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Forza X1 Signs Lease Agreement in North Carolina Ahead of Company Relocation

12 October 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 leased an 8,800 square foot industrial space in Old Fort, NC it will utilize until its factory in McDowell County, NC is completed. The Company plans to manufacture and test Forza's electric motors and control systems on the property.

GreenStockNewsForza's newly leased industrial space in Old Fort, NC

"We are excited to occupy this new space as it will allow us to focus on the prototyping and testing phase of our electric boat development and help us accommodate the growth we anticipate seeing," states Joseph Visconti, Executive Chairman and Chief of Product Development of Forza X1, Inc. "Forza will begin to relocate its operations from Fort Pierce, Florida to Old Fort, North Carolina in the coming weeks and months and start hiring the staff we will need when our factory is constructed."

In July 2022, the North Carolina Department of Commerce approved a Job Development Investment Grant ("JDIG") to incentivize Forza to construct its new manufacturing plant in McDowell County, NC. The JDIG provides the potential for reimbursement of up to $1,367,100 over a twelve-year period for expenses incurred to build the factory. The receipt of grant funding is conditioned upon the Company investing over $10.5 million in land, buildings and fixtures, infrastructure and machinery and equipment by the end of 2025 and creating as many as 170 jobs.

"While we are working in Old Fort, the Company will be finalizing plans on its new factory," explains Visconti. "We currently intend to build our new facility over time in various phases, starting with an initial 60,000 square foot plant that would have a capacity of up to 600 boats annually. When all phases are completed, we expect the manufacturing facility could be as large as 100,000 square feet with production capabilities for up to 1,000 boats annually. The next step in the process is clearing and grading the site to make it ready for initial construction."

GreenStockNewsAn early concept image of the new Forza X1 manufacturing facility in McDowell County, NC

As part of the incentive package to encourage Forza's relocation to North Carolina, McDowell County offered to rough grade and clear the Forza factory construction site utilizing a Golden Leaf grant. The job has recently been awarded, but a start date for the clearing and grading has not yet been set. "Forza is currently targeting a Q1 2024 date for our factory's completion. Until then, our FX1 boats will be constructed at Twin Vee's facility in Fort Pierce."

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's plans to manufacture and test Forza's electric motors and control systems on the leased property in Old Fort, NC, the new space allowing the Company to focus on the prototyping and testing phase of its electric boat development and help it accommodate the growth it anticipates seeing, beginning to relocate the Company's operations from Fort Pierce, Florida to Old Fort, North Carolina in the coming weeks and months, finalizing plans on the Company's new factory while working at the facility in Old Fort, plans to build the Company's new facility over time in various phases, starting with an initial 60,000 square foot plant with a capacity of up to 600 boats annually, the manufacturing facility upon completion being as large as 100,000 square feet with production capabilities for up to 1,000 boats annually and targeting a Q1 2024 date for the factory's completion. 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 utilize the leased premises in Old Fort, NC as planned and relocate its operations from Fort Pierce, Florida, the Company's ability to build its new factory in various phases as scheduled and produce boats 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 filed with the Securities and Exchange Commission. 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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