Worksport Ltd. (Nasdaq: WKSP; WKSPW) ("Worksport" or the "Company"), today announced that it has hired Mr. Nilay Choksi, the Company's first in-house intellectual property (IP) counsel, to provide investors with the highest level of protection for the Company's growing portfolio of intellectual property and proprietary technologies, which it considers amongst the Company's most valuable assets. Choksi, a leading IP attorney, has supported domestic and international clients and portfolios for over a decade, protecting complex technologies and global brands through intellectual property.
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Most recently, Choksi was IP Counsel in the Personal Health division of Philips, where he was responsible for IP protection and enforcement related to grooming, beauty and mother and childcare technologies in the U.S., including Norelco- and Avent-branded products. He also led U.S. brand protection efforts for the broader Philips brand and product lines, including instituting additional anti-counterfeiting measures across e-commerce platforms and taking action criminally, administratively, and civilly. He holds a J.D. from Emory University (2011) and a Bachelor of Science from Xavier University (2008).
"We are very honoured that an intellectual property counsel as experienced as Nilay Choksi has joined Worksport," said Worksport CEO Steven Rossi. "We consider the Company's intellectual property to be a vital asset to protect the exclusivity of our technology, defend our path forward, and provide licensing potential. We look forward to having such a highly experienced attorney on our growing team. Nilay will make sure we control and protect our present and future proprietary intellectual property as our product portfolio expands significantly."
Rossi noted that the Company relies on a combination of "patents, trademarks, copyrights, and trade secrets," as well as confidentiality agreements and nondisclosure agreements, to establish and protect the Company's valuable intellectual property and other proprietary rights. "Our current and future success depends in large part on our proprietary technology, the intellectual skills of our employees, and the ability of our employees to continue to innovate," Rossi said. "We hold innovation at the Company's core as a key factor in providing intelligent solutions in the automotive accessory aftermarket and the rapidly evolving and dynamic renewable energy space."
Worksport owns domestic and foreign patents protecting the Company's current line of soft tonneau covers, including those related to latch assemblies, catch-and-release mechanisms, and attachment systems between tonneau cover frames and pickup truck beds. There is also a strong foundation that protects future products, including not-yet-published utility and design patent applications that are directed to the innovative structure and function of the Company's SOLIS solar-integrated and hard tonneau covers, COR battery systems, and EV charging stations.
"We have also filed patent applications in adjacent technical areas that may have potential both for next-generation Worksport products and for revenue-generating, licensing opportunities," Rossi said. "With Nilay as our new experienced in-house IP counsel, we will be designing and implementing a global IP strategy, a strong and important step toward defending and enforcing Worksport IP, and harvesting more innovation and patentable subject matter from our engineers and leaders."
The Company continues to carry out its stated mission of making a difference in the environment, with its pioneering products, ranging from its highly anticipated SOLIS (Solar) tonneau cover, COR mobile battery generator, with advanced hot swap technology, and its new lineup of hard folding light truck bed covers, all of which contain innovations in design, lean manufacturing, and sustainability.
Worksport management hopes to update shareholders shortly on the outcome of recent inspections of its automated manufacturing lines. Inspections took in various locations throughout the European Location and have recently concluded, pending final approval.
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