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 – announced unit production improvements at its Tennessee-based boat manufacturing facility for Q1 2022.

The Limestone Boat Company Unit Production increased more than 51% in Q1 2022 compared with Q4 2021, with additional milestone achievements of note further confirming a positive trajectory for the 2022 calendar year.

“Production capacity on the highly sought after, high margin Aquasport 2300CC & 2500CC Center Console models is on schedule to double in Q3 providing dealers the ability to tap into the unprecedented consumer demand for this segment,” said The Limestone Boat Company CEO Scott Hanson. “We continue to see strong demand for our products and are focused on increasing our monthly production to meet the Company’s large order backlog.”

The Company continues to increase its production numbers through effectively managing supply chain and COVID-related labor disruptions. Production and shipments are expected to continue to grow at a rate of one-half boat per week per month, resulting in a further doubling of weekly shipments through year end.

Recent New Aquasport Dealers UpdateThe Company ended March with the addition of another new dealer, Coastline Marine Service in Marblehead, MA, to the six (6) previously announced new dealers this year. This brings the total number of Aquasport dealers to 27, accounting for 30 locations and 35 Dealers and 51 Locations for all Limestone Boat Company Brands.

Limestone® L-200R Runabout Model Performance UpdateThe Company’s Limestone® L200R Runabout launched earlier this year continues to receive rave reviews for its performance as quoted in a recent performance bulletin.

“We recently held a performance test on the Limestone® L200R equipped with a 250HP Mercury outboard and found it to be a deceptively high performing boat,” said TN Composites Vice President of Manufacturing Chris Smith. “It is fast to plane with minimal bow rise, and it corners like it’s on rails. It drives like a sportscar.”

EV Testing UpdateThe long-awaited testing of the Aquasport 2100CC Center Console with Vision Marine Technologies’ E-Motion 180 electric outboard motor is currently scheduled for the week of April 18th as the Company works to be the first manufacturer to bring EV technology to big water, Deep V boats with performance that aligns with today’s boating lifestyle.

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 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.