Collingwood, Ontario, May 19, 2021 – The Limestone® Boat Company (“Limestone” or the “Company”) (TSXV: BOAT), manufacturer of the heritage brand Limestone® Boats – announces a landmark partnership with Vision Marine Technologies (NASDAQ: VMAR) to produce its proprietary E-Motion electric propulsion powertrain option for select Limestone® and Aquasport brand models.
“With electric vehicle (EV) technology coming more and more to the forefront in our lives, we wanted to provide our customers with reliable and dependable yet disruptive EV marine product offerings on our deep-V hull designs,” said Limestone’s CEO Scott Hanson. “Our partnership with Vision Marine Technologies provides us the opportunity to bring groundbreaking performance, run times, and cruising speeds to market sought after by big water boaters. Our initial plan is to offer our current conventional outboard powered 25’ to 29’ Limestone models, and Aquasport Center Console models, with single or twin-180 HP electric outboard options. Based on sea trials to date, regarding Vision’s, proprietary E-Motion electric outboard innovations and integrated systems, Limestone is excited about bringing an EV alternative to big water performance boats that delivers the operating times, average cruising speed, and cycle times that our coastal and inland customers demand.”
“Our partnership is truly a joint venture, with both companies greatly benefitting,” said Vision Marine Technologies CEO and Co-Founder Alexandre Mongeon. “The Limestone Boat Company will provide the necessary models, product engineers, and testing environments so we can collectively work in tandem to produce the excellent results which our electric powertrain system can deliver, with the goal of having a model on display for consumers to experience for themselves at one of the premier fall boat shows later this year, as well as on view at select Limestone and Aquasport dealers.”
“Our new electric propulsion offerings will in no way replace our current outboard offerings, but rather complement them by giving our customers an alternative choice based on their particular needs and usage,” added Mr. Hanson. “For those looking for big water performance and operating times that match their boating lifestyle, but with a quieter, emission-free experience, we will now be able to offer a groundbreaking early mover solution. We are appreciative of Vision’s approach to working together and their investment of CDN$3.4 million in the recently completed Limestone offering. We expect our electric footprint to expand significantly over the next few years and are happy to move forward in this partnership together with Vision.”
About Vision Marine Technologies
Vision Marine Technologies, Inc.’s business mandate is to change and be a contributing factor in fighting the problem of waterway pollution by disrupting the legacy boating industry with electric power, contributing to zero pollution, zero emission, and a noiseless environment.
Our flagship outboard powertrain (“E-Motion”) is the first fully electric outboard powertrain system that combines an advanced battery pack, inverter, and high efficiency motor with proprietary union assembly between the transmission and the electric motor design and extensive control software. Our E-Motion technologies used in this powertrain system are designed to improve the efficiency of the outboard powertrain and, as a result, increase range and performance.
Vision Marine continues to design, innovate, manufacture, and sell our handcrafted, high performance, environmentally friendly, electric powerboats to recreational customers.
The design and technology applied to our boats results in far greater and enhanced performance, higher speeds, and longer range. Simply stated, a smoother ride and a safer and enhanced user experience than a traditional ICE motorboat.
About The Limestone® Boat Company Limited
Limestone® has a 35-year history as a heritage brand renowned for its timeless design, big water performance, quality manufacturing and durability. The Limestone® Boat Company is publicly traded on the Toronto Venture Exchange under the ticker symbol BOAT. Headquartered in Collingwood, Ontario and manufacturing in White Bluff, Tennessee, Limestone boasts a 145,000 sq. ft facility with a large, skilled labor force and dealer partners throughout the United States and the Canadian Great Lakes Region. The Limestone® Boat Company Limited is the builder of Limestone®, Aquasport and Boca Bay brands.
For more information, contact:
Investor Relations: Bill Mitoulas
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 Statements
Certain statements contained in this press release constitute 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. Actual future results may differ materially. In particular, there are no assurances that the transactions will be completed on the terms or timeframe indicated herein or at all. If these transactions are ultimately completed, the Company will be 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. 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.
The securities forming part of the Offering have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “1933 Act”) and may not be offered or sold in the United States or to, or for the account or benefit of, “U.S. persons” (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. The securities may be offered in the United States to Qualified Institutional Buyers (as defined in Rule 144A under the 1933 Act) pursuant to exemptions from the registration requirements under rule 144A of the 1933 Act and to “accredited investors” as such term is defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the 1933 Act. This news release will not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.