The Limestone Boat Firm Pronounces Monetary Outcomes for Q1 2024
The Limestone Boat Firm Pronounces Monetary Outcomes for Q1 2024

Collingwood, Ontario–(Newsfile Corp. – August 29, 2023) – The Limestone Boat Firm Restricted (TSXV: BOAT) (“Limestone” or the “Firm”) — proprietor and builder of Limestone® Boats — right now studies its monetary outcomes for the three months ended June 30, 2023. All greenback quantities are in Canadian {dollars} until in any other case famous.

Copies of the Firm’s interim monetary statements and administration dialogue and evaluation for the three months ended June 30, 2023 can be found on SEDAR+ ( beneath the Firm’s profile.

Enterprise Replace

The Firm continues to advance its numerous work streams, together with the restructuring of its stability sheet, the beforehand introduced personal placement financing and the relocation of its manufacturing operations to Southwest New Brunswick.

The Firm is optimistic that it might be able to safe a bigger transitionary manufacturing facility. Not solely would such a facility outcome within the Firm decreasing its short-term overhead prices, it could additionally permit the Firm to ramp up manufacturing previous to transferring into the beforehand introduced purpose-built, long-term facility.

As well as, the Firm can be happy to announce that its labour recruitment marketing campaign is underway in Southwest New Brunswick, the place the Firm has already obtained a number of purposes for many preliminary positions. Due to this fact, the Firm believes it is going to be profitable in securing the workforce wanted to meet all administration and direct labour positions. The primary wave of our 12-week coaching program in partnership with New Brunswick Neighborhood Faculty is predicted to start this fall.

All through the suspension of producing operations, the Firm’s vendor companions have remained supportive, and there are over a dozen extra sellers which have expressed curiosity within the Limestone mannequin lineup given present market dynamics, model following and Limestone’s outboard energy configurations.

For a extra detailed description of the Firm’s ongoing operations, please see the Firm’s administration dialogue and evaluation for Q1 2024 obtainable on SEDAR+ ( beneath the Firm’s profile.

The Limestone board and administration want to thank all stakeholders for his or her continued help of the Firm’s reorganization, and reaffirm their dedication to reinforce shareholder worth.

Q1 2024 Monetary Highlights

  • The Firm incurred an working lack of $1,211,914 throughout the three months ended June 30, 2023.

  • Included within the working loss had been non-cash prices within the quantity of $869,368. Such prices relate to, amongst different issues, amortization and depreciation, accrued curiosity expense, accretion expense, amortization of financing charges and stock-based compensation.

  • As at June 30, 2023, the Firm had 119,665,940 frequent shares, 6,323,172 frequent share buy warrants and 5,895,000 inventory choices excellent.

  • There are a number of danger elements dealing with the Firm together with, however not restricted to, financing dangers, liquidity dangers, market dangers and provide chain dangers, as extra absolutely described within the Firm’s annual administration dialogue and evaluation for the 15-months ended March 31, 2023 (the “MD&A”), a replica of which is accessible on SEDAR+ ( beneath the Firm’s profile.

About The Limestone Boat Firm Restricted

The Limestone Boat Firm Restricted — proprietor and builder of Limestone® Boats — is publicly traded on the TSX Enterprise Change beneath the ticker image “BOAT”. The Firm is headquartered in Collingwood, Ontario.

For extra data, please contact:

Invoice Mitoulas | Investor Relations
[email protected]

Scott Hanson | CEO of The Limestone Boat Firm Restricted
[email protected]

Cautionary Be aware Relating to Ahead-Trying Statements

Sure statements contained on this press launch, and different publicly obtainable paperwork together with the paperwork referenced herein, represent forward-looking data or forward-looking statements (collectively, “forward-looking data“). These statements relate to future occasions or future efficiency. The usage of any of the phrases “anticipate”, “imagine”, “might” “ought to”, “would”, “estimate”, “count on”, “forecast”, “point out”, “intend”, “doubtless”, “could”, “plan”, “potential”, “challenge”, “outlook”, “search”, “goal”, “development” or “will” and comparable expressions and statements referring to issues that aren’t historic info are supposed to determine forward-looking data and are primarily based on the events’ present perception or assumptions as to the end result and timing of such future occasions. Examples of such forward-looking data embrace, with out limitation, the timing and talent of the Firm to recommence manufacturing operations (if in any respect); the Firm’s potential to finish its beforehand introduced personal placement; the Firm’s potential to safe a big transitionary manufacturing facility that may decrease overhead prices and speed up the ramp up of manufacturing (if in any respect); the Firm’s potential to safe the workforce wanted to recommence operations; the timing of the graduation of the 12-week coaching program; the importance of extra deal curiosity within the Firm’s line of merchandise; administration’s expectations relating to sturdy vendor help; and the timing for the development of the brand new boatbuilding facility. Precise future outcomes could differ materially. The Firm is topic to plenty of dangers referring to integration and go-forward operations, sure of that are extra notably described within the Firm’s public filings obtainable on SEDAR+ ( together with, with out limitation, the submitting assertion filed by the Firm on February 23, 2021, and the MD&A. The forward-looking data contained on this launch is made as of the date hereof and the events usually are not obligated to replace or revise any forward-looking data, whether or not because of new data, future occasions or in any other case, besides as required by relevant securities legal guidelines. Due to the dangers, uncertainties and assumptions contained herein, traders mustn’t place undue reliance on forward-looking data. The foregoing statements expressly qualify any forward-looking data contained herein.

Many elements might trigger precise outcomes, stage of exercise, efficiency or achievements or future occasions or developments to vary materially from these expressed or implied by the forward-looking data. All of the forward-looking data made on this press launch is certified by these cautionary statements and different cautionary statements or elements on this press launch. There will be no assurance that the precise outcomes or developments shall be realized or, even when considerably realized, may have the anticipated penalties to, or results on, the Firm. Except required by relevant securities regulation, the Firm doesn’t intend and doesn’t assume any obligation to replace this forward-looking data.

Neither the TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this information launch.

To view the supply model of this press launch, please go to