May 13, 2022

The Limestone Boat Company Announces Over 51% Increase in Production in Q1 2022


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Continued growth in new boat production and shipments sets The Limestone Boat Company off to a strong start in the first quarter towards a transformative 2022

COLLINGWOOD, Ontario, April 07, 2022 (GLOBE NEWSWIRE) — The Limestone Boat Company (there “Company”) (TSXV: BOAT | OTCQB: LMSBF) – Aquasport boat owner and builder, Limestone® Boats and Boca Bay Boats – announced unit production improvements at its Tennessee-based boat manufacturing facility for the first quarter of 2022.

Limestone Boat Company’s unit production increased more than 51% in the first quarter of 2022 compared to the fourth quarter of 2021, with additional milestone achievements of note confirming a positive trajectory for calendar year 2022.

“Production capacity of the highly sought-after, high-margin Aquasport 2300CC and 2500CC center console models is expected to double in the third quarter, providing dealers with the opportunity to capitalize on unprecedented consumer demand for this segment,” said Scott Hanson. , CEO of The Limestone Boat Company. “We continue to see strong demand for our products and are focused on increasing our monthly production to meet the company’s large backlog.”

The Company continues to increase production numbers through effective supply chain management and COVID-related labor disruptions. Production and shipments are expected to continue to grow at the rate of half a boat per week per month, which will result in a further doubling of weekly shipments until the end of the year.

Recent update of new Aquasport dealers
The company ended March with the addition of another new dealership, Coastline Marine Service in Marblehead, MA, to the six (6) new dealerships previously announced this year. This brings the total number of Aquasport dealerships to 27, representing 30 locations and 35 dealerships and 51 locations for all Limestone Boat Company brands.

Limestone® L-200R Runabout Model Performance Update
The company’s limestone® L200R Runabout launched earlier this year continues to receive rave reviews for its performance, as reported in a recent performance bulletin.

“We recently organized a performance test on limestone® L200R fitted with a 250hp Mercury outboard and found it to be a deceptively high performance boat,” said Chris Smith, Vice President of Manufacturing for TN Composites. “It’s quick to plan with minimal bow lift and it turns like it’s on rails. It drives like a sports car.

EV Testing Update
Long-awaited testing of the Aquasport 2100CC center console with Vision Marine Technologies’ E-Motion 180 electric outboard motor is currently scheduled for the week of April 18 as the company strives to be the first manufacturer to bring the EV technology big water, Deep V-boats whose performance aligns with today’s boating lifestyle.

About Limestone Boat Company Limited
The Limestone Boat Company – owner and builder of Aquasport boats, Limestone® Boats and Boca Bay Boats – is listed on the Toronto Venture Exchange under the symbol BOAT and the US-based OTCQB® Venture Market under the ticker symbol LMSBF. They have their headquarters in Collingwood, Ontario, and a 145,000 square foot manufacturing facility in White Bluff, Tennessee. The business is supported by a large skilled workforce and dealer partners across the United States and the Canadian Great Lakes region.

For more information contact:
Bill Mitoulas | Investor Relations
800-720-2395
[email protected]
www.limestoneboatcompany.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Caution Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “anticipate”, “believe”, “could”, “should”, “would”, “estimate”, “expect”, “expect”, “indicate”, “have intent”, “likely”, “may”, “plan”, “potential”, “project”, “outlook”, “seek”, “target”, “tend” or “will” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the parties’ current beliefs or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The Company is subject to a number of risks relating to the integration and rollover transactions, some of which are more particularly described in the Company’s public documents available on SEDAR, including, without limitation, the Filing Statement filed by the Company on February 23, 2021. , and the management report. forward-looking information contained in this release is made as of the date hereof, and the parties undertake no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

Many factors could cause actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements. Any forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained in this press release. There can be no assurance that actual results or developments will materialize or, even if substantially materialized, will have the expected consequences or effects on the Company. Except as required by applicable securities laws, the Company neither intends nor undertakes any obligation to update these forward-looking statements.