Worksport Ltd. ($WKSP) Announces Global Patent Portfolio Growth, and Joins LOT Network for Enhanced Patent Protection
Strategic Alliance Aims to Lower Legal Costs & Strengthen Market Position, Ahead of Major Product Launches
West Seneca, New York, Jan. 24, 2025 (GLOBE 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, is pleased to announce that it increased its patent portfolio by approximately 25%in the last 12 months. It further announces that it has joinedLOT Network, a not-for-profit global consortium of leading companies committed to preserving innovation.
Global Patent Growth
Worksport is proud to announce a ~25% growth in its global patent portfolio, encompassing both issued patents and pending patent applications. This expansion reflects Worksport’s commitment to addressing real-world customer challenges by creating products that are innovative, user-friendly, and safe. These advancements are integral to Worksport’s existing product lines and will feature prominently in future offerings, including the patented SOLIS solar tonneau cover and the groundbreaking COR portable power system. The patent growth is bolstered by Worksport’s wholly owned subsidiary, Terravis Energy, which continues to develop proprietary assets in the area of Cold-Climate Heat Pumps, further strengthening the Company’s innovation pipeline.
Joining LOT Network
In addition to bolstering its patent portfolio, Worksport is excited to join LOT Network. LOT Network community is committed to protecting its members from costly and frivolous litigation initiated by patent assertion entities (PAEs, sometimes referred to as “patent trolls”). Members of LOT Network agree that if a member 's patent is enforced by a PAE, other members automatically receive a license to that patent, protecting them from lawsuits by the PAE using that patent. All the usual uses of patents are preserved. With 4.8 million patents in the network and counting, its more than 4,500 members include global leaders such as Tesla, Ford, Amazon, Rivian, Hyundai, and Microsoft. By joining the Network, Worksport is protected against PAE litigationusing more than 4.8 million patents – including nearly 50,000 patent assets in technology fields relevant to Worksport – thus safeguarding Worksport and its business ecosystem.
A common misconception is that PAEs target only large companies. In fact, over 50% of PAE litigation is initiated against companies with less than $25MM in annual revenue. PAE litigation has increased dramatically over the last decade, costing the US economy tens of billions of dollars and hindering innovation. Each lawsuit can cost potentially millions of dollars to defend. Worksport is pleased to join LOT Network, encouraging open innovation industry wide.
"Innovation lies at the heart of Worksport 's culture, and we are deeply committed to safeguarding our diverse technical and creative community. Worksport’s IP is growing at a wonderful pace, " said Nilay Choksi, General Counsel and Chief IP Counsel at Worksport. "As advocates for fair IP practices, we urge other companies to join us in making the industry safer by becoming part of LOT Network. By collaborating, we can shield the industry from misuse, foster innovation, and drive growth and success for the entire community. "
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About LOT Network
LOT Network, the world’s largest patent licensing platform, is an international, non-profit community of leading global companies committed to protecting themselves against costly litigation from patent assertion entities (PAEs). LOT Network currently protects more than 4,800 members in 56 countries from PAE litigation for more than 4.8 million worldwide patent assets and counting and includes 20% of all U.S. patents within the organization. Members include market leaders such as IBM, Toyota, Visa, Canon, Google, Red Hat, JP Morgan Chase, Tesla, Cisco, Amazon, Microsoft, Alibaba, and Salesforce, as well as innovative companies across industries. Visit www.lotnet.com to learn more or download LOT Network’s agreement.
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, portable power systems, and clean heating & cooling solutions. 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 Cold-Climate Heat Pump (CCHP) 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.
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Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, 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,” ”scheduled,” “expect,” “future,” “intend,” “plan,” “project,” “envisioned,” “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 Securities and Exchange Commission (“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.
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