LithiumBank Resources

Forza X1 Provides Construction Update on Future North Carolina Facility

19 March 2024

FORT PIERCE, FL / ACCESSWIRE / March 19, 2024 / Forza X1, Inc. (Nasdaq:FRZA) ("Forza," the "Company"), a developer of electric sport boats aimed at promoting sustainable recreational boating, announced today most of the concrete for the 60,000 square foot floor has been poured and crews are scheduled to start setting steel this week at the site of the Company's state-of-the-art manufacturing facility located on its 11-acre property in Marion, North Carolina.

Forza's Executive Chairman, Interim CEO, and Chief of Product Development Joseph Visconti expressed enthusiasm about the next phase of the factory's construction, stating, "We are one step closer to realizing our vision for a cutting-edge manufacturing facility. Once it's completed, we expect our facility will be capable of producing up to 550 boats annually utilizing the latest in closed-molded composite boat building technologies. We're looking forward to seeing the construction's progress throughout the spring and into summer."

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The Company announced the successful acquisition of the property in September after McDowell County completed rough grading and clearing of the site in the first half of 2023. In October, Forza began receiving the steel construction material that will be used to start construction of the facility this week. Following that, the initial pour of the facility's foundation took place in late January.

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About Forza X1, Inc.

Forza X1, Inc. is a recreational boat builder that manufactures stylish electric sport boats. We are focused on creating, implementing and selling electric boats utilizing our electric vehicle technology to control and power our boats and proprietary outboard electric motor. Our electric boats are designed as fully integrated electric boats including the hull, outboard motor and control system. For more information, please visit www.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 the future facility being capable of producing up to 550 boats annually utilizing the latest in closed-molded composite boat building technologies and construction progressing throughout the spring and into summer. 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 construction of its manufacturing facility in Marion, North Carolina as planned, and the risk factors described in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, the Company's Quarterly Reports on Form 10-Q, the Company's Current Reports on Form 8-K and subsequent filings with the SEC. 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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