BOAT Limestone Boat Company Limited

The Limestone Boat Company Limited (“Limestone” or the “Company”) (TSXV: BOAT) – owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats – has announced the debut of the all-new Limestone® Boats L-200R Runabout and the launch of its Aquasport Brand in the Canadian Market.

Limestone® Boats L-200R Runabout to Debut at Chesapeake Bay Boat Show

The new model will be unveiled at the Chesapeake Bay Boat Show taking place January 21st- 23rd, 2022. The L-200R is the second 20-foot model to debut in the Limestone® lineup, following the L-200CC Center Console.

The L-200R is a 20-foot runabout that features two generous back-to-back seats, a full bench with ample storage underneath and a portside synthetic teak swim platform with a telescoping boarding ladder. Additional standard features include a foredeck anchor locker, USB outlets, hydraulic tilt steering, under gunwale storage, an automatic electric bilge pump and a glass windshield with a painted frame and two opening side vents… to name just a few.

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

Image: The all-new Limestone® Boats L-200R Runabout

The L-200R also offers additional options such as synthetic teak decking, a removable synthetic teak cockpit table, raw water washdown, fresh water shower, electric trim tabs with an indicator, docking lights and much more.

The Limestone Boat Company to Launch Its Aquasport Brand in the Canadian Market and Exhibit at the 2022 Toronto International Virtual Boat Show

“We are extremely excited for the opportunity to offer Aquasport Boats in the Canadian market,” said Scott Hanson, CEO of The Limestone Boat Company. “When we took on the Aquasport brand we recognized the importance of its history and how truly impactful the brand has been over the past 60-plus years, but we also had a plan for its future. Keeping in mind the refined ruggedness of the Aquasport hulls as well as its family-friendly amenities, we wanted to elevate the brand in its current market as well as push it to all-new markets. The Toronto International Boat Show is our first opportunity do so and our plans for growing the Aquasport Boats brand - as well as Limestone® Boats and the parent Limestone Boat Company - does not stop there.”

Aquasport Boats achieves a milestone under the ownership of The Limestone Boat Company as this is the first time in its history that its model offerings are being displayed to the Canadian market.

The Limestone Boat Company and Vision Marine to Showcase their EV Partnership at the Toronto International Virtual Boat Show

The Limestone Boat Company will also be celebrating their EV partnership with Vision Marine Technologies at The Toronto International Virtual Boat Show. The company’s goal through this partnership is to provide customers with reliable and dependable, yet disruptive, EV marine product offerings. The initial plan is to offer the Aquasport 21-foot Center Console followed by the Limestone® 25-foot models with Vision’s 180 HP electric outboard as an additional engine option offering. During the show customers can obtain further information about electric outboards, Vision Marine Technologies, and The Limestone Boat Company’s plans for EV technology integration.

The Toronto International Boat Show recently announced that their show would be moving to a virtual format, taking place January 26th- 30th, 2022. A virtual show setting allows for The Limestone Boat Company to showcase the full model offerings for both Limestone® Boats and Aquasport Boats, as well as provide updates regarding their EV partnership with Vision Marine Technologies and imminent product testing. Additionally, customers visiting either the Limestone Boats or Aquasport Boats virtual booths can connect to discuss further interest via email and phone. The show hours are 11 a.m. - 7 p.m. Wednesday through Friday and 9 a.m. - 5 p.m. Saturday and Sunday, however the full model lineups and all their assets will be available for viewing throughout the entirety of the show dates.

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. 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 constitute 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. 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 MD&A. 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.