OneWater Marine Inc. (NASDAQ: ONEW) (“OneWater” or “the Company”)
and Forza X1, Inc. (NASDAQ: FRZA) (“Forza” or “Forza X1”) today
announced that the Companies have entered into a strategic
partnership in which OneWater and Forza X1 will partner creating a
distribution channel for Forza’s integrated electric sports boats.
Forza X1, through a planned direct-to-consumer,
all-digital sales platform, is advancing the adoption of
sustainable recreational boating. Forza has assembled an industry
leading team of engineers and boat builders that are singularly
focused on leading marine electrification by manufacturing and
selling a recreational electric boat without compromising
performance, speed or comfort. Its initial dual console and center
console 24-foot FX1 boats have been designed, powered, appointed
and priced to target the largest segment of the recreational day
boat market, which is 22’ to 25’.
“The Forza team is on the cutting edge of
next-generation marine technology with their portfolio of
innovative electric boat models. We are very proud to partner with
the team on the frontier of marine electrification,” said Austin
Singleton, Chief Executive Officer for OneWater Marine. “Our loyal
and growing customer base places a high value on innovation and
this partnership with Forza offers an exciting addition to our
broad product portfolio for our customers.”
Under the terms of the agreement, OneWater and
Forza X1 will provide customers with a multi-channel opportunity to
design, order, finance and track their Forza X1 boat purchase,
either through Forza’s web and app platform or kiosks at one of
OneWater’s 96 retail locations. For customers who desire a more
traditional boat buying experience, they will have the ability to
engage one-on-one with sales representatives, experience test rides
and pursue trade-in opportunities, which stands to benefit
OneWater’s pre-owned boat inventory.
“OneWater is a marine industry powerhouse with a
proven history of aggressive growth and strong execution, and this
partnership provides us with a tremendous advantage as a young
company. Their significant scale and best-in-class sales team
complements our digital go-to-market strategy, enabling us to
further our reach, sell more boats and engage more customers,” said
Jim Leffew, President and Chief Executive Officer of Forza X1.
About OneWater Marine Inc.
OneWater Marine Inc. is one of the largest and
fastest-growing premium marine retailers in the United States.
OneWater operates a total of 96 retail locations, 10 distribution
centers/warehouses and multiple online marketplaces in 20 different
states, several of which are in the top twenty states for marine
retail expenditures. OneWater offers a broad range of products and
services and has diversified revenue streams, which include the
sale of new and pre-owned boats, finance and insurance products,
parts and accessories, maintenance, repair and other services.
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
www.forzax1.com.
Cautionary Statement Concerning
Forward-Looking Statements
This press release may contain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including regarding OneWater or Forza’s
strategy, future operations, financial position, prospects, plans
and objectives of management, growth rate and its expectations
regarding future revenue, operating income or loss or earnings or
loss per share. In some cases, you can identify forward-looking
statements because they contain words such as “may,” “will,” “will
be,” “will likely result,” “should,” “expects,” “plans,”
“anticipates,” “could,” “would,” “foresees,” “intends,” “target,”
“projects,” “contemplates,” “believes,” “estimates,” “predicts,”
“potential,” “outlook” or “continue” or the negative of these words
or other similar terms or expressions that concern OneWater or
Forza’s expectations, strategy, plans or intentions. These
forward-looking statements are not guarantees of future
performance, but are based on management's current expectations,
assumptions and beliefs concerning future developments and their
potential effect on the companies, which are inherently subject to
uncertainties, risks and changes in circumstances that are
difficult to predict. Any expectations expressed or implied in
these forward-looking statements may not turn out to be
correct.
Important factors, some of which are beyond the
companies’ control, that could cause actual results to differ
materially from our historical results or those expressed or
implied by these forward-looking statements include the following:
effects of industry wide supply chain challenges and the ability to
maintain adequate inventory, changes in demand for products and
services, the seasonality and volatility of the boat industry,
acquisition and business strategies, the inability to comply with
the financial and other covenants and metrics in credit facilities,
cash flow and access to capital, effects of the COVID-19 pandemic
and related governmental actions or restrictions on the companies’
respective businesses, risks related to the ability to realize the
anticipated benefits of any proposed or recent acquisitions within
the anticipated time frame if at all, including the risk that
proposed or recent acquisitions will not be integrated
successfully, the timing of development expenditures, and other
risks. More information on these risks and other potential factors
that could affect financial results is included in each company’s
filings with the Securities and Exchange Commission, including in
the “Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” sections of
OneWater’s Annual Report on Form 10-K for the fiscal year ended
September 30, 2021 and in OneWater’s subsequently filed Quarterly
Reports on Form 10-Q, each of which is on file with the SEC and
available from OneWater Marine’s website at www.onewatermarine.com
under the “Investors” tab, and in other documents OneWater Marine
files with the SEC. Any forward-looking statement speaks only as of
the date as of which such statement is made, and, except as
required by law, we undertake no obligation to update or revise
publicly any forward-looking statements, whether because of new
information, future events, or otherwise.
OneWater Marine, Investor or Media
Contact:Jack EzzellChief Financial
OfficerIR@OneWaterMarine.com
Forza X1, Investor or Media
Contact:Glenn H. Sonoda, Esq.In-House
Counselinvestor@forzax1.com
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