Limestone Announces Approval of Debentureholders to Convert It's 10% Unsecured Convertible Debentures into Common Shares and Provides Other Corporate Updates Regarding the Recommencement of Manufacturing Activities - Seite 2

The Company also plans to make tooling modifications to its L200R to accommodate Vision Marine Technologies' E-Motion™ fully integrated, high-performance electric powertrain system and outboard motor. The Company has re-confirmed its order for 25 electric powertrain engine systems and expects that initial shipments will commence in FY 2025. Limestone will also be partnering with Vision Marine to provide EV training expertise as part of the Company's formal onboarding and training program in collaboration with New Brunswick Community College (the "NBCC").

Alex Mongeon, co-founder and CEO of Vision Marine, stated, "We at Vision Marine express profound enthusiasm for this contract and collaboration with Limestone. Supporting Limestone and boat manufactures lies at the core of the company. As CEO, I am wholeheartedly committed to empowering our partners in the marine industry with cutting-edge electric propulsion solutions. Our top priority is to collaborate closely with boat manufactures, including Limestone, driving sustainable practices and fostering innovation, as we collectively shape a greener, more promising future for boating enthusiasts worldwide."

The Company continues to have strong dealer support throughout the Northeaster US, including New England, the Canadian and US Great Lakes region, and the mid-Atlantic states. The Company believes it can effectively service these markets from Atlantic Canada.

In connection with the relocation of its manufacturing operations to New Brunswick, Canada, Limestone anticipates participating in certain Provincial and Federal development support initiatives including those offered by Opportunities New Brunswick and the Atlantic Canada Opportunities Agency.

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". They are headquartered in Collingwood, Ontario.

For more information, please contact:

Bill Mitoulas | Investor Relations
800-720-2395
[e-mail]
www.limestoneboatcompany.com

Scott Hanson | CEO of The Limestone Boat Company Limited
800-720-2395
[e-mail]

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 projections regarding future manufacturing operations; the timing of initial shipments of the Company's L270 Dual Console Models; management's expectations regarding strong dealer support; the Company's ability to effectively service certain markets from Atlantic Canada; the Company's participation in certain Provincial and Federal development support initiatives; the timing and ability (if at all) of the Company to establish temporary operating facilities; the Company's ability to finalize and enter into (if at all) a commercial lease in respect of its proposed new boatbuilding facility; the timing for the construction of the new boatbuilding facility; the proposed terms and timing of the proposed Private Placement; and the Company's ability to obtain the TSXV's approval of the Private Placement. 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 Management's Discussion and Analysis for the three months ended March 31, 2023. 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.