Breaking Cleantech
Automotive Stock News: Worksport (NASDAQ: $WKSP) To Adopt Cryptocurrency,
Bitcoin and XRP for Corporate Treasury; @WorksportLtd
Company to Convert
Interest Earnings to Cryptocurrency, Allocate Up to 10% of Excess Operational
Cash, and Enable Crypto Transactions on Worksport.com
West
Seneca, New York - December 5, 2024 (Investorideas.com Newswire) 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 a significant advancement in its corporate
treasury strategy by taking initial steps to adopt the cryptocurrencies BTC
(Bitcoin) and XRP (Ripple). Under the initial resolution of
this strategy, the Worksport Board of Directors has approved the purchase of up
to $5 million in Bitcoin and XRP, limited to a maximum of 10% of excess
operational cash. This strategic move is intended to enhance transaction
efficiency and underscores the Company's long-term belief in cryptocurrency as
a store of value and a hedge against inflation, aligning with the growing
global acceptance and institutional adoption.
Worksport's top line revenues
continue to significantly expand.
Worksport will update investors on holiday sales trends in the coming days. The
Company is also preparing to release its innovative portable
power system and solar truck cover,
propelling it toward the future of mobile energy.
Paid
News dissemination for Worksport Ltd.
Read this news, featuring WKSP in full at https://www.investorideas.com/news/2024/12051WKSP-Adopt-Cryptocurrency-Bitcoin-XRP.asp
Key Components of Worksport's BTC
(Bitcoin) / XRP (Ripple) Strategy:
- Allocation of Excess Operational Cash: The Company will commit up to 10% of any excess cash from
operations to purchase BTC (Bitcoin) and XRP (Ripple).
- Crypto-Enabled Ecommerce:
Worksport will accept cryptocurrency payments on its e-ecommerce
platform, www.worksport.com,
enhancing customer convenience and expanding its payment options.
Cryptocurrency transactions are expected to cost the Company up to 37%
less in transaction processing fees.
- Interest Earnings Conversion: Worksport
may convert interest earnings from cash held in money market accounts into
Bitcoin and XRP.
- Future Capital Raises: A
designated percentage of funds raised in future capital initiatives may be
allocated to long-term holdings of Bitcoin and XRP, reinforcing the
Company's commitment to these digital assets.
"Our upcoming adoption of
Bitcoin (BTC) and XRP (Ripple) reflects our commitment to staying ahead of
market trends while prioritizing operational efficiency and shareholder value.
As we expand our product offerings and global reach, cryptocurrency has the
potential to be a strong strategic complement" said Steven Rossi, Chief
Executive Officer of Worksport Ltd. The total allocation for cryptocurrency
investments will be up to a maximum of $5 million, which may be adjusted
through future board resolutions. Worksport will strategically size its
holdings based on prevailing market conditions to optimize asset performance.
Strategic Vision for 2025 and Beyond
Worksport's cryptocurrency
initiatives are part of a broader strategy to innovate across all facets of its
business. From American production of high-quality, highly demanded automotive
accessories to developing clean energy products like the SOLIS solar tonneau
cover and COR portable energy system, and leveraging blockchain technology,
Worksport is creating a diversified ecosystem designed for exponential growth.
Benefits of Accepting Crypto Payments
- Cost Efficiency Through Bitcoin and XRP Integration
By strategically allocating resources to Bitcoin and XRP and embracing cryptocurrency payments, Worksport positions itself at the forefront of financial innovation. Crypto transactions are anticipated to cost up to 37% less, enhancing operational efficiency, aligning with global trends toward digital asset adoption and delivering increased value to shareholders and customers alike.
