The Limestone Boat Company places its first order for Fully

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COLLINGWOOD, Ont., Sept. 21, 2022 (GLOBE NEWSWIRE) — The Limestone Boat Company (there “Company”) (TSXV: BOAT | OTCQB: LMSBF) – Aquasport boat owner and builder, Limestone® Boats and Boca Bay Boats – is pleased to announce that it has placed an initial order for the first all-electric propulsion systems to be installed on its 2024 model year EV boats following the successful sea trial results of its Vision Marine (NASDAQ: VMAR) E-Movement Aquasport 2100CC electric outboard motor this summer.

In-water testing has fully validated the company’s EV motor partner, Vision Marine, as the leading provider of high-performance electric power to the recreational boating market, delivering speed, run times and Impressive recharge and handling results. The new EV model will debut later this month in the Vision Marine Technologies exhibit at the Fort Lauderdale International Boat Show. Consumers will be able to put down a deposit there to secure one of the first-series production models slated for delivery in the fourth quarter of 2023.

The Limestone Boat Company will continue to expand its electric footprint, integrating electric systems and improving existing and future models to meet demand from customers looking for a quieter, emission-free boating alternative. Additionally, the company identifies ideal geographic markets, models, distribution, retail partners and sales development given the validation of performance metrics and the company’s early market opportunity.

“Our choice to partner with Vision Marine to deliver a state-of-the-art boating experience has proven to be the right one. We are excited to move forward with this initial order for the E-Motion Powertrain from Vision and to add an EV offering to our 2024 model year lineup,” said Scott Hanson, CEO of Limestone Boat Company. “Showcasing the capabilities of the E-Motion powertrain, the sea trials definitively demonstrated the our partnership’s shared commitment to safety, quality and reliability.The performance and stability of our famous deep-V hull was in no way compromised and still met the safety standards demanded by Limestone Boat Company, which go beyond industry compliance standards.

Sales of traditional internal combustion engine boats remain strong and are expected to continue to grow, as indicated by the strength of the company’s order book and offers from its engine partners, further reinforcing that conventional propulsion will remain a priority. of the company for the foreseeable future. However, as consumer interest and adoption of electric boats increases, the company will be at the forefront of the transition, established by its early partnership with electric motors and commitment to integration. The company’s electric vehicle offering will provide customers with a dependable and dependable navigation experience with breakthrough electric power performance that will not compromise the expectations and driving characteristics for which the company’s makes and models are renowned.

For more information on Limestone Boat Company’s EV initiatives, visit www.limestoneboatcompany.com

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 in this press release and other publicly available documents, including documents referenced herein, constitute forward-looking information or forward-looking statements (collectively, “Forward-Looking Information”). These statements relate to future events or future performance. 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. Examples of such forward-looking information include, without limitation, the projected growth of the electric outboard and recreational boating markets, indications regarding the expected number of electric boat models to be ordered by the Company, the further development of the electric boat line of the Company – motorized models, including in connection with the tec hnology provided by Vision Marine, when the Company accepts orders and brings such electric-powered boats to market, and performance statistics for the Company’s boats, including its electric-powered boats. 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 MD&A for the fiscal year ended December 31, 2021 and the three months ended March 31, 2022. The forward-looking information contained in this press release is made as of the date hereof and the parties are under no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable 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 be realized or, even if substantially realized, 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.

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