The Limestone Boat Company places first order for fully electric systems

Limestone successfully completes sea trials for the 1st fully electric production center console boat © Limestone Boat Company

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.

We are pleased to announce the successful completion of sea trials for our electric-powered Aquasport 2100CC!

Our testing results have shown we can provide all of the benefits of an EV boating experience while meeting the performance expectations of an internal combustion engine and maintaining the ride characteristics for which The Limestone Boat Company's Aquasport brand is renowned.

Equipped with Vision Marine Technologies' 180 horsepower E-Motion™ electric outboard powertrain system coupled with two high-voltage 35kWh battery packs, onboard charging system and digital screens, the Aquasport 2100CC EV Model Prototype met our rigorous demands and then some, yielding impressive freshwater test results while keeping intact Aquasport's superior handling features.

Aquasport 2100CC EV Prototype Sea Trial Performance Results:

• Top Speed of 40 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)

Our partnership with Vision Marine provides us the opportunity to bring groundbreaking performance, run times, and cruising speeds to market sought after by big water boaters.

With electric vehicle (EV) technology coming more and more to the forefront in our lives, we wanted to provide our customers with reliable and dependable yet disruptive EV marine product offerings on our deep-V hull designs.

Our initial plan is to offer the Aquasport 2100 Center Console model with a single 180 horsepower E-Motion™ electric outboard powertrain system available for pre-order in Fall 2022. Based on sea trials to date regarding Vision's proprietary E-Motion™ electric outboard innovations and integrated systems, the Limestone Boat Company is excited about bringing an EV alternative to big water performance boats that delivers the operating times, average cruising speed, and cycle times that our coastal and inland customers demand.

Our new electric propulsion offerings will in no way replace our current outboard offerings, but rather complement them by giving our customers an alternative choice based on their particular needs and usage. For those looking for a quieter, emission-free experience, we will now be able to offer a groundbreaking early-mover solution. We are appreciative of Vision's approach to working together and their investment in the Limestone Boat Company. We expect our electric footprint to expand significantly over the next few years and are happy to move forward in this partnership together.