Limestone Welcomes Mr. Alan D. Gaines to its Board of Directors

Collingwood, Ontario, July 6, 2021 – The Limestone Boat Company Limited (“Limestone”) (TSXV:BOAT), announces that Mr. Alan D. Gaines has joined the board of Limestone effective immediately, subject to the approval of the TSX Venture Exchange (the “TSXV”).

In May of this year, Mr. Gaines, a globally respected and highly experienced investment banker, advisor and entrepreneur, was appointed as Chairman of Vision Marine Technologies (NASDAQ:VMAR), the leading global manufacturer of proprietary electric powertrains and boats, disrupting the legacy recreational powerboat market. Mr. Gaines is active within CleanTech, renewable and sustainable energy, traditional fossil fuels, technology, electric vehicle and battery technology, energy storage and infrastructure, and battery metals/minerals primary extraction spaces. Mr. Gaines specializes in large scale capital formation, mergers and acquisitions, workouts/restructuring, and Board protocol and governance. In 1983, he co-founded Gaines, Berland Inc., a full-service investment bank and brokerage specializing in global energy markets, with particular emphasis given to capital formation and mergers and acquisitions advisory for small and mid-cap public and private upstream and midstream companies. Mr. Gaines sold his interest in Gaines, Berland Inc. in 1998.  From 1984 through 1998, Mr. Gaines was an activist investor. During that time, he identified and financed specific opportunities for, and was Chief Advisor to financier and shareholder activist Carl C. Icahn, covering all of Mr. Icahn’s energy investments, including Gulf Oil, Texaco, Pennzoil, Phillips Petroleum, Williams Cos., Unocal, USX (Marathon Oil), Tenneco, Western Company of North America, among many others. Mr. Gaines was founder and Chairman of Dune Energy, Inc. from its inception in May 2001, he served as CEO through May 2007. Mr. Gaines stepped down as Chairman in 2010, taking a far less active role following Dune’s acquisition of Goldking Energy Corporation for $540 million.

Mr. Gaines holds a Bachelor of Business Administration in finance from Baruch College (CUNY), and a Master of Business Administration in finance (“With Distinction”-Valedictorian) from The Zarb School, Hofstra University Graduate School of Management. He maintains homes in Summerlin, NV and Los Angeles, CA and has been widely quoted globally in numerous newspapers, magazines, media and industry outlets, such as The Wall Street Journal, Barron’s, The New York Times, Forbes, Business Week, Financial Times (London), CNN, CNBC, BBC, Bloomberg, Platt’s, etc.

“We are very pleased to have Alan join the Board, bringing a wealth of capital markets and investment banking knowledge to our team. As Limestone positions itself to become a top North American manufacturer, Alan’s global financial network and experience will be invaluable in enhancing our growth and shareholder value,” said Telfer Hanson, Chairman of Limestone.

Limestone has granted options to Mr. Gaines to purchase up to 500,000 common shares in the capital of Limestone at $0.35 per common share for a period of 5 years, in accordance with Limestone’s Stock Option Plan and subject to TSXV approval.

About The Limestone Boat Company Limited

Limestone® has a 35-year history as a heritage brand renowned for its timeless design, big water performance, quality manufacturing and durability. The Limestone Boat Company is publicly traded on the Toronto Venture Exchange under the ticker symbol BOAT. Headquartered in Collingwood, Ontario and manufacturing in White Bluff, Tennessee, Limestone boasts a 145,000 sq. ft facility with a large, skilled labor force and dealer partners throughout the United States and the Canadian Great Lakes Region. The Limestone Boat Company Limited is the builder of Limestone®, Aquasport and Boca Bay brands.

For more information, contact:
Investor Relations: Bill Mitoulas

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 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”, “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. Actual future results may differ materially. 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.

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