BOAT Limestone Boat Company Limited

The Limestone Boat Company (the “Company”) (TSXV: BOAT | OTCQB: LMSBF) – owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats – is pleased to announce the successful completion of sea trials for its Vision Marine (NASDAQ: VMAR) electric outboard-powered Aquasport 2100CC. Rigorous real-world, open water testing has validated the Company’s belief in its EV engine partner as the preeminent provider of high-performance electric power in the recreational boating market. The Limestone Boat Company will now shift their EV model development efforts into scheduled production with a delivery target of early in the second quarter of the 2023 calendar year for initial shipments to Dealers.

“Limestone’s stated EV mandate has been to establish a disruptive early mover electric footprint in the traditional boating sector. The partnership provides Limestone a technological advantage as the E-Motion™ powertrain offers unprecedented power and torque in an electric outboard and will establish Limestone as a leader in the rapidly growing electric segment of the recreational boating industry,” said Scott Hanson, CEO of the Limestone Boat Company. “The sea trial results met our expectations, confirming that we can be the first to offer a fully electric-powered 21-foot Center Console boat that is expected to deliver an average cruising speed of 23 mph, over two hours of run time, and can be recharged at dockside in four to eight hours depending on whether one opts for one or two onboard chargers. And for those looking to enjoy a sunset cruise or take in the wildlife in the quiet of EV outboard technology, six to eight hours on the water would not be out of the question at idle speeds.”

Hanson continued, “Given the validation of last week’s sea trials, we are confident in moving on to the next phase of our EV efforts and placing an initial order for 25 Vision Marine E-Motion™ engines, rigging components and integrated battery systems, establishing a production framework leading into the second quarter of 2023, as well as extending our EV testing to include other models as product becomes available. Traditional internal combustion engine boat sales remain strong and continue to grow through the strength of our expanding dealer network but the new EV option will provide a great alternative for boaters looking for the features that electric power offers. We’re excited about working with our EV engine partner in the months ahead to offer a fully integrated, leading-edge electric propulsion system for those seeking an alternative without having to curtail their boating lifestyle unduly.”

The Limestone Boat Company announced their EV partnership in May 2021 with the stated intent of using its partner’s disruptive E-Motion™ outboard powertrain system to offer an EV option for big water performance boats that would deliver, without compromise, the operating times, cruising speeds, and cycle times that coastal and inland boaters seek. The Company shipped its first two test models for EV-integration in September 2021 and once completed, put the fully electric Aquasport 2100CC on the water for sea trials in May 2022.

Results from last week’s sea trials delivered on their promise of providing all of the benefits of an EV boating experience without compromising the performance expectations of an internal combustion engine and maintaining the ride characteristics for which Limestone’s Aquasport Brand is renowned. Equipped with the 180 horsepower E-Motion™ electric outboard powertrain system coupled with two high-voltage 35kWh battery packs, onboard charging system and digital screens, the Aquasport 2100CC EV Model Prototype met the Company’s demands and then some, yielding impressive fresh water test results while keeping intact Aquasport’s superior handling features;

• Top Speed of 38 MPH
• Planes at 18 – 22 MPH
• Operating Time estimated in excess of 2 Hours at an Average Speed of 22 MPH
• Full Recharge Dockside in 4 – 8 Hours (time dependent on use of 1 or 2 chargers)

Click to View Video of the Limestone Boat Company’s Aquasport 2100CC EV Prototype Sea Trials

The Limestone Boat Company will now move forward with plans for serial production and an intended target date for deliveries commencing early in the second quarter of calendar 2023. The Company anticipates taking orders on the EV boats in Q3 of 2022. Rather than simply retrofitting the existing Aquasport 2100CC model, the Company will review the trial data to further optimize performance capabilities, through battery placement refinements, variable engine placement, and lighter, stronger laminate schedules for an all-new EV-specific version of the model. This is a further testament to the Company’s long-standing commitment to quality manufacturing and durability, as well as its ability to control its manufacturing process through ownership of its Tennessee boat production facility.

In addition to the production preparations for the electric Aquasport 2100CC, the Company and Vision Marine will begin mapping out a timeline to test out the EV potential for additional models, such as the Aquasport 2100 Deck Boat, as it looks forward to bolstering its presence in the 19- to 25-foot deck boat segment, which has been growing in appeal nationwide in both the recreational ownership and commercial boat rental markets.

The Company’s choice of partnering with Vision Marine to deliver a state-of-the-art EV boating experience has proven to be the right one. Showcasing the E-Motion™ powertrain capabilities, the sea trials also demonstrated the partnership’s shared commitment to safety, quality, and reliability; the performance and stability of the Aquasport Prototype was not compromised in any way, and yet was still compliant with the safety standards that the Limestone Boat Company demands, which are above and beyond industry compliance standards. The success of the trials moves the partnership closer to its shared aspiration of establishing the Limestone Boat Company as a leader in the electric boating industry.

“The successful sea trial results were the culmination of our team’s and partner’s collective efforts in the months leading up to the trials,” said Telfer Hanson, Chairman and Director of the Limestone Boat Company. “We are delighted with the Aquasport EV Prototype’s performance and, based on the success of the trials, have received significant interest from potential industry partners who share our EV vision.”

About The Limestone Boat Company LimitedThe Limestone Boat Company – owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats - is publicly traded on the Toronto Venture Exchange under the ticker symbol BOAT and on the U.S.-based OTCQB® Venture Market under the ticker symbol LMSBF. They are headquartered in Collingwood, Ontario with a 145,000 sq. ft. manufacturing facility in White Bluff, Tennessee. The company is backed by a large, skilled labor force and dealer partners throughout the United States and the Canadian Great Lakes Region.

For more information, contact: Bill Mitoulas | Investor Relations800-720-2395bill@limestoneboats.comwww.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 news release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release, and other publicly available documents including the documents referenced herein, constitute forward-looking information or forward-looking statements (collectively, "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”, “forecast”, “indicate”, “intend”, “likely, “may”, “plan”, “potential”, “project”, “outlook”, “seek”, “target”, “trend” 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 belief 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, guidance with respect to the projected number of electric-powered boat models to be ordered by the Company, further development of the Company's electric-powered models, including in connection with the technology provided by Vision Marine, the timing for the Company accepting orders and bringing such electric-powered boats to market, and the performance statistics of 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 integration and go-forward operations, certain of which are more particularly described in the Company's public filings available on SEDAR including, without limitation, the filing statement filed by the Company on February 23, 2021, and the Management's Discussion and Analysis for the year ended December 31, 2021 and the three months ended March 31, 2022. The forward-looking information contained in this release is made as of the date hereof and the parties are not obligated 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. Because of 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. All the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors in this press release. There can be no assurance that the actual results or developments will be realized or, even if substantially realized, will have the expected consequences to, or effects on, the Company. Unless required by applicable securities law, the Company does not intend and does not assume any obligation to update these forward-looking statements.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a97d7f85-ad3e-4b3f-92da-e872d3ff4ee1