WKSP - Worksport trades high on purchasing U.S.-based manufacturing facility

Worksport (OTCQB:WKSP) trades 6.1% higher premarket after it announced that it plans to expand its manufacturing operations by 222K sq. feet into U.S. The purchase would establish a strategic presence with a state-of-the-art facility in the Buffalo, NY suburb of Seneca, near ports, distribution hubs, and the Canadian border. The company is under contract and conducting due diligence for a period of 70 days. The facility is equipped with a Automated Storage & Retrieval System which will reduce labor costs and increase throughput by automatically loading, handling, storing, and picking 5.2K pallets weighing up to 3K lbs/pallet. The expansion will lead to strong profit margins and immediate market penetration and achieve aggressive EBITA targets within the next 12-24 months.

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Worksport trades high on purchasing U.S.-based manufacturing facility