The Limestone Boat Company Announces Layoffs at Its St. Stephen, NB Production Facility

COLLINGWOOD, ON / ACCESSWIRE / May 24, 2024 / The Limestone Boat Company ("Limestone" or the "Company") (TSXV:BOAT)(OTC PINK:LMSBF) - owner and builder of Limestone^® Boats - announces today that it has implemented cost savings measures, including the layoff of approximately 27 employees and the temporary curtailment of operations at its manufacturing facility in St. Stephen, New Brunswick. The Company has made these difficult and strategic decisions to preserve its sustainability in the interests of all of its stakeholders. The Company is actively pursuing liquidity options to strengthen its working capital, including from its royalty financing partner. Limestone remains committed to continuing its long-term operations in St. Stephen, NB. The Company is targeting resuming production later this year, subject to receiving financing.

"We appreciate the significant contributions of our employees and hard work they have brought to Limestone and understand the impact that this difficult decision has on them, as well as our vendor partners here in the region. 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 St. Stephen, NB manufacturing facility," said Scott Hanson CEO.

The Limestone Board and management would like to once again thank all stakeholders for their continued support of the Company. Management and the Board of Directors of Limestone also wish to reaffirm their commitment to enhancing shareholder value.

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". The Company is headquartered in Collingwood, Ontario.

For more information, please contact:

Bill Mitoulas | Investor Relations
800-720-2395
bill@limestoneboats.com
www.limestoneboatcompany.com

Scott Hanson | CEO of The Limestone Boat Company Limited
800-720-2395
info@limestoneboatcompany.com

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, any financing of the Company and the proposed continuation of our operations in New Brunswick or elsewhere. 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+ (www.sedarplus.ca). 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE: The Limestone Boat Company Limited