Collingwood, Ontario – August 29, 2023 – The Limestone Boat Company Limited (“Limestone” or the “Company”) (TSXV: BOAT) – owner and builder of Limestone® Boats – today reports its financial results for the three months ended June 30, 2023. All dollar amounts are in Canadian dollars unless otherwise noted.
Copies of the Company’s interim financial statements and management discussion and analysis for the three months ended June 30, 2023 are available on SEDAR+ (www.sedarplus.ca) under the Company’s profile.
The Company continues to advance its various work streams, including the restructuring of its balance sheet, the previously announced private placement financing and the relocation of its manufacturing operations to Southwest New Brunswick.
The Company is optimistic that it may be able to secure a larger transitionary manufacturing facility. Not only would such a facility result in the Company lowering its short-term overhead costs, it would also allow the Company to ramp up production prior to moving into the previously announced purpose- built, long-term facility.
In addition, the Company is also pleased to announce that its labour recruitment campaign is underway in Southwest New Brunswick, where the Company has already received multiple applications for most initial positions. Therefore, the Company believes it will be successful in securing the team needed to fulfill all management and direct labour positions. The first wave of our 12-week training program in partnership with New Brunswick Community College is expected to commence this fall.
Throughout the suspension of manufacturing operations, the Company’s dealer partners have remained supportive, and there are over a dozen additional dealers that have expressed interest in the Limestone model lineup given current market dynamics, brand following and Limestone’s outboard power configurations.
For a more detailed description of the Company’s ongoing operations, please see the Company’s management discussion and analysis for Q1 2024 available on SEDAR+ (www.sedarplus.ca) under the Company’s profile.
The Limestone board and management would like to thank all stakeholders for their continued support of the Company’s reorganization, and reaffirm their commitment to enhance shareholder value.
Q1 2024 Financial Highlights
• The Company incurred an operating loss of $1,211,914 during the three months ended June 30, 2023.
- Included in the operating loss were non-cash costs in the amount of $869,368. Such costs relate to, among other things, amortization and depreciation, accrued interest expense, accretion expense, amortization of financing fees and stock-based compensation.
- As at June 30, 2023, the Company had 119,665,940 common shares, 6,323,172 common share purchase warrants and 5,895,000 stock options outstanding.
- There are several risk factors facing the Company including, but not limited to, financing risks, liquidity risks, market risks and supply chain risks, as more fully described in the Company’s annual management discussion and analysis for the 15-months ended March 31, 2023 (the “MD&A”), a copy of which is available on SEDAR+ (www.sedarplus.ca) under the Company’s profile. About The Limestone Boat Company Limited The Limestone Boat Company Limited– owner and builder of Limestone® Boats – is publicly traded on the TSX Venture Exchange under the ticker symbol “BOAT”. The Company is headquartered in Collingwood, Ontario. For more information, please contact: Bill Mitoulas | Investor Relations 800-720-2395 firstname.lastname@example.org www.limestoneboatcompany.com Scott Hanson | CEO of The Limestone Boat Company Limited 800-720-2395
email@example.com 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 timing and ability of the Company to recommence manufacturing operations (if at all); the Company’s ability to complete its previously announced private placement; the Company’s ability to secure a large transitionary manufacturing facility that will lower overhead costs and accelerate the ramp up of production (if at all); the Company’s ability to secure the team needed to recommence operations; the timing of the commencement of the 12-week training program; the significance of additional deal interest in the Company’s line of products; management’s expectations regarding strong dealer support; and the timing for the construction of the new boatbuilding facility. 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+ (www.sedarplus.ca) 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 information. All the forward-looking information made in this press release is 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 this forward-looking information.
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