Forza X1 Provides Update on Intellectual Property Initiative

Rhea-AI Summary

Forza X1, Inc. (Nasdaq:FRZA) has updated its intellectual property (IP) roadmap and the status of its pending patents. The company currently has eight patents in process with the USPTO and aims to transition six provisional applications into full applications. In the next year, Forza plans to file at least ten new provisional applications, focusing on technologies that enhance electric boats maneuverability and efficiency. This investment in innovation is expected to increase the company's valuation and position it as a technology leader in the marine industry.

Positive

• Eight patents currently pending with the USPTO.
• Plans to file at least ten new provisional applications in the next year.
• Focus on new technologies to enhance electric boat efficiency and maneuverability.

Negative

• Dependence on successfully transitioning provisional patents to full applications.
• Risks associated with market competition from larger companies.

FORT PIERCE, FL / ACCESSWIRE / September 9, 2022 / Forza X1, Inc. (Nasdaq:FRZA) ("Forza," the "Company"), a developer of electric sport boats with a mission to inspire the adoption of sustainable recreational boating, today provided a detailed update on its intellectual property (IP) roadmap for the next twelve months and offered a status report on its patents currently pending with the United States Patent and Trademark Office (USPTO). "Patenting IP related to our designs and innovation is an essential aspect of our business," states Joseph Visconti, Executive Chairman and Chief of Product Development of Forza X1, Inc. "Intellectual property rights allow our Company the opportunity to design, build and test innovative products that can be protected under the United States patent protection laws and give us the ability to compete against larger companies. Our IP roadmap is intended to help guide the Company's trajectory for the next year so that it may design, build, and test new technologies as fast as possible."

The Company currently has eight patents in process with the USPTO. "Our engineers have worked on several aspects of our future FX1 boat models to elevate the customer experience," explains Visconti. "Our team constantly meets to discuss exciting possibilities with each other. We also consider feedback and suggestions from our collaborators, vendors, and other boating industry participants and enthusiasts to gain outside perspectives." Some examples of the Company's current pending patents are designs to enable a higher level of maneuverability on the water, increase engine efficiency through its cooling system, allow for a buildable and modular outboard engine construction, and permit owners to operate a single-handed trailering process. In the coming weeks and months, Visconti indicates that one of Forza's priorities is to transition its six provisional patent applications into full applications so that it may obtain the patent protection associated with full patents.

In addition to the patents pending with the USPTO, Forza's goal over the next year is to file at least ten new provisional applications. The Company expects to file two new provisional applications soon and has several other ideas waiting to be vetted. "As part of our year-long roadmap, Forza is considering other areas of focus for our IP development that to create barriers to entry for other companies. The biggest issue we are looking to address is extending the range of electric boats so our customers can maximize their time on the water on a single charge," states Visconti. Forza's engineers are examining improvements to outboard motor efficiency, utilizing lightweight materials, investigating various structural battery composites, implementing new hull designs, and working on fast-charging capability.

"Forza is a small and agile company, and we plan to use that as an advantage to grow our IP," says Visconti. "We believe this investment in innovation will add value to Forza over time, enabling us to generate revenue by holding the exclusive right to license our technology." Market studies have shown that intangible assets (such as IP) currently account for 90% of the S&P 500's total assets, demonstrating how prevalent technology has become in people's lives. "We further believe that Forza's IP roadmap will help integrate brand-new and enhanced features with our products to increase our company's valuation and position Forza as a technology leader in the marine industry."

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 intellectual property rights allowing the Company to design, build and test innovative products that can be protected under the United States patent protection laws and give it the ability to compete against larger companies, the IP roadmap guiding the Company's trajectory for the next year so that it may design, build, and test new technologies as fast as possible. current pending patents being able to enable a higher level of maneuverability on the water, increase engine efficiency through its cooling system, allow for a buildable and modular outboard engine construction, and permit owners to operate a single-handed trailering process, transitioning Forza's six provisional patent applications into full applications, filing at least ten new provisional applications over the next year, filing two new provisional applications soon, Forza's engineers examining improvements to outboard motor efficiency, utilizing lightweight materials, investigating various structural battery composites, implementing new hull designs, and working on fast-charging capability, using Forza's size and agility to grow its IP, the investment in innovation adding value to Forza over time, enabling it to generate revenue by holding the exclusive right to license its technology and Forza's IP roadmap helping integrate brand-new and enhanced features with its products to increase its valuation and position Forza as a technology leader in the marine industry. 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 implement its IP roadmap and secure United States patent protection for its intellectual property rights as planned, the Company's ability to transitioning its six provisional patent applications into full applications, the Company's ability to file at least ten new provisional applications over the next year and two new provisional applications soon, the Company's ability to use its size and agility to grow its IP, the Company's ability to integrate brand-new and enhanced features with its products to increase its valuation and position itself as a technology leader in the marine industry, 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
investor@forzax1.com

SOURCE: Forza X1, Inc.

View source version on accesswire.com:
https://www.accesswire.com/715228/Forza-X1-Provides-Update-on-Intellectual-Property-Initiative

FAQ

What is Forza X1's current patent status as of September 2022?

Forza X1 currently has eight patents in process with the USPTO and plans to file at least ten new provisional applications in the next year.

What are the main focuses of Forza X1's intellectual property roadmap?

The roadmap focuses on enhancing electric boat maneuverability, increasing engine efficiency, and utilizing lightweight materials.

How does Forza X1 plan to compete in the marine industry?

Forza X1 aims to leverage its intellectual property to innovate and create barriers to entry against larger competitors.

What are the risks associated with Forza X1's patent initiatives?

Risks include the successful transition of provisional patents and strong competition from established marine companies.