Proposed first acquisition targets revenue growth through cross-selling to Worksport's U.S. wide dealer network and 50,000+ email targeted customersProduct intended for standalone sales + bundled sales with Worksport's tonneau covers and scaled through its U.S. manufacturing and distribution network WEST SENECA, NY / ACCESS Newswire / November 4, 2026 / Worksport Ltd. (NASDAQ:WKSP) ("Worksport" or the "Company"), a U.S .-based innovator and manufacturer of hybrid and clean energy solutions primarily for the light truck, overlanding, and global consumer goods markets, today announced it has signed a term sheet to acquire a growing business with a patented, U.S .-manufactured truck bed accessory already on the market . The proposed acquisition, Worksport's first, would be a step in the Company's strategic plan to grow beyond tonneau covers by leveraging its U.S .-based enterprise-level manufacturing infrastructure toward a broader range of products. It is intended to create new sales opportunities across the Company's new and existing customers and distribution channels. The announcement follows Worksport's preliminary third-quarter results, reported November 3 , which included record net sales of approximately $7.24 million and operating cash use reduced to approximately 5% of net sales. With the core business now converting its investment into sales and cash, the Company is turning to the next step: getting more out of the manufacturing enterprise, distribution channels, and large customer base it has already built. Proposed Acquisition Highlights Patented and U.S .-manufactured: an established U.S made brand, with intellectual property, already selling in the market Complementary to Worksport's tonneau covers: a second product for the same truck owner and the same truck bed Built-in path to market: cross-selling to Worksport's existing customers and distribution partners, and packaging sales with existing Worksport tonneau cover buyers, simultaneously opening up new, larger market opportunities Why This Business Worksport's tonneau covers protect what is in the truck bed. This patented product is designed to make that cargo easier to access. If completed, the proposed acquisition would add a natural companion product for the same customer, sold through the same channels. Like Worksport's own products, it is built in America. Worksport designs and manufactures its proprietary tonneau covers in-house at its West Seneca, New York facility, and the proposed acquisition would extend that model to a second product line, with the intent to leverage Worksport's existing mature infrastructure. According to SEMA , vehicle owners spent more than $15 billion modifying pickups in 2025, including nearly $4 billion on utility accessories such as racks, toolboxes and covers. Putting Worksport's Scale to Work Worksport already has what a product like this needs to grow: U.S . manufacturing, an established brand and a distribution network that accounted for 50% of September net sales. Its customer database includes more than 50,000 targetable customers acquired through organic growth and paid advertising, in addition to its extensive nationwide distribution network. Management believes selling to existing customers can cost less than acquiring new ones, potentially improving marketing returns and supporting margins over time. Following completion, Worksport intends to bundle the product with its top-selling NEXUS tonneau cover during major promotional periods. The proposed transaction also points to a broader direction. Worksport sees its established enterprise level manufacturing, distribution and loyal, growing customer base as a platform that can support more than one product type. The Company believes that adding proven, U.S .-made accessories like this one can be a repeatable way to put that platform to work. Status of the Proposed Transaction The term sheet is non-binding with respect to the proposed acquisition. Completion remains subject to ongoing due diligence, negotiation and execution of definitive agreements, and satisfaction of applicable closing conditions. There can be no assurance that a definitive agreement will be signed or that the proposed acquisition will be completed. The Company believes it will close on this acquisition in the near term. CEO Commentary "Our customers have already shown us that they care about their truck bed and what goes in it," said Steven Rossi , Founder and Chief Executive Officer of Worksport . "We have spent years building U.S . manufacturing, distribution and a loyal, growing customer base, and this proposed transaction is about putting all three to work. This product found buyers with one founder and a website. We want to see what it can do with our plant, our channels and our customers. It also shows the industry where we are headed: Worksport is more than a tonneau cover company. As our brand matures, we want to be the natural home for far more than American-made tonneau c