Worksport Ltd.

10/03/2024 | Press release | Archived content

Worksport Ltd. Commences Direct Sales to U.S Government Departments, Securing First Orders with National Agency

Targeting Over 2 Million Government Fleet Vehicles, Worksport Sets Stage for Strategic Growth in Government Contract & Sales.

West Seneca, New York, October 3, 2024 - Worksport Ltd. (NASDAQ: WKSP) ("Worksport" or the "Company"), a U.S.-based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors is excited to announce the expansion of its sales to Federal Government Agencies. Worksport has established a business relationship with a major U.S. government entity, supplying its flagship Made-in-USA AL3 Tonneau Covers for regular fleet purchases.

This strategic partnership positions Worksport to expand its reach within the government fleet sector, which includes an estimated 2 million pickup trucks nationwide. Additionally, Worksport plans to explore opportunities to introduce its forthcoming clean-tech nano-grid products to these newly established relationships.

Government Outreach Lead by Influential Board of Directors

Worksport's strategic approach to government sales will be spearheaded by Ambassador Ned Siegel (Ret.), a key member of Worksport's Board of Directors and former U.S. Ambassador. Ambassador Siegel will be directly involved in outreach to federal and state agencies, leveraging his extensive network to build strong government relationships. This outreach will not only focus on Worksport's current tonneau cover products but also on pitching cutting-edge solutions like the SOLIS Solar Tonneau Cover and the COR Portable Energy System.

"Securing these early government sales is a promising first step," said Steven Rossi, CEO of Worksport. "We are now in a unique position to expand our government sales pipeline and demonstrate the value of our Made-in-America tonneau covers and other solutions to federal and state agencies. We expect these relationships to grow, becoming a recurrent source of revenue as we expand our offerings and reach."

Worksport anticipates that these early sales, while not immediately impacting the Company's overall revenue forecasts, represent a crucial entry point into a long-term government sales program. According to the Federal Highway Administration (FHWA), there may be over 2 million pickup trucks in government and state-owned fleets, presenting a vast, addressable market for Worksport's products. Government agencies with the largest fleets of light trucks include the Departments of Natural Resources, Agriculture, and Transportation, along with Federal, State and Local Law Enforcement Agencies.

"Our focus on government fleets isn't just about selling our current products," continued Rossi. "With the upcoming launch of our clean-tech solutions, including the SOLIS and COR systems, we see significant growth potential as government fleets increasingly move toward sustainability and energy efficiency."

SOLIS & COR: Game-Changing Clean Energy Solutions

For government fleets the SOLIS solar tonneau cover and the COR portable energy system present unique opportunities for government fleet managers seeking to reduce energy costs and carbon footprints. With its ability to generate clean solar energy and provide portable power on the go, the SOLIS and COR systems together form a unique nano-grid that could power emergency sites, power tools, and appliances. Future iterations of the COR system are also expected to function as a range extender for EVs.

Future Objectives

Worksport's Government Sales Initiative has commenced by showcasing the unique durability, performance, and value of its premium tonneau covers. Leveraging Ambassador Siegel's leadership and initial sales to a key U.S. government entity, Worksport plans to use this success to fuel additional future growth.

The Company will then expand its clean-tech solutions to government agencies as well, targeting fleet contracts through agency decision-makers, nationwide, building toward a scalable, long-term, recurring revenue stream.

For more on Worksport's innovative product lines, visit www.worksport.com. Stay tuned for investor updates on new products, expanded model coverage, and ongoing business growth.

Investor Inquiries May Be Directed To:

Investor Relations, Worksport Ltd.

T: 1 (888) 554-8789 x128

W1: https://investor.worksport.com

W2: www.worksport.com

E: [email protected]

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