The Limestone Boat Company Announces Fourth Quarter 2022 Results

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COLLINGWOOD, ON / ACCESSWIRE / March 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 three and twelve months ended December 31, 2022 ("Q4 FY 2022"). All dollar amounts are in Canadian dollars unless otherwise noted.

The Company's complete Financial Statements and Management Discussion and Analysis for the three and twelve months ended December 31, 2022 are available at www.sedar.com or on the Company's website at www.limestoneboatcompany.com.

As previously disclosed by the Company, Limestone is actively working to pursue financial restructuring initiatives, including the debentures issued under the Debenture Indenture, which it expects to be completed in Q2 2023 subject to receiving all required approvals.

In addition to the financial restructuring, the Company has also actively been working on the relocation of the Limestone Boat manufacturing operations to New Brunswick, Canada. The Company is pursuing a new, purpose-built, state of the art plant focused on the Limestone® brand and to re-commence manufacturing operations in 2024. Limestone expects that the new facility will be used to produce the Limestone L200 Centre Console and Runabout models, and new fully-electric EV model later in the same year. The Company has also completed tooling for its new L290 Dual Console which is expected to commence immediately upon taking occupancy of its new manufacturing facilities, with its L270 Dual Console, presently in development, expected to follow within the first year.

The Company continues to have strong dealer support throughout New England, the Great Lakes and beyond. These are markets that can be effectively serviced from Atlantic Canada. More detailed announcements are expected in May of this year.

Q4 2022 Financial Highlights:

• The Company generated revenues of $1,100,106 and $12,145,259 for the three and twelve months ended December 31, 2022.
• The Company generated a gross loss of $(718,975) and $(243,278) for the three and twelve months ended December 31, 2022.
• The Company incurred operating expenses of $1,964,713 and $10,394,535 during the three and twelve months ended December 31, 2022.
• The Company incurred an operating loss of $(2,683,688) and $(10,637,813) for the three and twelve months ended December 31, 2022.
• The Company incurred a Comprehensive Loss of $(2,780,214) and $(9,792,045) for the three and twelve months ended December 31, 2022 which includes foreign exchange loss, deferred tax recovery and currency translation adjustment.
• As of December 31, 2022, the Company had outstanding 119,565,940 common shares, 8,298,422 common share purchase warrants and 11,145,000 stock options.
• There are several risk factors facing the Company including but not limited to the fact that the company announces on January 20^th 2023 that its wholly-owned subsidiaries Ebbtide Holdings, LLC, doing business as "TN Composites" ("TN Composites") and Limestone US Inc. ("Limestone US" and collectively with TN Composites, the "Limestone US Subsidiaries") filed voluntary petitions for relief under Chapter 7 of the Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Tennessee - Nashville Division (the "Bankruptcy Court"). Additional risks are more fully described in the Company's Management Discussion and Analysis for Q4 2022 available on the Company's profile on www.sedar.com or on the Company's website at www.limestoneboats.com.

About The Limestone Boat Company Limited