The Limestone Boat Company Provides Corporate and Operational Update

Company details production progress, its electric outboard engine partnership, and further strengthens its leadership team

Collingwood, Ontario, January 10, 2022– The Limestone Boat Company Limited (“Limestone”or the“Company”) (TSXV: BOAT)– owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats – is pleased to provide an update on its corporate activities and operational initiatives throughout 2021 as the Company heads into what is shaping up to be a very promising 2022.

“As we enter the new calendar year, we remain extremely excited about the opportunity that lies before us,” stated Limestone CEO Scott Hanson. “High retail demand continues to drive inventory levels across the industry to historically low levels and while global supply chain pressures continue to persist, we believe that the strategic decisions we’ve made and the corporate, operational, and financial foundation we’ve laid over the past year has put us in a strong position to build Limestone as a growing force in the North American marine market.”

Production Update:

Demand continues to outstrip supply in the boating industry and Limestone’s brand awareness is growing at a rapid pace. The Company’s focused commitment to improving production processes and expanding its skilled labor force are critical to ensuring that Limestone fulfils the order backlog that the Company is currently experiencing.

Limestone Boats reports that its production numbers have steadily increased in its Tennessee manufacturing facility with 5 boats now going into production weekly and shipments now achieving alignment with proforma expectations of approximately 423 units for the 2022 calendar year, coupled with a Company order backlog well into 2023. Production and shipments are expected to continue at these levels subject to no further disruptions to labour as a result of COVID nor disruptions to due to the supply chain.

“Our investments in a number of critical areas will certainly pay dividends in 2022 and beyond,” Mr. Hanson said. “Specifically, improved processes such as sales order configuration, sales order tracking, procurement planning, inventory control, production planning, A/P review and prioritization, invoicing process and floor planning scheduling, give us a strong foundation to amplify and improve our scaling and growth strategy. Our Tennessee based management and production team feel that we now have all the necessary pieces in place to allow us to plan and execute as needed to meet and exceed expectations and targets.”

The Limestone Boat Company and Vision Marine Electric Engine Partnership:

Limestone is pleased to report on the progress of its electric outboard engine partnership with Vision Marine Technologies (“Vision Marine”) (Nasdaq: VMAR) and its goal to produce a one-of-a-kind experience on the water, including performance, a noiseless environment, zero pollution, and zero emission to reduce the environmental impact. Vision Marine has completed the EV retrofit of the first Aquasport 2100CC, integrating two 35kWh battery packs and Vision Marine’s proven E-Motion™ 180E engine, proprietary rigging, on board charging system, and digital screens at the helm in preparation for sea trials scheduled to occur prior to the upcoming Miami Boat Show mid-February 2022.

Vision Marine has partnered with Octillion Power Systems (“Octillion”) to develop a customized high voltage 35 kW high density battery exclusively for use within the recreational boating market. The configuration of the battery pack is smaller than that of a typical fuel tank, which in turn makes it easier to custom fit in virtually any boat.

“Vision Marine will have a highly efficient and unique product to utilize in conjunction with our E-Motion™ fully electric powertrain,“ said Alexandre Mongeon, co-founder and CEO of Vision Marine.

Limestone is on the verge of bringing EV technology to boating enthusiasts who demand big water performance, range and operating times that suit their coastal fishing and family cruising lifestyles. With their shared goal of offering state-of-the-art EV power and establishing the companies as leaders in the rapidly growing electric boat segment, Limestone expects to make Vision Marine’s E-Motion™ 180E outboards available on select Aquasport and Limestone models to its customers in Q4 2022.

Leadership Addition:

Limestone has emphasized the importance of building a strong team to implement and execute on its strategic growth plan, and is proud to announce the appointment of Mr. Keith McDevitt as the Director of Marketing. Mr. McDevitt comes to The Limestone Boat Company with over 25 years of marketing and advertising experience. He has held senior leadership roles at agencies such as Dentsu, Ogilvy, McCann and Innocean Worldwide. Mr. McDevitt has extensive luxury automotive brand experience with names such as Lexus, Jaguar, Cadillac, Genesis, Lincoln and Infiniti. Mr. McDevitt’s focus while working with these luxury brands was on dealer and retail marketing while additionally assisting with other well-known brands including Toyota, Nissan, Hyundai, Ford, GMC, XM Satellite Radio and Canadian Black Book.

Mr. McDevitt’s former experience includes acting as the Director of Marketing and Customer Experience at the Downtown Automotive Group as well as a CRM and Digital Marketing professor at the Automotive Business School of Canada at Georgian College.

“We are extremely excited to welcome Keith to the team here at The Limestone Boat Company,” said Mr. Hanson. “The recent expansion of our companycreated the opportunity to hire a marketing director to take the lead for The Limestone Boat Company and its associated brands. Keith brings years of experience and expertise to the table, and we are confident that we have found the right person to help grow and elevate not only The Limestone Boat Company, but Limestone® Boats, Aquasport Boats and Boca Bay Boats as well.”

About Vision Marine Technologies, Inc.
Vision Marine Technologies, Inc. (Nasdaq: VMAR), strives to be a guiding force for change and an ongoing driving factor in fighting the problems associated with waterway pollution by disrupting the traditional boating industry with electric power, in turn directly contributing to zero pollution, zero emission and a noiseless environment. Our flagship outboard powertrain (“E-Motion™”) is the first fully electric purpose built outboard powertrain system that combines an advanced battery pack, inverter, and high efficiency motor with proprietary union assembly between the transmission and the electric motor design utilizing extensive control software. Our E-Motion™ and related technologies used in this powertrain system are uniquely designed to improve the efficiency of the outboard powertrain and, as a result, enhance both range and performance. Vision Marine continues to design, innovate, manufacture, and sell handcrafted, high performance, environmentally friendly, electric recreational power boats to customers. The design and technology applied to our boats results in far greater enhanced performance in general, higher speeds, and longer range. Simply stated, a smoother ride than a traditional internal combustion engine (ICE) motorboat.

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:
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 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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