Worksport Ltd. Announces Formation of Wholly Owned Subsidiary – TerraVis Energy, Inc.

Mississauga, Aug. 31, 2021 (GLOBE NEWSWIRE) — Worksport Ltd (Nasdaq-CM: WKSP; WKSPW) (“Worksport” or the “Company”) is announcing the incorporation of Terravis Energy, Inc. (or “Terravis Energy”), a wholly-owned subsidiary of Worksport Ltd.

The Company has established Terravis Energy to execute on the Company’s global mission to become a leader in the energy creation and storage markets. The Company’s initial research into solar and energy storage system (ESS) initiatives uncovered opportunities even greater than initially thought, leading to the creation of Terravis Energy to maximize these opportunities. Terravis Energy will focus on harnessing and advancing renewable, green energy-based technologies, expanding on the vision that began more than five years ago – leading Worksport to partners who identify with the Company’s mission to truly decarbonize transportation. Terravis will be helmed by Mr. Lorenzo Rossi: A director of Worksport, visionary who helped lay the foundation for the Company’s solar and energy storage system (ESS) products, and father to Worksport CEO Steven Rossi.

Lorenzo Rossi has been appointed President & CEO of Terravis Energy, Inc. Lorenzo holds numerous degrees including a B.A., B.Ed., and an M.Ed. from the University of Toronto. He is the former Chair of Finance for the York Catholic District School Board and Former Director of NEOTEL, a biometric company listed on the TSX. Lorenzo was also President and founder of Virtual Academy Online, founded in 2009 as the first ministry-licensed e-learning high school in Ontario.

“I am delighted to be appointed to this new role at Terravis Energy,” said Lorenzo Rossi. “I hope my role will be instrumental in helping our company bring various forms of renewable energy to the masses. The energy storage market alone is estimated to reach $19.7 billion by 2027, with a more than 20% CAGR between now and then. We believe Terravis Energy is at the forefront of innovation in this growing sector. Our team’s duty is to understand clients’ needs and the ways in which consumers will want to adopt new green energy technologies, paving the way for our teams to develop solid strategies specifically designed to decarbonize transportation and facilitate the adoption by the masses of both BEVs and FCEVs,” Mr. Rossi continued.

Worksport Ltd. CEO Steven Rossi comments, “Terravis Energy will cross-pollinate with Worksport’s truck bed systems and branch outwards to broader global markets, shifting to truly green energy production and consumption, independent of current electrical infrastructure. Another part of our grand vision is to deploy Hydrogen-based EV charging solutions as well as neighborhood and private home power grids.”

About Worksport Ltd.

Worksport Ltd. (Nasdaq: WKSP), through its subsidiaries designs, develops, manufactures, and owns the IP on a variety of tonneau covers, solar integrations, and Hydrogen-based, NP (Non-Parasitic) true green energy solutions for clean energy integration and the automotive industries. Worksport Ltd. seeks to capitalize on the growing shift of consumer mindsets towards clean energy with its proprietary solar solutions, mobile energy storage systems (ESS) and NP (Non-Parasitic) hydrogen-based technology. For more information, please visit www.worksport.com.

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For additional information, please contact:
Steven Obadiah
Business Development Manager
Worksport Ltd.
T: 1-(888) 506-2013
E: [email protected]

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,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. Such statements include, but are not limited to, statements contained in this press release relating to the view of management of the Company concerning its business strategy, an up listing to a national exchange, future operating results and liquidity and capital resources outlook. Forward‐looking statements are based on the Company’s current expectations and assumptions regarding its business, 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. The Company’s actual results may differ materially from those contemplated by the forward‐looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward‐looking statements. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward‐looking statements to conform these statements to actual results. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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