FORT PIERCE, FL / ACCESSWIRE / November 21, 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 its 25-foot electric-powered FX1 catamaran reached 30 miles per hour during a scheduled water test (FX1 Video). "This is a significant milestone and achievement," remarks Jim Leffew, CEO and President of Forza X1, Inc. "We are conducting intensive testing of our fully integrated electric boat, and reaching 30 MPH is a great indicator that our proprietary outboard motor and control system are operating as designed."
The Company launched its FX1 dual console on October 28, 2022, for its initial sea trial. Since then, Forza's engineers have had opportunities to study the propulsion system and the overall operation of the FX1 and make refinements to it based on data collected from water testing. Leffew and the Company's engineering team are already working on further improvements after accomplishing their 30 MPH goal for the FX1. "We believe the boat has the potential to go much faster as we continue to dial in performance issues as well as propeller sizes."
Forza anticipates that its FX1 prototype will continue to go through a variety of different tests before it commences the production of consumer boats and commercialization of its products. Additionally, the Company estimates that its FX1 center console and new electric deck boat should begin their own water test phase in Q1 2023. "The rigorous testing of our prototype boats will help ensure that when sold, our products work seamlessly and offer families and water recreation enthusiasts an enjoyable and quiet time on the water," remarks Leffew.
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.
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 potential of the FX1 prototype to go much faster as the Company dials in performance issues as well as propeller sizes, continuing to go through a variety of different tests on the FX1 prototype before the Company commences the production of consumer boats and commercialization of products, the FX1 center console and new electric deck boat beginning their own water test phase in Q1 2023 and ensuring that when sold the Company's products work seamlessly and offer families and water recreation enthusiasts an enjoyable and quiet time on the water. 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 its testing protocols and commence production of the FX1 electric boats as planned 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.
SOURCE: Forza X1, Inc.