitted with cutting & milling, metal bending, automated sewing, plastic application, and tarp-cutting machinery to facilitate majority automation. Contracts with automotive manufacturers could encompass the Company’s Terravis System, conventional covers, or both.
“As we have built out, redefined, and matured the Company’s automotive-based business over this past year, our new strategy has shown positive results in short order. I am confident as we continue on this path, we will significantly strengthen our market position. With a solid, innovative, full product foundation, Worksport & Terravis Energy can now handle any pressure and scrutiny a company would face from juggernauts in automotive manufacturing. We are deeply focused on bringing the best and most compelling sustainable energy products to market and look forward to deeper discussions with more automotive manufacturers as we pursue a number of opportunities,” said Steven Rossi, CEO Worksport.