• Thu. Aug 11th, 2022

The Limestone Boat Company Suc

ByLinda W. Smith

Jun 8, 2022

The Limestone Boat Company is set to move forward with mass production of the first all-electric center console boat produced in the United States.

COLLINGWOOD, Ontario, June 08, 2022 (GLOBE NEWSWIRE) — The Limestone Boat Company (there “Company”) (TSXV: BOAT | LMSBF) – Aquasport boat owner and builder, Limestone® Boats and Boca Bay Boats – is pleased to announce the successful sea trials of its Vision Marine ( VMAR) Aquasport 2100CC with electric outboard engine. Rigorous real-world open water testing has confirmed the company’s confidence in its EV motor partner as the preeminent supplier of high-performance electric power to the recreational boating market. The Limestone Boat Company will now shift its electric vehicle model development efforts to planned production with a delivery target of early in the second quarter of calendar year 2023 for initial shipments to dealerships.

“Limestone’s stated electric vehicle mandate has been to establish a disruptive electric footprint for frontrunners in the traditional boating industry. Partnership gives Limestone a technological edge as E-Motion The powertrain delivers unprecedented power and torque in an electric outboard and will position Limestone as a leader in the growing electric segment of the boating industry,” said Scott Hanson, CEO of Limestone Boat. Company. “Sea trial results have met our expectations, confirming that we can be the first to offer a fully electric 21ft center console boat that is expected to deliver an average cruising speed of 23mph, over two hours of autonomy, and recharges at the dock in four to eight hours depending on whether one or two on-board chargers are chosen.And for those looking to enjoy a sunset cruise or observe wildlife in the calm of the EV outboard technology, six to eight hours on the water wouldn’t be out of the question when idling.

Hanson continued: “Given the validation of last week’s sea trials, we are confident to move into the next phase of our electric vehicle efforts and place an initial order for 25 Vision Marine E-Motion. motors, rigging components and integrated battery systems, establishing a production framework leading into the second quarter of 2023, as well as expanding our EV testing to include additional models as product becomes available. Traditional internal combustion engine boat sales remain strong and continue to grow thanks to the strength of our growing dealer network, but the new EV option will provide a great alternative for boaters looking for the features offered by energy. electric. We are excited to be working with our motor partner EV in the coming months to deliver a state-of-the-art, fully integrated electric propulsion system for those looking for an alternative without having to unduly curtail their boating lifestyle.

The Limestone Boat Company announced its EV partnership in May 2021 with the stated intention of using its partner’s disruptive E-Motion outboard powertrain system to provide an EV option for big water performance boats that would deliver, without compromise, the run times, cruise speeds and cycle times that coastal and inland boaters are looking for. The company shipped its first two test models for electric vehicle integration in September 2021 and when complete, put the all-electric Aquasport 2100CC on the water for sea trials in May 2022.

The results of last week’s sea trials delivered on their promise of delivering all the benefits of an EV boating experience without compromising the performance expectations of an internal combustion engine and maintaining the driving characteristics the brand Limestone Aquasport is renowned. Equipped with the 180 horsepower E-Motion engine an electric outboard powertrain system coupled with dual 35kWh high-voltage batteries, an on-board charging system and digital displays, the prototype Aquasport 2100CC EV model met the company’s demands, and then some, delivering results impressive freshwater test runs while keeping Aquasport’s superior handling characteristics intact;

  • Top speed of 38 MPH
  • Airplanes at 18 – 22 MPH
  • Estimated run time over 2 hours at an average speed of 22 MPH
  • Full dockside recharge in 4-8 hours (time depends on using 1 or 2 chargers)

Click to see Limestone Boat Company’s Aquasport 2100CC EV prototype sea trial videos

The Limestone Boat Company will now move forward with mass production plans and an expected target date for deliveries beginning early in the second quarter of calendar year 2023. The company expects to take orders on the electric boats in the third quarter of 2022. Rather than simply retrofitting the existing Aquasport 2100CC, the company will review test data to further optimize performance capabilities, through improvements in battery placement, variable motor placement and lighter and stronger laminate programs for an all-new version of the EV-specific model. It’s another testament to the company’s longstanding commitment to quality manufacturing and durability, as well as its ability to control its manufacturing process through ownership of its Tennessee boat production plant.

In addition to production preparations for the electric Aquasport 2100CC, the company and Vision Marine will begin establishing a schedule to test the EV potential of additional models, such as the Aquasport 2100 Deck Boat, in anticipation of strengthening its presence in the 19-25 foot decked boat segment, which has grown nationwide in the recreational ownership and commercial boat charter markets.

The company’s choice to partner with Vision Marine to provide a state-of-the-art boating experience has proven to be the right one. Presentation of the E-Motionpowertrain capabilities, the sea trials also demonstrated the partnership’s shared commitment to safety, quality and reliability; the performance and stability of the Aquasport prototype has not been compromised in any way, while remaining compliant with the safety standards required by the Limestone Boat Company, which go beyond industry compliance standards. The success of the trials brings the partnership closer to its shared aspiration to establish the Limestone Boat Company as an industry leader in electric boating.

“The successful sea trial results were the culmination of the collective efforts of our team and partners in the months leading up to the trials,” said Telfer Hanson, president and director of Limestone Boat Company. “We are delighted with the performance of the Aquasport EV prototype and, based on the success of the trials, have generated significant interest from potential industry partners who share our EV vision.”

About Limestone Boat Company Limited
The Limestone Boat Company – owner and builder of Aquasport boats, Limestone® Boats and Boca Bay Boats – is listed on the Toronto Venture Exchange under the symbol BOAT and the US-based OTCQB® Venture Market under the ticker symbol LMSBF. They have their headquarters in Collingwood, Ontario, and a 145,000 square foot manufacturing facility in White Bluff, Tennessee. The business is supported by a large skilled workforce and dealer partners across the United States and the Canadian Great Lakes region.

For more information contact:
Bill Mitoulas | Investor Relations
800-720-2395
[email protected]
www.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 press release.

Caution Regarding Forward-Looking Statements

Certain statements in this press release and other publicly available documents, including 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”, “expect”, “indicate”, “have intent”, “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 beliefs or assumptions as to the outcome and timing of such future events. Examples of such forward-looking information include, without limitation, the projected growth of the electric outboard and recreational boating markets, indications regarding the expected number of electric boat models to be ordered by the Company, the further development of the electric boat line of the Company -engine models, including in connection with the tec hnology provided by Vision Marine, when the Company accepts orders and brings such electric-powered boats to market, and performance statistics for the Company’s boats, including its electric-powered boats. Actual future results may differ materially. The Company is subject to a number of risks relating to the integration and rollover transactions, some of which are more particularly described in the Company’s public documents available on SEDAR, including, without limitation, the Filing Statement filed by the Company on February 23, 2021. , and the management report for the fiscal year ended December 31, 2021 and the three months ended March 31, 2022. The forward-looking information contained in this press release is made as of the date hereof and the parties undertake no obligation 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. Due to 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. Any forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained in this press release. There can be no assurance that actual results or developments will materialize or, even if substantially materialized, will have the expected consequences or effects on the Company. Except as required by applicable securities laws, the Company neither intends nor undertakes any obligation to update these forward-looking statements.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a97d7f85-ad3e-4b3f-92da-e872d3ff4ee1

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