10/17/2024 | Press release | Distributed by Public on 10/17/2024 06:09
Company Expects Improved Margins and Cash Preservation; Upcoming Launches Includes High-Demand AL4 Cover and Innovative Clean-Tech Solutions
West Seneca, New York, October 17, 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 today announced the implementation of strategic cost-saving measures designed to enhance operational efficiency and drive long-term growth. The Company forecasts these actions will result in $1.5 million in expense savings in 2025, along with an additional $0.5 to $1 million in cash savings, without negatively impacting revenues.
Key Highlights:
CEO Commentary:
"We are taking proactive steps to optimize our operations and position Worksport for sustainable growth," said Steven Rossi, CEO of Worksport. "These strategic measures are expected to improve our margins and strengthen our financial position without compromising our commitment to innovationand product excellence. We remain focused on executing our growth strategy and delivering value to our shareholders."
Growth Initiatives and Revenue Targets
Worksport is aggressively pursuing growth in its tonneau cover business line, projecting:
Product Launches and Upcoming Catalysts
Continued Commitment to Innovation
Worksport remains highly engaged in research and development, with a focus on:
CEO Steven Rossi added:
"Our upcoming product launches represent significant milestones for Worksport. We are confident that the AL4 Premium Tonneau Cover and our clean energy solutions like the COR Portable Energy System and SOLIS Solar Cover will drive substantial growth. These innovations reflect our dedication to meeting market demands and exceeding customer expectations."
About Worksport Ltd.
Worksport Ltd. (NASDAQ: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, portable energy storage systems, and heat-pump technology. The Company is committed to transforming the pickup truck industry through innovative technologies that enhance functionality and sustainability. For more information, please visit www.worksport.com | investors.worksport.com | https://terravisenergy.com
Key 2024 Press-Releases:
Forward-Looking Statements
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