BOAT The Limestone Boat Company Limited

The Limestone Boat Company (the “Company”) (TSXV: BOAT | OTCQB: LMSBF) – owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats is proud to announce the debut of Seventeen Fifty-Two, the Company’s new line of electric boats, at the upcoming Fort Lauderdale International Boat Show, October 26th – 30th.

In partnership with Vision Marine Technologies, Inc. (NASDAQ: VMAR), the Company will display its first prototype electric boat, the Seventeen Fifty-Two 2.1 Center Console EV.

“The launch of Seventeen Fifty-Two is the next step in our journey to provide a reliable and dependable boating experience featuring ground-breaking electric power and performance that doesn’t compromise the expectations and ride characteristics for which the Company’s Brands and Models are renowned,” said Limestone Boat Company CEO Scott Hanson. “Our journey started early in 2021 when we partnered with Vision Marine. Following months of extensive R&D, we rigorously tested our EV in real-world conditions earlier this year, and based on the overwhelmingly positive test results, we recently placed an initial order for 25 of Vision Marine’s E-Motion electric propulsion systems, which will power the first serial production versions of the 2.1 Center Console EV expected to start coming off the line in Q4 2023.”

It is anticipated that the serial production model 2.1 Center Console EV, powered by the powerful E-Motion 180E fully electric outboard, will provide the same or better performance than that of the test boat with the same propulsion system:

• Top Speed of 38 MPH
• Planes at 18 – 22 MPH
• Operating Time estimated in excess of 2 Hours at an Average Speed of 22 MPH
• Full Recharge Dockside in 4 – 8 Hours (time dependent on use of 1 or 2 chargers)

More details about the 2.1 Center Console EV are available at www.seventeenfiftytwo.com .

The 2.1 Center Console EV will be on display in the Vision Marine booth, #2017A, in the Broward Convention Center at the Fort Lauderdale International Boat Show October 26 – 30th and will also be available for test drives on a select basis during the show.

The MSRP of the 2.1 Center Console EV is anticipated to start at approximately $179,000 USD at time of delivery in Q4 2023.

“The 2.1 Center Console EV is the first in a series of 21-to-23-foot electric boats we’ll be bringing to market over the next 18 months,” says Hanson. “We know that there is strong interest in electric boats, especially for rugged and reliable boats like ours. And for those consumers now eager to embrace the electric boat lifestyle we’ll be taking Pre-Order deposits at the show and online for the 2.1 Center Console EV so that they can be first in line when production begins.”

For more information on the Limestone Boat Company’s EV initiatives visit: www.limestoneboatcompany.com or www.seventeenfiftytwo.com.

About The Limestone Boat Company LimitedThe Limestone Boat Company – owner and builder of Seventeen Fifty-Two Boats, Aquasport Boats, Limestone® Boats and Boca Bay Boats – is publicly traded on the Toronto Venture Exchange under the ticker symbol BOAT and on the U.S.-based OTCQB® Venture Market under the ticker symbol LMSBF. 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:Bill Mitoulas | Investor Relations800-720-2395bill@limestoneboats.com www.limestoneboatcompany.com 

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Cautionary Note Regarding Forward-Looking StatementsCertain 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 projected impacts on the Company's production numbers, gross margin and profitability. 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 year ended December 31, 2021 and the three months ended June 30, 2022. 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.