Collingwood, Ontario, June 8, 2022 – 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 the successful completion of sea trials for its Vision Marine (NASDAQ: VMAR) electric outboard-powered Aquasport 2100CC. Rigorous real-world, open water testing has validated the Company’s belief in its EV engine partner as the preeminent provider of high-performance electric power in the recreational boating market. The Limestone Boat Company will now shift their EV model development efforts into scheduled production with a delivery target of early in the second quarter of the 2023 calendar year for initial shipments to Dealers.

“Limestone’s stated EV mandate has been to establish a disruptive early mover electric footprint in the traditional boating sector. The partnership provides Limestone a technological advantage as the E-Motion™ powertrain offers unprecedented power and torque in an electric outboard and will establish Limestone as a leader in the rapidly growing electric segment of the recreational boating industry,” said Scott Hanson, CEO of the Limestone Boat Company. “The sea trial results met our expectations, confirming that we can be the first to offer a fully electric-powered 21-foot Center Console boat that is expected to deliver an average cruising speed of 23 mph, over two hours of run time, and can be recharged at dockside in four to eight hours depending on whether one opts for one or two onboard chargers. And for those looking to enjoy a sunset cruise or take in the wildlife in the quiet of EV outboard technology, six to eight hours on the water would not be out of the question at idle speeds.”

Hanson continued, “Given the validation of last week’s sea trials, we are confident in moving on to the next phase of our EV efforts and placing an initial order for 25 Vision Marine E-Motion™ engines, rigging components and integrated battery systems, establishing a production framework leading into the second quarter of 2023, as well as extending our EV testing to include other models as product becomes available. Traditional internal combustion engine boat sales remain strong and continue to grow through the strength of our expanding dealer network but the new EV option will provide a great alternative for boaters looking for the features that electric power offers. We’re excited about working with our EV engine partner in the months ahead to offer a fully integrated, leading-edge electric propulsion system for those seeking an alternative without having to curtail their boating lifestyle unduly.”