Forza X1, Inc. Announces Steel Construction Material for New State-of-the-Art Manufacturing Facility Has Begun to Arrive in Marion, NC

FORT PIERCE, FL / ACCESSWIRE / October 20, 2023 / Forza X1, Inc. (NASDAQ:FRZA) ("Forza," the "Company"), a developer of electric sport boats aimed at promoting sustainable recreational boating, announced today that steel construction material has begun arriving to Forza's 11-acre property in Marion, North Carolina. This delivery marks a significant milestone in the construction of the Company's state-of-the-art manufacturing facility, which begins with the initial 60,000-square-foot factory with the capacity to build up to 550 boats annually. When all phases of the factory are eventually completed, Forza anticipates the manufacturing facility will be as large as 100,000 square feet with production capabilities for up to 1,000 boats annually.

"The arrival of steel for our new manufacturing facility represents another step forward in our plan to expand our operations and contribute to the local community," said Joseph Visconti, Executive Chairman and Chief of Product Development of Forza X1, Inc., who added, "This facility will not only enable us to build and deliver state-of-the-art electric boats across the country but also serve as a foundation for job creation and community development in McDowell County."

Once the state-of-the-art factory is fully operational, the Company plans to integrate cutting-edge closed-molded composite boat-building techniques and electric motor assembly processes. This integration aligns with Forza X1's dedication to creating, engineering, and producing electric boats that are inspiring and operate with a strong focus on sustainability and eco-friendliness. Additionally, the Company expects to invest over $10.5 million in land, buildings, fixtures, infrastructure, and equipment and create as many as 170 jobs in McDowell County, North Carolina.

The Company announced the successful acquisition of the property in September after McDowell County completed rough grading and clearing of the site earlier this year.

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 creating, implementing, and selling electric boats utilizing our electric vehicle technology to control and power our boats and proprietary outboard electric motors. 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 construct state-of-the-art manufacturing facility on its 11-acre property in Marion, North Carolina beginning with the initial 60,000-square-foot factory with the capacity to build up to 550 boats annually, the manufacturing facility being as large as 100,000 square feet with production capabilities for up to 1,000 boats annually when all phases are completed, the facility not only enabling the Company to build and deliver state-of-the-art electric boats across the country but also serving as a foundation for job creation and community development in McDowell County, integrating cutting-edge closed-molded composite boat-building techniques and electric motor assembly processes once the factory is fully operational, Forza X1's dedication to creating, engineering, and producing electric boats that are inspiring and operate with a strong focus on sustainability and eco-friendliness and the Company's plans to invest over $10.5 million in land, buildings, fixtures, infrastructure, and equipment and create as many as 170 jobs in McDowell County, North Carolina. 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 the construction of its new manufacturing facility in Marion, North Carolina as planned, the Company's ability to build and deliver state-of-the-art electric boats across the country while also serving as a foundation for job creation and community development in McDowell County, the Company's ability to integrate cutting-edge closed-molded composite boat-building techniques and electric motor assembly processes once the factory is fully operational, the Company's ability to create, engineer, and produce electric boats that are inspiring and operate with a strong focus on sustainability and eco-friendliness, the Company's ability to invest over $10.5 million in land, buildings, fixtures, infrastructure, and equipment and create as many as 170 jobs in McDowell County, North Carolina, 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
investor@forzax1.com

SOURCE: Forza X1, Inc.