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Worksport Broadens Ecosystem with New EV Related Product Development

Mississauga– Worksport Ltd. is pleased to announce that it has commenced working on a new product termed “NPEV.” 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’s next-level ingenuity – intended to redefine industry standards. Worksport’s leadership and skilled engineering team believe NPEV could play a significant role in decarbonizing transportation with true green energy.

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’s 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’s entry into the next stages of growth and development. The Company’s 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.

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’s CEO, Steven Rossi, commented, “Worksport 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.”

To add further clarity, Rossi provided context to the Company’s journey, “We 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—we are now sitting with almost $29 million in cash with virtually no debt. That’s approximately $2 per share in cash with a recent stock price of $5.46, and this at a time with increasing demand 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.”

About Worksport Ltd.

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’s 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 www.worksport.com and www.goterravis.com.

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