The Limestone Boat Company Announces its Financial Results for the 15 Months Ended March 31, 2023

COLLINGWOOD, ON / ACCESSWIRE / July 31, 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 15 months ended March 31, 2023. All dollar amounts are in Canadian dollars unless otherwise noted.

The Company's Consolidated Financial Statements and Management Discussion and Analysis for the 15 months ended March 31, 2023, are available at www.sedar.com or on the Company's website at www.limestoneboatcompany.com.

Business Outlook:

Subsequent to the suspension of manufacturing operations in October 2022, the voluntary bankruptcy of Ebbtide in January 2023, and the ongoing restructuring of the Company's balance sheet, the Company evaluated opportunities to resume manufacturing of Limestone branded boats in Canada. After exploring options in both Ontario and New Brunswick, management and the Board of Directors of the Company agreed to pursue opportunities in New Brunswick due to the financial benefits associated with the relocation, the proximity to the Company's primary markets in the Northeastern U.S., and the opportunity to construct a purpose built 100,000 sq. ft. manufacturing facility in Bayside, New Brunswick.

The plan incorporates an anticipated equity raise (see Private Placement Update below) and certain Provincial and Federal development support initiatives, that will provide the Company the opportunity to attract and train a skilled labour force as well as procuring manufacturing equipment. This will ensure the Company can maximize the purpose-built facility both in terms of efficiency and throughput while also ensuring the output of quality products expected from Limestone, and career growth opportunities for employees. Ongoing business performance and success, however, is not predicated on continued support from Provincial or Federal organizations.

The Company is also negotiating agreements to establish transitionary operating facilities for the purposes of onboarding and training its manufacturing staff in collaboration with the New Brunswick Community College ("NBCC"), St. Andrews Campus, based on the creation of a 12-week training program with the input and assistance of leading industry associations, vendor partners and experienced marine industry skills training experts.