The Limestone Boat Company Announces 20% Increase in February Production

Fourth consecutive monthly increase in new boat production and shipments establishes The Limestone Boat Company’s strong start to a transformative 2022

Collingwood, Ontario, March 3, 2022 – The Limestone Boat Company (“Limestone” or the “Company”) (TSXV: BOAT) – owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats – announced unit production improvements at its Tennessee-based boat manufacturing facility for the month of February.

Limestone continues to increase its production numbers through effectively managing supply chain and COVID-related labor disruptions. For the fourth consecutive month, the Company posted its highest production numbers since its Ebbtide acquisition, with 18 units completed during February, up from fifteen in January, and doubling its average weekly production over the last five months. Production and shipments are expected to continue to grow at a rate of one-half boat per week per month, resulting in a further doubling of weekly shipments from February to year end, subject to any unforeseen disruptions.

“Limestone continues to see strong demand for its products, and is focused on increasing its monthly production to meet the company’s large order backlog,” said The Limestone Boat Company CEO Scott Hanson. “We expect to build off our best month to date by growing revenue and earnings significantly in the coming months.  We have built a solid foundation for success at our Tennessee boat manufacturing facility and are positioned for a strong and transformative 2022.”

Recent North American Boat Show Update:
The Company’s brands were also represented at numerous in-person boat shows in January and February of 2022 including; St. Petersburg Power & Sailboat Show, Hartford Boat Show, Chesapeake Bay Bridge Show, New York Boat Show, New England Boat Show, New Jersey Boat and Expo, and the Islamorada Show. Interest in the Company’s Limestone® and Aquasport Brands was strong and consistent with consumer demand, with Company Dealers generating strong leads and sales further increasing the Company’s order backlog through 2023 in excess of capacity. Upcoming shows in March include, Atlantic City Boat Show, Portland Boat Show, The Wharf Boat & Yacht Show, Palm Beach International Boat Show, and the Orlando Boat Show.

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. 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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