Forza X1 Receives Order from OneWater Marine Indicating its Intention to Initially Purchase 100 Units of the Company’s 22-Foot Electric Boats

Rhea-AI Summary

Forza X1, Inc. receives a purchase order for 100 units of its upcoming 22-foot electric boat from OneWater Marine, Inc., potentially generating $12 million in revenue. This marks Forza's first sale of its 22-foot electric boat and strengthens its partnership with OneWater.

Positive

• Forza X1, Inc. receives a purchase order for 100 units of its upcoming 22-foot electric boat from OneWater Marine, Inc., potentially generating $12 million in revenue.
• The order signifies a significant milestone for Forza, as it marks the first sale of its 22-foot electric boat.
• The strategic partnership between Forza and OneWater is expected to amplify Forza's mission to promote sustainable recreational boating.
• Forza's engineers have conducted open water tests on the 22-foot electric boat, reaching speeds of approximately 40 miles per hour (35 knots).
• The boat is projected to be usable for up to five hours with normal run times and usage.

Negative

• None.

FORT PIERCE, FL / ACCESSWIRE / June 12, 2023 / Forza X1, Inc. (Nasdaq:FRZA) ("Forza," the "Company"), a developer of electric sport boats aimed at promoting sustainable recreational boating, announced today that it received an initial purchase order indicating its intention to purchase 100 units of its upcoming 22-foot electric monohull boat from OneWater Marine, Inc. (Nasdaq:ONEW). As Forza gets into commercialization, the order could equate to approximately $12,000,000 in revenue for Forza.

OneWater is one of the largest recreational boat retailers in the United States. OneWater engages primarily in the retail sale, brokerage, and service of new and pre-owned boats, motors, trailers, and the sale of marine parts and accessories and offers slip and storage accommodations in certain locations. It currently operates a total of 100 retail locations, twelve distribution centers/warehouses, and multiple online marketplaces in 20 states, several of which are in the top twenty states for marine retail expenditures.

The 100-unit order, made up of fifty 22-foot center console and fifty 22-foot dual console boats, marks a significant milestone for Forza, representing the Company's first sale of its 22-foot electric boat. "We're excited to build upon the strategic partnership that we formed with OneWater last August," Forza X1, Inc.'s Executive Chairman and Chief of Product Development Joseph Visconti stated. "Our 22-foot electric boats will have the opportunity to reach customers throughout OneWater's thriving dealer network, especially in key geographic areas that may be prime markets for marine electrification. Our team is hopeful that the boats built to fulfill this order will help amplify our mission to promote sustainable recreational boating."

The Company's 22-foot electrified monohull was first announced in March 2023. Forza's engineers have put the boat through various open water tests, including one that saw it reach speeds of approximately 40 miles per hour (35 knots). Based on its findings, Forza anticipates the 22-footer will be usable for up to five hours with normal run times and usage. The delivery of the units, pursuant to the non-binding order, is subject to testing, ability to manufacture and, typical to the industry, OneWater Marine's right to cancel or amend the order.

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 OneWater Marine, Inc.'s intention to purchase 100 units of Forza's upcoming 22-foot electric monohull boat, the order equating to approximately $12,000,000 in revenue for Forza, our 22-foot electric boats having the opportunity to reach customers throughout OneWater's thriving dealer network, the boats built to fulfill this order helping to amplify Forza's mission to promote sustainable recreational boating, the 22-footer being usable for up to five hours with normal run times and usage. 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, Forza's ability to commercialize its boats, Forza's ability to fulfill the conditions of the purchase order from One Water Marin including the boats being satisfactory to One Water Marine, Forza's ability to generate the anticipated revenue from OneWater Marine and other customers, 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.

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FAQ

What is the significance of the purchase order for Forza X1, Inc.?

The purchase order for 100 units of Forza's 22-foot electric boat marks a significant milestone as it represents the company's first sale of this product.

How much revenue could the purchase order generate for Forza?

The purchase order has the potential to generate approximately $12 million in revenue for Forza.

What is the partnership between Forza and OneWater Marine?

Forza has formed a strategic partnership with OneWater Marine, one of the largest recreational boat retailers in the United States.

What are the key features of Forza's 22-foot electric boat?

Forza's 22-foot electric boat has undergone open water tests and is projected to reach speeds of approximately 40 miles per hour. It is expected to be usable for up to five hours with normal usage.

What is Forza's mission?

Forza aims to promote sustainable recreational boating through its electric sport boats.