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Forza X1 Receives Fifty Electric Boat Reservations in Last 90 Days Potentially Resulting in Over $8.5 Million in Revenue

02 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, today announced that since the end of July 2022, the Company has received 50 non-binding pre-production reservations for its initial two models, the FX1 Dual Console and FX1 Center Console which, if ultimately finalized, could result in more than $8.5 million in revenue for the Company following delivery.

"As we transition to water testing, we've been pleasantly surprised to see the support our customers have in our mission and the products we're developing," says Joseph Visconti, Forza X1's Chairman of the Board and Chief of Product Development. "Based on reservations over the past couple of months, I believe customer interest is strong, and marine enthusiasts and the industry as a whole are ready for marine electrification."

With a reservation price of $100, customers can personalize their FX1 Dual or Center Console directly through Forza X1's website by specifying hull color, battery capacity, and upholstery color. The Company will continue to accept reservations for its FX1 until its ready to commence formal sales. Reservations are non-binding and cancellable before manufacturing.

"The FX1 model line will be our first commercially available electric boat and exemplify our mission to inspire the adoption of sustainable recreational boating. Our FX1 boats are intended to work seamlessly and simply, while offering families and water recreation enthusiasts an enjoyable time for an affordable price," explains Visconti. "The excitement around our products and vision have been thrilling to watch. The customer interest from the reservations we received in the last ninety days supports our efforts to design and engineer the FX1 and build the Forza X1 brand. This incredible support also reinforces our resolve to continue designing, creating, manufacturing, and selling stylish, fully integrated electric sport boats that promote environmental sustainability and allow for a much more serene and enjoyable time on the water."

Visit https://www.forzax1.com for more product details and to make a reservation for an FX1.

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 the Company receiving more than $8.5 million of revenue from the 50 non-binding pre-production reservations for its initial two models, the FX1 Dual Console and FX1 Center Console, customer interest for the FX1 model line being strong, marine enthusiasts and the industry as a whole being ready for marine electrification, the FX1 model line being commercially available and the FX1 boats working seamlessly and simply offering an enjoyable time for an affordable price. 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 generate more than $8.5 million of revenue from the 50 non-binding pre-production reservations for its initial two models, the FX1 Dual Console and FX1 Center Console, the growth of marine electrification, the Company's ability to make the FX1 model line commercially available as planned, the duration and scope of the COVID-19 outbreak worldwide, including the impact to supply chains and state and local economies, 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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