The Limestone Boat Company Announces Layoffs at its Tennessee Production Facility and Resignation of Director

COLLINGWOOD, Ontario, Nov. 01, 2022 (GLOBE NEWSWIRE) -- The Limestone Boat Company ("Limestone" or the “Company”) (TSXV: BOAT | OTCQB: LMSBF) – owner and builder of Aquasport Boats, Limestone^® Boats and Boca Bay Boats – announces today that it has implemented significant cost savings measures, including the layoff of approximately 30 employees and temporary curtailment of operations at its manufacturing facility in White Bluff, Tennessee. The Company has made these difficult and strategic decisions to preserve its sustainability in the interests of all of its stakeholders. The Company continues to pursue alternative liquidity and financing proposals and remains committed to continuing its long-term operations.

"We appreciate the significant contributions of our employees and hard work they brought to the Company and understand the impact that this difficult decision has on them. We remain optimistic that decisions taken by management today will lead to a successful resumption of operations as soon as possible and opportunity for staff to return to our White Bluff facility,” said Scott Hanson CEO.

The Company also reported the withdrawal of its proposed debt financings previously announced on August 11, 2022 and October 21, 2022.

The Company also announced the resignation of Charmaine Crooks, who served as a member of its board of directors since March of 2021. Limestone's Board and management thank Ms. Crooks for her service and wish her well.

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 and on the U.S.-based OTCQB^® Venture Market under the ticker symbol LMSBF. They are headquartered in Collingwood, Ontario with a 145,000 square foot manufacturing facility in White Bluff, Tennessee.

For more information, contact:

Bill Mitoulas | Investor Relations

800-720-2395

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.

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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 projected impact of the announced layoffs and operating plans on the Company's operations and long-term viability. 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 information. All the forward-looking information made in this press release is 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 this forward-looking information.