12/01/2021 | Press release | Distributed by Public on 11/30/2021 23:25
Mississauga - December 1, 2021- Worksport Ltd (Nasdaq-CM: WKSP)(the "Company") is providing a Corporate Update, including a review of 2021 and what Management has planned in 2022.
Company management would like its community of shareholders and supporters to know that 2021 was a year of consolidation, building and strategic planning.
As a cornerstone of Worksport's agenda, the Company began ramping up production from its Chinese factory immediately following the close of the Regulation-A offering in March. To service Worksport's new B2B and B2C sales strategies, the Company has been stocking inventory during Q4, 2021, which includes our conventional products that will be sold through our eCommerce platform slated for launch Q1 2022.
In 2021, we developed the first solar tonneau cover along with its counterpart, the Terravis COR, a portable rechargeable energy storage unit. With our $30mm capital raise, we were able to begin to bring our manufacturing home to Canada. In our new facility, we will have the ability to streamline our manufacturing process to produce our products faster while maintaining similar profit margins.
To close out 2021 Worksport will be heavily focusing on securing and tooling its new facility. - with the first automated cutting and milling machines having arrived in October. Management expects delivery of the remaining equipment to continue into December and through the end of January. These production capabilities range from cutting and milling, to metal bending, automated sewing, plastic application and tarp cutting. Management expects most, if not all, of these systems to be installed between the end of January and mid-February 2022. If there are no delays due to unpredictable lead times as a result of the Covid-19 global recovery, management believes the Canadian factory will begin servicing its B2B and B2C customers by the end of Q2 2022.
In addition, we have been able to increase our research and development operations and attract several professionals with PhDs to join our already talented team of engineers and designers. We believe our team is poised to undertake and complete projects that will be ground-breaking with respect to clean energy solutions. Although shipping and supply challenges have delayed its launch, we are excited to demonstrate the Terravis' capabilities and will be in a position to do so hopefully in Q1 2022. The Company originally planned a demonstration in Q4 2021, however crucial components are stuck in transit.
As of the date of this release, we are waiting for the internal batteries to arrive. There have been some delays in shipping due to batteries of this energy capacity not able to be shipped conventionally. Regardless of shipping delays, management believes that it will be able to debut the Terravis COR and solar cover, demonstrating its capabilities for consumers and investors publicly before the end of 2021.
As Management looks toward the second half of 2022, we have already begun the process of transforming the COR system into its platform, with a variety of uses, including whole-home power backup with an emphasis on portability to work in conjunction with its SOLIS and COR products. To echo Worksport's Director of Engineering, Dr. Rafael Oliveira, the Company is already looking to continue innovating with more powerful mobile units, maintaining focus on simplicity and usability. And while still early in its development, Terravis Energy's NPEV system is making incredibly significant progress, with Management expecting to have a working prototype in early 2022. Furthermore, because of the Company's charismatic business development strategies involving actively seeking out partners and having conversations with potential partners, there have been exploratory talks of building a B2B business with large multinational stores.
Worksport CEO Steven Rossi comments, "Part of our goal is to make power systems easier and simpler to use. We have made incredible strides towards achieving these objectives, going from concept to production in just under 1.5 years, and we look forward to even greater steps. We maintain our strong commitment to decarbonize transportation and shift consumer mindsets toward sustainable energy technologies, and we look forward to sharing these developments with the investment community as they come to fruition."