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Forza X1 Initiates Construction of First FX1 Fully Electric Boat

26 August 2022

Forza X1, Inc. (NASDAQ:FRZA) ("Forza", the "Company"), a new developer of electric sport boats, today announced the FX1 fiberglass molds have arrived at Twin Vee PowerCats in Fort Pierce, Florida and the first FX1 boat will begin the construction process next week.

"The fiberglass molds are the tools required by a boat builder to start building the fiberglass parts of a boat. Our Forza X1 engineers have worked for the past year knowing the importance and historic nature of initiating production of Forza's first prototype FX1 boat and utilizing all the partnerships and vendor relationships developed to build our first boat with the same parts that will ultimately be used in the FX1 boats being sold to customers," explains Jim Leffew, CEO and President of Forza X1, Inc. "The First FX1 will be powered by 104 kWh of battery power from two American Battery Solutions lithium-ion batteries and include a 22-inch Garmin screen and control center at the helm, feature telematics from marine platform ‘Osmosis,' run on Forza's own 215HP outboard motor, and possess all the creature comforts including upholstered bow and aft seating, bright red gel coat, and offer a sleek, modern, and stylish design aesthetic."

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The FX1 began as a model generated using computer animated design (CAD) software. "We used the CAD model to tool the plug, which is used to make our FX1 molds," says Leffew. "And now with the delivery of these molds, we can begin the final process of bringing the FX1 to reality." According to Leffew, the newly delivered composite molds will be applied in a modern and efficient build process, known as infusion. "We anticipate that the infusion process will result in a more high-quality consistency across all FX1 boats the Company manufactures. And once we manufacture the hull and deck for our first FX1 prototype by way of our new molds, the Forza X1 team can then begin putting the final product together for testing."

Forza partnered with industry leader Garmin to help reimagine and modernize the helm for the FX1 by centralizing traditional standard controls. The boat's switches, gauges and control buttons will be programmed into the FX1's 22-inch Garmin touch screen, utilizing a customized graphical interface. In addition to detailed mapping, depth, heading, and speed, the FX1's helm will also be capable of Forza specific control and display items such as range, state of battery charge, battery temperature, diagnostic pressure and temperature readings from cooling water and glycol systems. Forza X1 plans to also offer a fully digital switching system that will allow users to power up their boat while away from the dock, switch on pumps, control lights, and underwater lights.

In addition, Osmosis Telematics is working with the Company to engineer a custom web and mobile app for owners. The ‘Osmosis' telematics platform will drive information to the app to display the boat's location and current battery level, detail the boat's performance in the water, provide environmental conditions, and link to the owner's manual and the Forza community. Moreover, Osmosis will enable the Company to perform remote diagnostics for service, receive quicker feedback for product enhancements, and run over-the-air software updates.

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Forza X1's electric boats will be powered by two American Battery Solutions' ("ABS") production-grade, 52 kWh, high-powered lithium-ion batteries. The Company received the first battery shipment of its five-year supply agreement with ABS a month ago. Forza expects subsequent battery shipments to begin arriving in the next couple of months for use in additional FX1 prototype testing.

The Company has also made progress on its 215 HP electric outboard motor. "After having been designed, built, and tested by our engineers over the past year, we're excited to finally rig our current prototype to the FX1," states Leffew.

"Based on our team's boat building experience and the recent prototype and testing of our motor and control system, we feel confident that our first FX1 will be completed and begin water testing in Q4 2022," says Leffew. "Subsequent versions are anticipated to follow soon afterward, allowing us to do sustained full systems testing. The FX1 will be sold and delivered to our customers once Forza X1 is in full production of our FX1."

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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 construction process of the first FX1 boat next week, the first FX1 being powered by 104 kWh of battery power from two American Battery Solutions batteries, including a 22-inch Garmin screen and control center at the helm, featuring telematics from marine platform ‘Osmosis', running on Forza's own 215HP outboard motor, and possessing all the creature comforts, applying the newly delivered composite molds in a modern and efficient build process known as infusion, the infusion process resulting in a more high-quality consistency across all FX1 boats the Company manufactures, programming the boat's switches, gauges and control buttons into the FX1's 22-inch Garmin touch screen utilizing a customized graphical interface, the FX1's helm being capable of Forza specific control and display items such as range, state of battery charge, battery temperature, diagnostic pressure and temperature readings from cooling water and glycol systems in addition to detailed mapping, depth, heading, and speed, offering a fully digital switching system that will allow users to power up their boat while away from the dock, switch on pumps, control lights, and underwater lights, the ‘Osmosis' telematics platform driving information to a custom web and mobile app for owners to display the boat's location and current battery level, detail the boat's performance in the water, provide environmental conditions, and link to the owner's manual and the Forza community, the Osmosis platform enabling the Company to perform remote diagnostics for service, receive quicker feedback for product enhancements, and run over-the-air software updates, subsequent battery shipments from American Battery Solutions beginning to arrive in the next couple of months for use in additional FX1 prototype testing, the first FX1 prototype being ready for testing in the water by Q4 2022, subsequent versions of the prototype FX1 following soon afterwards and allowing the Company to do sustained full systems testing and selling and delivering the FX1 to customers once Forza X1 is in full production of its FX1. 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, those described above as well as the duration and scope of the COVID-19 outbreak worldwide, including the impact to supply chains and state and local economies. 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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