WORKSPORT CEO ROSSI UPDATES INVESTORS ON CHINA SUPPLY CHAIN CHECK UP
Rossi inspects 12 suppliers and three main assembly plants
Toronto, Ontario, March 20, 2019 (GLOBE NEWSWIRE) — Franchise Holdings International Inc. (FNHI) CEO Steven Rossi recently returned from Guangzhou, China, where he visited 12 different suppliers and the three main plants that assemble tonneau covers for light trucks designed by FNHI’s Worksport subsidiary. The Chinese supply chain, manufacturing under Worksport’s mandate, is capable of handling all of the company’s current and at least short-term proposed products, Rossi said.
“The situation in China is changing now,” Rossi explained. “The suppliers are efficient but are more open to taking direction from us. There is a big thirst for business and a willingness to improve and refine as never before. We specify the products, material, and the standards we are requiring. The manufacturers and assembly plants then comply with our directions. We have instilled the Worksport footprint on the production process.”
Rossi explained that Worksport has created an assembly system in China where vendors and assemblers report to the company separately. “We work directly with each component manufacturer. This promotes consistency and quality, with factories able to scale up production output within 30 days,” Rossi commented.
Demand is much more substantial than in the past, Rossi noted. “The factories are ramping up for us so that by the end of March production can exceed at least 100 units per day. “Now that we have fine-tuned the process, our factories are ready for even greater production numbers.”
During recent discussions of the market’s health with other manufacturers, vendors and distributors, there was strong consensus that the market for light truck covers is growing and healthy. Demand for Worksport, a new, innovative, independent supply source, is expected to be very strong. By improving internal production processes to handle over 1,000 units per day for hard covers and 1,500 units per day for soft covers, Rossi believes that “The U.S. market can potentially accommodate up to 10,000 truck bed cover transactions per day. Worksport expects to win a significant market share in that business.”
“Our connections with top Chinese manufacturing and assembly vendors are one of the bright spots in the efficient organization we’ve created,” Rossi added. “Our control ensures the highest quality and fastest delivery after orders are received. This is very important as we move to the next step of significant growth—and profitability. As we have noted, one month of current orders is now exceeding the sales for 2017, our entire last audited year.”
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