West Seneca, New York, United States, July 18, 2023 (GLOBE NEWSWIRE) — Worksport Ltd. (“Worksport” or the “Company”) (NASDAQ: WKSP; WKSPW) is delighted to announce that certain of the Company’s hard tonneau covers now qualify for an esteemed “Made in the USA” label.
This designation is a testament to Worksport’s commitment to maintaining a supply chain that ensures its products are crafted and assembled in the United States, utilizing both domestic and imported components. According to recent consumer research, approximately 70% of survey respondents demonstrated a preference for American-made goods, with more than 83% willing to pay a premium of up to 20% for domestically manufactured items. This perception is largely driven by the belief that products having U.S. origin and assembly are of superior quality.
“We are thrilled to announce that Worksport can use a qualified ‘Made in the USA’ label for our upcoming line of innovative hard tonneau covers,” stated Steven Rossi, CEO of Worksport. “This is an essential milestone for the Company, validating the high-quality products we manufacture and our commitment to domestic production.”
The announcement comes after the Company’s strategic acquisition of a manufacturing facility in upstate New York in May 2022 and the recent relocation of its headquarters to the same facility. The move will centralize Worksport’s management, production, and quality control under one roof and is expected to lead to greater operational efficiencies and consistent product quality.
“Manufacturing in foreign countries poses many challenges for quality control and assurance procedures that are better managed with management present at our facility,” Rossi commented. “As U.S. manufacturing begins, our focus will be to ensure both quantity and quality in the production of our products. It took a lot of effort, but we are pleased to announce this qualification, a significant step forward for the Company.”
The achievement of such a “Made in the USA” qualification aligns with Worksport’s mission to provide superior quality products while supporting local communities and economies. It further amplifies the Company’s outlook and reinforces Worksport’s commitment to its customers, shareholders, and the broader market.
About Worksport Ltd.
Worksport Ltd. (Nasdaq: WKSP; WKSPW), through its subsidiaries, designs, develops, manufactures, and owns the IP 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 Ltd. 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
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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: supply chain delays, acceptance of our products by consumers, delays in or nonacceptance by third parties to sell our products, 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 Securities and Exchange Commission (SEC), including 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.
Source Globe Newswire