Worksport Ltd (WKSP)

[prislea]

Toronto, Ontario , Jan. 09, 2019 (GLOBE NEWSWIRE) -- Franchise Holdings International Inc. , (OTCQB: FNHI) (or the “Corporation”) Worksport Ltd.’s parent company, in the second part of its 2018 investor conference call, outlined the company’s two tracks for income streams in 2019 — branded and non-competitive private label sales — for its high quality, functional, and aggressively priced tonneau/truck bed covers for the light truck market. FNHI and Worksport CEO Steve Rossi also said its technologically innovative Helios and Alpha Helios solar tonneau covers are expected to reach the North American market in 2019 and 2020 respectively.
Private label sales are non-competitive to the main brand
Rossi described his total concentration on the business’ main product lines, while private label sales to two major U.S. companies occurs simultaneously. “With this development, we ‘knocked the ball out the park.’ The two American companies approached Worksport independently, and exclusive and non-competitive products were developed for their pre-existing market for tonneau covers,” Rossi said. “They are expected to be reoccurring orders equaling the revenue stream for the main trifold truck cover product lines. It is accretive and a win-win for both manufacturer and purchasers.” Rossi told conference participants that private label sales are ‘in the background, ‘and based on Worksport’s pre-existing patent portfolio.
Revenue update
As of today’s date, Worksport is pleased to announce its order book has exceeded $1,150,000 . It is expected to grow and rotate every 30 to 60 days. Worksport and its team is working towards revenue growth outpacing its target of $5,000,000 within 2019; representing a year of year growth target of over 900%.
Invest in the company, not in an IR firm
Another area of concern for investors was whether FNHI would invest in support from a major investor relations firm, with a dual OTC and CSE listing expected in the near future. Rossi advised conference participants that “it would be a difficult call to divert funds that are needed for Worksport growth to an exploratory project” that may or may not provide ROI, even if such firms succeed in creating greater FNHI awareness. “There is much available organic media coverage for growing companies that need not bought and paid for,” Rossi told the investor conference.
FNHI offshore manufacturing promotes ‘consistency and quality’
Rossi also explained the protections built into its manufacturing processes in China . It’s somewhat like ‘just in time’ product assembly. “We work directly with each manufacturer of specific components, retaining control throughout the supply chain.”
“This promotes consistency and quality, a proprietary and rather complex way to create products, with factories able to scale up to scale up to large orders within 30 days,” Rossi commented. “Each facet is individually managed from sewing, plastics, panel adhesives to aluminum cutting and applying anti corrosives, with the factory mostly handling assembly and packaging.” He added that budgets exist for current orders but there was still a need for capital to fund onshore inventory.
To the question of whether FNHI would agree to be acquired, Rossi told participants: “We will act prudently in shareholders’ interests but wish to be the acquirer; our goal is a nine-figure evaluation. I am in it for the long haul and want to call the shots. I don’t play golf and can’t sit still. I want to call the shots, just as I have since I was 16-17 and first started my own business.”
Share structure remains the same but Rossi plans to retire his shares
To a question about FNHI share structure, Rossi noted that it “had not changed” but that he would soon be retiring his 11 million shares (which he would “never sell)” out of the approximately 147 million shares issued and outstanding. If investors have questions about this or other topics, Rossi said, “At any given time, they should be able to email, call or tweet and ask what is happening and I will be glad to answer. That’s a basic of company transparency.”
FNHI enjoys a record making order book
In concluding the investor conference, Rossi noted that Worksport enjoyed a “record making order book” though is prepared for “hard times or good times.” “There will be peaks and valleys, but excellent management is in place to move aside whatever obstacles could be in the way. We will use everything in our tool belt to keep moving forward,” the FNHI CEO said.
Part II of the conference call can be listed to here: https://franchiseholdingsinternational.com/media/conference-calls/
About Worksport Ltd
Worksport Ltd. , a fully owned subsidiary of Franchise Holdings International. Inc. is an innovative manufacturer of high quality, functional, and aggressively priced tonneau/truck bed covers for light trucks like the F150, Sierra, Silverado, Canyon, RAM, and Ford F-Series. For more information please visit www.worksport.com
About Franchise Holdings International
Listed on the OTCQB Market under the trading symbol “FNHI” and currently in the process of a dual listing on a Canadian Stock Exchange , Franchise Holdings International’s strategy is to acquire business in the fastest growing business segments and to create shareholder value in the process. Once a business of interest is acquired, our mission is to further develop and accelerate the growth for all of our acquired subsidiaries. Currently the Corporation has one fully owned subsidiary, Worksport Ltd.
For further information please contact:
Mr. Steven Rossi                                                           CEO & Director                                                                   Franchise Holdings International                                                 . T: 1-888-554-8789                                                      E: [e-mail] Website: www.FranchiseHoldingsInternational.com
Forward-Looking Statements
This document may contain forward-looking statements, relating to Franchise Holdings International Inc. operations or to the environment in which it operates, which are based on Franchise Holdings International Inc. operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond Franchise Holdings Internationals Inc.’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, readers should not place any undue reliance on such forward-looking statements. Franchise Holdings International Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No Stock Exchange or Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.