Worksport Signs Long Term Agreement with Customer for US Factory Product and Expects US$16,000,000 in Annual Sales, Marking Significant Growth and Demand at NY Factory

WEST SENECA, NY / ACN Newswire / September 19, 2023 / Worksport Ltd. (“Worksport” or the “Company”) (Nasdaq:WKSP; WKSPW) announces it has secured a long-term supply agreement with an established, leading automotive aftermarket reseller in the U.S. Under this agreement, Worksport is on track to earn an estimated $16,000,000 USD in annual sales of its advanced hard-folding and soft-folding covers, from this single customer. While estimated sales of $16 Million USD are based on the customer’s forecast on an annualized basis, this estimate does not include the customer’s expectations of year-over-year growth in sales. The agreement resulted from samples that were provided to and approved by this customer previously. This significant step follows the recent start of manufacturing at Worksport’s Western New York-based facility after receiving a robust $1.6 million order for its hard-folding covers and an additional $720,000 order for the soft-folding versions, both from the same customer.

Aligned with this positive momentum and increase in demand, Worksport has outlined its strategic intentions to expand its manufacturing capabilities. The Company has announced initiatives to adopt robotics and automation in its processes, with plans to expand assembly lines from one to a formidable four.

Steven Rossi, CEO of Worksport, expressed with conviction, “Our eyes are set on growth, cash flow positivity, and earnings in the very near future, along with getting our high-quality product into the hands of pickup truck owners.”

Strengthening the Company’s position as cleantech innovators, Worksport is preparing to introduce the SOLIS solar cover, integrated with its pioneering COR battery system. Following the Company’s collaboration with Hyundai, numerous automotive manufacturers have expressed interest in the SOLIS cover, with discussions advancing currently.

Rossi further states, “Our journey, from enhancing our manufacturing capabilities to rolling out innovative products like the SOLIS solar cover and COR battery system, highlights the substantial strides we’ve taken. We’re optimistic about what the future holds.”

For further information, please visit Worksport’s official website for investors at investors.worksport.com.

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. For more information, please visit investors.worksport.com.

Connect with Worksport

Please follow the Company’s social media accounts on Twitter, Facebook, LinkedIn, YouTube, and Instagram (collectively, the “Accounts”), the links of which are links to external third party websites, as well as sign up for the Company’s newsletters at investors.worksport.com. The Company does not endorse, ensure the accuracy of, or accept any responsibility for any content on these third party websites other than content published by the Company.

Worksport strives to provide frequent updates of its operations to its community of investors, clients, and customers to maintain the highest level of visibility.

LinkedIn
Facebook
Twitter
Instagram
YouTube

Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, Securities and Exchange Commission (“SEC”) filings, and public conference calls and webcasts. The Company also uses the Accounts to announce Company news and other information. The information shared on the Accounts could be deemed to be material information. As a result, the Company encourages investors, the media, and others to review the information the Company publishes on the Accounts.

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: [email protected] W: www.worksport.com

Forward-Looking Statements

The information contained herein may contain “forward-looking statements.” Forward-looking statements reflect the current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” “project,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the SEC, including, without limitation, our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company’s actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.


Topic: Press release summary

Hong Kong – FEHD orders Tuen Mun food factory to suspend business for 14 days

FEHD orders Tuen Mun food factory to suspend business for 14 days

*****************************************************************


     ​The Director of Food and Environmental Hygiene has ordered a food factory in Tuen Mun to suspend business for 14 days, as the operator repeatedly breached the Food Business Regulation (FBR) by extending the business area illegally.

     The premises, located at Shop No. 154 on the ground floor of Yuet Wu Commercial Centre, Yuet Wu Villa, Tuen Mun, was ordered to suspend business from today (December 11) to December 24.

     “In this May and September, two convictions for the above-mentioned breach were recorded against the shop. A total fine of $5,500 was levied by the court and 30 demerit points were registered against the licensee under the department’s demerit points system. The contraventions resulted in the 14-day licence suspension,” a spokesman for the Food and Environmental Hygiene Department (FEHD) said.

     The licensee of the shop had a record of two convictions for the same offence last August and this April. A total fine of $6,500 was levied and 30 demerit points were also registered, leading to a licence suspension for seven days this August.

     The spokesman reminded the licensees of food premises to comply with the FBR, or their licences could be suspended or cancelled.

     Licensed food premises are required to exhibit a sign at a conspicuous place near the main entrance, indicating that the premises have been licensed. A list of licensed food premises is available on the FEHD’s website (www.fehd.gov.hk/english/licensing/index.html).

