BOAT Limestone Boat Company Limited

The Limestone Boat Company (“Limestone” or the “Company”) (TSXV: BOAT) – owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats – is pleased to announce additional production unit achievements at its Tennessee-based boat manufacturing facility.

“Having now built a foundation for success in our Tennessee manufacturing operations and support teams, 2022 is shaping up to be a transformative year for the Limestone Boat Company,” said Limestone CEO Scott Hanson. “Monetizing Limestone’s two-fold order backlog is fully underway, and we expect to significantly improve revenue and earnings in the coming months given our continued projected growth in weekly shipments as the year progresses.”

Limestone continues to improve its production numbers, posting its best production month since its acquisition, with 15 units completed during January, despite some supply chain and COVID-related labor disruptions. New boats going into production per week are steadily increasing, with completion and shipments of 20 new units projected for February. Production and shipments are expected to continue to grow at one-half boat per week per month, subject to any unforeseen COVID or supply chain disruptions.

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.