- Capitalizing on Pro-Crypto Momentum
The global shift toward pro-cryptocurrency policies and the increasing likelihood of Bitcoin exchange traded fund approvals have heightened the appeal of digital assets. These developments bolster Bitcoin's reputation as an inflation-resistant store of value, making it an attractive asset for corporate treasuries. Bitcoin, often dubbed "digital gold," has evolved into a globally recognized store of value, offering unparalleled transparency, liquidity, and decentralization. XRP, with its fast and low-cost cross-border transaction capabilities, complements Bitcoin in reshaping the financial ecosystem
CEO Commentary
Rossi adds: "As Bitcoin and XRP
continue to gain investor attention and acceptance as major asset classes, we
believe they may serve as strong treasury reserve assets. Their
inflation-resistant characteristics make them increasingly reliable stores of
value. By strategically allocating a portion of our treasury to these digital
assets and accepting crypto payments, we're enhancing our financial strategy
and aligning ourselves with the future of global finance. With our core
business growing rapidly and new products launching soon, diversifying our
treasury complements our strong projected growth. We believe this move will
strengthen our balance sheet and provide long-term value to our
shareholders."
Worksport Q3 Earnings Call: Third
quarter revenue surged to $3.12 million-a 581% year-over-year
increase compared to $458,433 in Q3 2023. Worksport held its Q3 2024 earnings
call on Wednesday, November 13, 2024. The prepared remarks and presented
earnings call deck are available at
Worksport's Investor Relations website.
Key 2024 Press-Releases:
- October 17: Nasdaq Grants Extension To Regain Compliance
- October 17: $2MM+ Projected Savings From New Strategic
Initiative
- October 3: Commencing U.S Government Sales
- September 30: Update On ISO Certification
- September 19: Alpha Launch of SOLIS & COR
- September 12: Record High August Sales
- September 11: Worksport COR as an EV Range Extender for Tesla
Model 3
- August 14: Record High Revenues; 275% Q2 Growth
- August 1: Impressive SOLIS Solar Cover Test Results
- May 8: Worksport Awarded $2.8MM Grant
Read all Worksport press
releases: [Link to All Press Releases].
About Worksport
Worksport Ltd. (Nasdaq: WKSP), 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 has an active partnership with Hyundai for the SOLIS Solar cover.
Additionally, Worksport's hard-folding cover, designed and manufactured
in-house, is compatible with all major truck models and is gaining traction with
newer truck makers including the EV sector. 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. Terravis Energy's website is terravisenergy.com.
For more information, please visit investors.worksport.com
Connect with Worksport
Please follow the Company's social
media accounts on X
(previously 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.
Product social media
Investor social media
X
(formerly Twitter)
LinkedIn
Link
to Newsletter
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 social media to announce Company news and other information.
The Company encourages investors, the media, and others to review the
information the Company publishes on social media.
The Company does not selectively
disclose material non-public information on social media. If there is any
significant financial information, the Company will release it broadly to the
public through a press release or SEC filing prior to publishing it on social
media.
For additional information, please
contact:
Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128 W: investors.worksport.com W: www.worksport.com E: investors@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," "should," or the negative of these terms and
similar expressions, as they relate to us or our management, identify forward
looking statements. These 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.
Worksport Ltd. (Nasdaq: WKSP) is a featured
renewable energy/automotive stock on Investorideas.com
More info on WKSP at
Investorideas.com Visit: https://www.investorideas.com/CO/WKSP/
Disclaimer/Disclosure: Disclosure: Worksport Ltd. (Nasdaq: WKSP) is a paid featured company on Investorideas.com effective October 18th
2024 for 2 months. lInvestorideas.com is a digital publisher of third party
sourced news, articles and equity research as well as creates original content,
including video, interviews and articles. Original content created by
investorideas is protected by copyright laws other than syndication rights. Our
site does not make recommendations for purchases or sale of stocks, services or
products. Nothing on our sites should be construed as an offer or solicitation
to buy or sell products or securities. All investing involves risk and possible
losses. Contact management and IR of each company directly regarding specific
questions. More disclosure info can be found here. More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your
news release and our other news services on the Investorideas.com
newswire https://www.investorideas.com/News-Upload/ Global investors must adhere to
regulations of each country. Please read Investorideas.com privacy
policy: https://www.investorideas.com/About/Private_Policy.asp
Get more Renewable Energy Stock news, articles, podcasts and Stock Directories
Get more Automotive Stocks Investor Ideas – news, articles and stock directories
Get more Bitcoin, Blockchain, Digital Currency stock investor
ideas - news,
articles, podcasts and stock directories
Posts
No comments:
Post a Comment