Japan – Fujitsu Delivers Smart Factory Transformation for Ricoh’s Numazu Plant in Japan with New Remote Factory Management Solution

Fujitsu Limited today announced the development and deployment of a factory-wide production status visualization system in cooperation with Ricoh Co., Ltd. Ricoh has started full-scale operations of the system in June 2021 at its Numazu Plant, which manufactures polymerized toner(1).

System Overview

The new system leverages Fujitsu’s plant visualization solution, FUJITSU Manufacturing Industry Solution COLMINA Intelligent Dashboard(2), to collect and process production information from Ricoh’s chemical plant in Numazu, Japan, offering a comprehensive view of the entire plant’s production status in real-time. Connecting the system with smartphones, tablets, and other devices makes it possible to visualize the status of plant operations and changes in product quality anytime and anywhere, empowering management with the ability to remotely manage factories and quickly intervene to prevent potential disruptions to smooth operations, including facility anomalies and quality defects.

Going forward, Fujitsu will play an active role in supporting Ricoh’s plans to expand the system to other locations and will continue to support digital transformation (DX) initiatives at its various production sites.

Background

Ricoh’s Numazu Office serves as its base for research, development, and production of chemical products. The office carries out R&D and production of image forming supplies such as polymerized toner and ink, thermal products(3), and new business development for areas including next-generation solar cells and new materials. At the chemical plant, a large-scale facility producing polymerized toner, products flow through tanks, pipes, and processing equipment and the condition of the products cannot be confirmed from the outside. Instead, product condition is determined through information from facility sensors and sampling inspections. To enable a small number of on-site workers to safely manage and respond to information drawn from a massive number of facility sensors, it’s imperative to provide operation status reports from the plant quickly and intuitively to field workers to ensure safe operations and quality assurance. With COVID-19 preventing site managers from visiting sites at times, Ricoh has also been exploring new working styles for the “New Normal”.

Under these circumstances, Ricoh and Fujitsu embarked on the joint development and deployment of a system for visualizing the entire plant’s production status in September 2020, which supports speedy and safe remote plant management, guided by the chemical plant’s theme of “Helping People Work Smarter”.

Overview of the Factory-Wide Production Status Visualization System

The new system realizes quick and intuitive management of the safety and quality status of the chemical plant in near real-time using Fujitsu’s factory visualization solution, COLMINA Intelligent Dashboard, processing, accumulating, and visualizing data for indicators to be managed, including operation information and logs, drawing from an enormous amount of data from sensors and production equipment in the plant.

By connecting the system with smartphones and tablets, it is possible to visualize the operation status and changes in product quality at the factory anytime and anywhere even when the site manager cannot physically visit the production site. The system allows managers to work remotely to respond quickly to prevent disruptions to production and quality defects by making data-driven decisions and giving effective instructions to workers in the field.

Future Plans

Ricoh’s Numazu Plant will focus on higher-value-added operations by utilizing the factory-wide production status visualization system to reduce the administrative burden on site managers and workers. Ricoh is also planning to implement this system for visualizing the overall production status of plants to other locations as well.

Fujitsu will continue to support DX initiatives at Ricoh’s production sites, while promoting DX, enhanced competitiveness, and contributions to the attainment of sustainability targets including the SDGs throughout the manufacturing industry as a whole, in keeping with its mission for its manufacturing brand, COLMINA: “Bringing innovation to manufacturing through the delivery of services that are global, open, and rapid that help to realize DX”.

(1) Polymerized toner:
High-performance toner used in printers and other applications that delivers clear images and superior print quality.
(2) FUJITSU Manufacturing Industry Solution COLMINA Intelligent Dashboard:
Collects and visualizes production equipment operation data and production data, enabling users to grasp the production status of the entire factory. By utilizing cloud services, it is possible to compare global locations.
(3) Thermal products:
Products and devices that display text, images, etc. by heat.

Fujitsu’s Commitment to the Sustainable Development Goals (SDGs)

The Sustainable Development Goals (SDGs) adopted by the United Nations in 2015 represent a set of common goals to be achieved worldwide by 2030. Fujitsu’s purpose — “to make the world more sustainable by building trust in society through innovation”–is a promise to contribute to the vision of a better future empowered by the SDGs.
The goals most relevant to this project

About Fujitsu

Fujitsu is the leading Japanese information and communication technology (ICT) company offering a full range of technology products, solutions and services. Approximately 126,000 Fujitsu people support customers in more than 100 countries. We use our experience and the power of ICT to shape the future of society with our customers. Fujitsu Limited (TSE:6702) reported consolidated revenues of 3.6 trillion yen (US$34 billion) for the fiscal year ended March 31, 2021. For more information, please see www.fujitsu.com.

Copyright ©2021 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.