The Limestone Boat Company Announces Grant of Options

COLLINGWOOD, Ontario, Oct. 03, 2022 (GLOBE NEWSWIRE) -- The Limestone Boat Company Limited ("Limestone" or the "Corporation") (TSXV: BOAT |OTCQB: LMSBF) announces today that it has granted to certain directors, officers, employees and consultants of the Corporation an aggregate of 4,745,000 options to purchase common shares of the Corporation ("Options"), exercisable at a price of $0.12 per common share for a period of five years.

The Options will vest according to two separate vesting schedules. For certain Option recipients, 31.25% of the Options will vest immediately with the remaining Options vesting on a quarterly basis for three years thereafter. For the balance of the Option recipients, one quarter (25%) of the Options will vest nine (9) months after their grant date with the remaining Options vesting on a quarterly basis for three years thereafter. The common shares issuable upon exercise of all Options will be subject to a four-month hold period from the original date of grant.

No Options were issued to the Board Chair or the Chief Executive Officer of the Company as part of the issuance of these Options.

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. 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:

Investor Relations:

Bill Mitoulas

800-720-2395

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