The Limestone Boat Company Adds Three New U.S. Dealers to Aquasport Boats’ Roster

The Limestone Boat Company’s strong start to a transformative 2022 continues with dealer expansion in three new U.S. markets.

Collingwood, Ontario, March 23, 2022 – 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 addition of three new U.S. dealers to represent its Aquasport Boats line.

The three new Aquasport dealers – Suncoast Marine Group in Sarasota, Florida; Rogue Motion in Charleston, South Carolina; Lynden Sports Center in Coopersville, Michigan – offer the brand expanded market representation and bring the total number of Aquasport dealers to 26, accounting for 29 locations. Coupled with the recent addition of Aquasport’s first Canadian dealer DeWildt Marine & Powersports (3 Ontario locations), the brand has now added six new dealer locations in this year alone.

“We’re pleased to welcome these new dealers to represent our Aquasport Boats brand,” said The Limestone Boat Company CEO Scott Hanson. “Each has a solid reputation in their respective markets and further adds to the elevated class of dealerships we have in place to date. When we acquired the Aquasport brand, we set on a course for mass improvements across the board including facility, production, dealer network, and quality of product. We’ve had incredible interest from dealers wanting to join our team from day one, and it’s been important for us to develop relationships with not only our current dealer network, but to also add appropriate dealers in new markets as capacity becomes available to get our boat brands out to an even larger audience.”

The Company continues to increase its production numbers through effectively managing supply chain and COVID-related labor disruptions. Production and shipments are expected to continue to grow at a rate of one-half boat per week per month, subject to any unforeseen disruptions.

“We continue to see strong demand for our products and are focused on increasing our monthly production to meet our large order backlog,” Hanson added. “We’re also effectively managing our production and delivery efforts to ensure we are delivering on current dealer commitments and allotments as quickly as possible to meet their customer needs, and only then strategically bringing on new dealers for future capacity.”

About The Limestone Boat Company Limited
The 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 Relations

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 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 MD&A. 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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