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Forza X1 Begins Water Testing Phase with Its FX1 Electric Boat

01 November 2022

Forza X1, Inc. (NASDAQ:FRZA) ("Forza", the "Company"), a new developer of electric sport boats with a mission to inspire the adoption of sustainable recreational boating, announced that it successfully launched and sea-trialed its 25-foot electric-powered FX1 catamaran this past Friday. "I'm proud to announce that we have officially begun the water testing phase of our FX1 dual console 100% electric boat," says Jim Leffew, CEO and President of Forza X1, Inc.

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Leffew recounts the events of the electric boat's initial launch, "From the beginning, the Forza team set out to build electric boats geared towards mass appeal and mass production. From an idea to an Initial Public Offering, to a ceremony with North Carolina Governor Roy Cooper announcing the location of our future manufacturing facility dedicated to building electric motors and electric boats. A lot of intense effort has been put into this vision since the very beginning. And when the test day finally arrived, our engineers, electricians, boat builders, and supporting staff were anxious as a lot was riding on a successful sea trial."

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"A chase boat was brought in to support any technical challenges, but also to be used as a platform for the entire team to get a front row seat of what we believed would become a historical and momentous occasion for the Forza X1 and Twin Vee companies," states Leffew.

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Many parallel paths of development are underway, as the Company's FX1 dual console enters the water testing phase. Leffew estimates that its FX1 center console and new electric deck boat should begin their own water test phase in Q1 2023. "Additionally, our newly leased 8,800 square-foot facility in Old Fort, North Carolina is expected to begin small batch engine production for a series of FX1 boats being built and assembled at Twin Vee PowerCats Co.'s plant in Fort Pierce, Florida," states Leffew. "All this while our new Forza factory is being constructed in McDowell County, North Carolina over the next year."

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Leffew believes that marine manufacturing will gravitate to electrification in the coming years, following the automotive industry's transition. "Team Forza has a steadfast belief that the winner in the marine industry will not be first to market, but the company that has the ability, knowledge, infrastructure and experience to ramp up marine manufacturing boat production to meet the growing demand. As in the auto space, we expect to see trendy EV boat companies come and go. However, the marine manufacturers that know how to build profitably and efficiently will forge the transition of electrifying the marine industry, and we intend to be at the forefront of this movement."

About Forza X1, Inc.

Forza X1, Inc.'s mission is to inspire the adoption of sustainable recreational boating by producing stylish electric sport boats. We are focused on the creation, implementation and sale of electric boats utilizing our electric vehicle technology to control and power our boats and proprietary outboard electric motor. Our electric boats are being designed as fully integrated electric boats including the hull, outboard motor and control system. For more information, please visit forzax1.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements and include statements regarding beginning the water testing of the FX1 center console and new electric deck boat in Q1 2023, beginning small batch engine production in Old Fort, North Carolina for a series of FX1 boats, constructing a new Forza factory in McDowell County, North Carolina, marine manufacturing gravitating to electrification in the coming years, the company that has the ability, knowledge, infrastructure and experience to ramp up marine manufacturing boat production to meet the growing demand being the winner in the marine industry, marine manufacturers that know how to build profitably and efficiently forging the transition of electrifying the marine industry and the Company being at the forefront of the transition of electrifying the marine industry.. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company's ability to complete its testing protocols and commence production of the FX1 electric boats, the Company's ability to commence small batch engine production for a series of FX1 boatsin Old Fort, North Carolina, the Company's ability to complete the construction of its factory in McDowell County, North Carolina, the growth of the electric boat market in the coming years, the Company's ability to build its boats profitably and efficiently and the risk factors described in the Company's Registration Statement on Form S-1 filed with the Securities and Exchange Commission and declared effective on August 11, 2022. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

Contact:

Glenn Sonoda
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