Forza X1, Inc. (NASDAQ:FRZA) Q4 2022 Earnings Call Transcript

Operator: . There are no further questions at this time. Oh, excuse me, Paul Johnson has another question.

Unidentified Analyst : Hi, can you talk a little bit about the relationship between Forza and the parent company, or what was the parent company, the Twin Vee Power Cats in terms of synergistic opportunities going forward?

Joseph Visconti: Of course, great question. So Twin Vee Power cats trades NASDAQ under the symbol of V Triple E and Twin Vee is a gas producing boat builder here in Fort Pierce, FL. We’ve got about 160 employees. We built about 250 boats annually. We did about $32 million in revenues. And so as we were developing electric boats, we spun our electric division out to raise additional capital which was needed kind of for the large scale factory. So the synergistic relationship as we sit today is all the fiberglass and rigging for these ten prototype boats are being manufactured in the Twin Vee factory here in Fort Pierce, FL. The motors are all being designed, built in our temporary old Fort space and North Carolina. Those motors are then being shipped down here to Twin Vee and hung on the back of the boats.

And the boats are being tested down here in Florida. Of course, Twin Vee is billing Forza for this, it is a little bit of crossover of labor, but — and we’re also looking at some very large kind of opportunities where other boat builders may want our propulsion system. We’re looking at an international play. There’s kind of a yacht company looking for electrification that we might need to bring Twin Vee in to some extent. So I think we’ve got our engineers are hard at work on the Forza side, but until we get into our new factory all the fiberglass is being produced at Twin Vee for Forza.

Unidentified Analyst : Understood. Thank you.

Operator: We have reached the end of the question-and-answer session. I would now like to turn the call back over to Joseph Visconti for closing comments.

A – Joseph Visconti: I just want to thank everyone for taking their time today and Forza team working hard. We have got a lot of exciting milestones that we have med and a lot more in front of those. So again thank you for taking your time and looking forward to the next call. Have a great day.

Operator: This concludes today’s conference. You may disconnect your lines at this times and we thank you for your participation.