Surf Air Mobility

Forza X1 Signs Deal to Integrate Telematics Platform into FX1 Electric Boats

24 August 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 it has signed a development contract with Osmosis Telematics to gain access to its ‘Osmosis' platform. Osmosis is designed to connect users through custom mobile and web applications to their boats over a cellular connection. Moreover, the telematics platform will enable Forza to perform remote diagnostics for service, receive quicker feedback for product enhancements, and run over-the-air software updates. Forza has put in its first order for ten Osmosis telematics units, some of which will be utilized during the testing phase of the Company's FX1 electric boats.

Osmosis Telematics is a leading provider of turn-key telematics solutions to the marine industry. "Forza intends to leverage the incredible strides that Osmosis Telematics has made with its platform so that we may offer a highly tailored and user-friendly warranty, repair, and service experience for our customers," says Joseph Visconti, Executive Chairman and Chief of Product Development for Forza X1, Inc. "By bringing owner and manufacturer together under the same platform, Forza will possess the capacity to provide over-the-air updates to potentially resolve issues without the boat ever leaving the customer's sight, while also prioritizing customer privacy and data security," explains Visconti.

In addition to the service and warranty benefits that Osmosis integration brings, the Company expects Osmosis will elevate the overall boating experience for Forza owners. According to Visconti, the custom web and mobile app being engineered by Osmosis Telematics will drive information to owners so that they are able to track their boat via GPS, display their boat's current battery level, detail the boat's performance in the water, provide environmental conditions (e.g., air temperature, water temperature, and water depth), and link users to the owner's manual as well as the Forza community.

"One of our goals from the start was to create a high-quality customer experience that spans the entire life of our products through a comprehensive, seamless, and efficient connected system," states Visconti. "We're looking forward to working with Osmosis Telematics to incorporate the full suite of Osmosis' capabilities into our FX1 boats and see our goal realized for the benefit of our customers."

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 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 enabling Forza to perform remote diagnostics for service, receive quicker feedback for product enhancements, and run over-the-air software updates, Forza leveraging the incredible strides that Osmosis Telematics has made with its platform so that it may offer a highly tailored and user-friendly warranty, repair, and service experience for Forza customers, Forza possessing the capacity to provide over-the-air updates to potentially resolve issues without the boat ever leaving the customer's sight, while also prioritizing customer privacy and data security, Osmosis elevating the overall boating experience for Forza owners, the custom web and mobile app being engineered by Osmosis Telematics driving information to owners so that they are able to track their boat via GPS, display their boat's current battery level, detail the boat's performance in the water, provide environmental conditions (e.g., air temperature, water temperature, and water depth), and link users to the owner's manual as well as the Forza community and creating a high-quality customer experience that spans the entire life of our products through a comprehensive, seamless, and efficient connected system.. 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 ability to utilize Osmosis to enable Forza to perform remote diagnostics for service, receive quicker feedback for product enhancements, and run over-the-air software updates and elevate the overall boating experience for Forza owners, the ability to leverage Osmosis to offer a highly tailored and user-friendly warranty, repair, and service experience for customers, , the ability to resolve issues without the board ever leaving the customer's sight, 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.

Forza Investor Contact:

Glenn Sonoda
This email address is being protected from spambots. You need JavaScript enabled to view it.

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