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Sunday, September 25, 2022

Twin Vee Powercats Inc (OTCMKTS: TVPC) Up Big After FRZA Goes Public on Nasdaq Adding to VEEE Holdings

Twin Vee Powercats Inc (OTCMKTS: TVPC) more than tripled on Monday after the Company reported on Friday after the close revenues of $8,520,000 for the 3 months ended June 30, 2022 representing a 158% increase for the same period last year and a net income of $607,000. The Company also reported it had cash and marketable securities of approximately $9,860,000 as of June 30, 2022. Management states “As we move forward into the second half of 2022, we anticipate our operating income to improve for our core gas-powered boat division. Forza X1 has successfully completed its initial public offering and Twin Vee should no longer be required to fund Forza’s operations.” Joseph Visconti, CEO and Carrie Gunnerson, CFO also held a conference call on Friday, August 12.  

TVPC subsidiary Forza X1, Inc. just went public on the Nasdaq recently announcing the pricing of its initial public offering of 3,000,000 shares of the Company’s common stock at a public offering price of $5.00 per share, for aggregate gross proceeds of $15 million prior to deducting underwriting discounts and other offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 450,000 shares of common stock at the public offering price less discounts, to cover over-allotments. FRZA began trading on the Nasdaq on Monday August 15. 

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Twin Vee Powercats Inc (OTCMKTS: TVPC) is a designer, manufacturer, distributor, and marketer of power sport catamaran boats. The Company is located in Fort Pierce, Florida and has been building and selling boats for over 26 years. Learn more at https://twinvee.com/. Twin Vee is one of the most recognizable brand names in the catamaran sport boat category, and is known as the “Best Riding Boats on the Water™”. TVPC primary asssets is its 4 million shares of Nasdaq VEEE currently priced at $7.40 per share making TVPC holding in VEEE worth $29 million and its 7 million shares of FRZA worth $45 million.

Forza X1, Inc.’s mission is to inspire the adoption of sustainable recreational boating by producing stylish electric sport boats. WeForza X1 is focused on the creation, implementation and sale of electric boats utilizing our EV technology to control and power our boats and proprietary outboard electric motor. The Company’s electric boats are being designed as fully integrated electric boats including the hull, outboard motor and control system. Forza X1 is expected to have its newly designed electric boat in the water in September of 2022. Forza X1 has selected the site for its new factory in McDowell County, North Carolina and we are currently negotiating a land purchase agreement. 

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TVPC

TVPC more than tripled on Monday after the Company reported on Friday after the Company reported operational highlights and financial results for the second quarter of fiscal 2022. Managment states: 

“We are pleased to report a 158% increase in net revenue for the three months ended June 30, 2022, compared to 2021, while also adding additional models to our lineup and expanding our dealer network. Our continued efforts to streamline our manufacturing process and to become a lean organization have started to take hold, resulting in our first profitable quarter for our gas-powered division since our IPO in July 2021. The demand of our products and manufacturing efficiencies have increased our unit throughput to an average of 4.75 boats a week, up from approximately 3.25 boats per week in the fourth quarter of 2021. We continue to watch market conditions, dealer inventory levels and economic indicators that might affect our business or the buying decisions of our customers. Our goal is to maintain our current production momentum, maintain and streamline inventory levels and remain focused on hiring qualified production and administrative staff to further strengthen our productivity, drive efficiencies, and maintain a high level of quality. We are supporting our growth with new boat models, increased production capabilities, strengthening our human capital and investing approximately $3 million in tooling, new molds for our 260 GFX, 280, 340 and 400 GFX , facility upgrades and capital equipment in the past 12 months. As we move forward into the second half of 2022, we anticipate our operating income to improve for our core gas-powered boat division. Forza X1 has successfully completed its initial public offering and Twin Vee should no longer be required to fund Forza’s operations.  

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Currently trading at a $26,696,224 market valuation TVPC has 166,851,398 shares outstanding and a float of 4,364,376 shares. TVPC primary asssets is its 4 million shares of Nasdaq VEEE currently priced at $7.40 per share making TVPC holding in VEEE worth $29 million and its 7 million shares of FRZA worth $45 million. TVPC more than tripled on Monday after the Company reported on Friday after the close revenues of $8,520,000 for the 3 months ended ended June 30, 2022 representing a 158% increase for the same period last year and a net income of $607,000. The Company also reported it had cash and marketable securities of approximately $9,860,000 as of June 30, 2022. Management states “As we move forward into the second half of 2022, we anticipate our operating income to improve for our core gas-powered boat division. Forza X1 has successfully completed its initial public offering and Twin Vee should no longer be required to fund Forza’s operations.” Joseph Visconti, CEO and Carrie Gunnerson, CFO also held a conference call on Friday, August 12. We will be updating on TVPC when more details emerge so make sure you are subscribed to Microcapdaily.

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Disclosure: we hold no position in TVPC either long or short and we have not been compensated for this article.

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