The Limestone Boat Company Announces Approval of Stock Option Grants

COLLINGWOOD, Ontario, June 30, 2022 (GLOBE NEWSWIRE) — The Limestone Boat Company (the “Company”) (TSXV: BOAT | OTCQB: LMSBF) – owner and builder of Aquasport Boats, Limestone^® Boats and Boca Bay Boats – announced today that its board of directors has approved the grant of an aggregate of 4,745,000 stock options (each, an “Option“) to certain directors, officers, employees of the Company in accordance with the Company’s omnibus equity incentive plan. Each Option will be exercisable into one common share in the capital of the Company (each, a “Share“) at a price of $0.12 per Share for a period of five years from the date of the grant. This Option grant makes up part of the compensation and retention incentives anticipated by the Company’s omnibus equity incentive plan.

For the first time since acquiring Ebbtide Holdings LLC in May of 2021, the Company expects to grant Options to members of the leadership team, as well as to floor supervisors, managers, and direct labour in the Company’s Tennessee manufacturing operations. Options are also expected to be granted to members of the Board of Directors in lieu of cash compensation in calendar year 2021. No such Options will be granted to the Chief Executive Officer or Chair of the Company.

About The Limestone Boat Company Limited
The 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 Relations
800-720-2395
bill@limestoneboats.com
www.limestoneboatcompany.com