BOAT 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 pleased to announce that it has placed an initial order for the first fully electric propulsion systems to be installed on its 2024 Model Year EV boats following the successful sea trial results of its Vision Marine (NASDAQ: VMAR) E-Motion™ electric outboard-powered Aquasport 2100CC this summer.

The in-water testing fully validated the Company’s EV engine partner Vision Marine as the preeminent provider of high-performance electric power in the recreational boating market, yielding impressive speed, operating and recharging times, and handling results. The new EV model will debut later this month in the Vision Marine Technologies display at the Fort Lauderdale International Boat Show. Consumers there will be able to place a deposit to secure one of the first-run production models slated for delivery in Q4 2023.

The Limestone Boat Company will continue to expand its electric footprint, integrating EV systems and upgrading existing and future models to accommodate the demand from customers looking for a quieter, emission-free boating alternative. Additionally, the Company is identifying ideal geographic markets, models, distribution, retail partners, and sales development given the validation of the performance metrics and the Company’s early-mover market opportunity.

“Our choice to partner with Vision Marine to deliver a state-of-the-art EV boating experience has proven to be the right one. We’re excited to move forward with this initial order for Vision’s E-Motion powertrain and adding an EV offering to our 2024 Model Year lineup,” said Limestone Boat Company CEO Scott Hanson. “Showcasing the E-Motion powertrain’s capabilities, the sea trials definitively demonstrated our partnership’s shared commitment to safety, quality, and reliability. The performance and stability of our renowned deep-V hull was not compromised in any way, and was still compliant with the safety standards that the Limestone Boat Company demands, which are above and beyond industry compliance standards.”

Traditional internal combustion engine boat sales remain strong and are expected to continue to grow, as indicated by the strength of the Company’s order backlog and its engine partners’ offerings, further reinforcing that conventional propulsion will remain an emphasis of the Company for the foreseeable future. As consumer interest and adoption of electric-powered boats increases however, the Company will be at the forefront of the transition, established by its early EV engine partnership and integration commitment. The Company’s EV offering will provide customers with a reliable and dependable boating experience featuring groundbreaking electric power performance that won’t compromise the expectations and ride characteristics for which the Company’s Brands and Models are renowned.

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

About The Limestone Boat Company LimitedThe 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 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.comwww.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 growth of the electric outboard and recreational boating markets, guidance with respect to the projected number of electric-powered boat models to be ordered by the Company, further development of the Company's electric-powered models, including in connection with the technology provided by Vision Marine, the timing for the Company accepting orders and bringing such electric-powered boats to market, and the performance statistics of the Company's boats, including its electric-powered boats. 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 March 31, 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.