The Limestone Boat Company Announces Staffing Changes in Response to Market Conditions & Ongoing Supply Chain Challenges
20 October 2022 - 8:41AM
The Limestone Boat
Company (the “
Company”)
(
TSXV: BOAT | OTCQB: LMSBF) – owner and builder of
Aquasport Boats, Limestone® Boats and Boca Bay Boats – announces
today that in response to economic conditions and ongoing supply
chain challenges, it has made significant staffing realignment and
cuts to its operational and management teams in both its Tennessee
Manufacturing Facility and Ontario Head Office. Given the current
market conditions, these changes will allow the Company to continue
to focus on its production, engineering and marketing initiatives
and delivering its higher demand, higher margin models to market in
greater numbers while increasing the Company’s gross margin, and
improving profitability in Q4 and beyond.
“With these changes, the Company is better
positioned to weather the market uncertainty and ongoing supply
chain challenges, while maximizing the strong demand for our higher
margin products from both existing and prospective dealers evident
by Company’s order backlog through the 2023 Model Year and beyond,”
said Scott Hanson, CEO of the Limestone Boat Company.
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
Neither the TSXV nor its Regulation Services Provider
(as that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this news
release.
Cautionary Note Regarding Forward-Looking
StatementsCertain 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, the projected impacts on the Company's production
numbers, gross margin and profitability. 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
Management's Discussion and Analysis for the year ended December
31, 2021 and the three months ended June 30, 2022. 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.
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