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COLLINGWOOD, Ontario, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The Limestone Boat Company Limited ("Limestone" or the "Company") (TSXV: BOAT | OTCQB: LMSBF) today issues a letter to shareholders from its Board Chair, Telfer Hanson.
Dear fellow shareholders and stakeholders,
I am pleased to be able to give you an update on the proposed plan of operations for The Limestone Boat Company. Our team has been working extremely hard and the challenges of the past 18 months have been extensive and disheartening for all our stakeholders. The closing of our US operations was extremely difficult on our staff, management, Board and stakeholders, and we thank everyone involved for their patience and understanding.
Since early December, with the assistance of our in-province advisors Shawn Graham, former Premier of New Brunswick, and Norman Betts, former Minister of Finance for New Brunswick, and the exceptional team at Opportunities New Brunswick, we have made significant progress towards the establishment of new manufacturing facilities expected to be located in the province of New Brunswick.
We have also been addressing the restructuring of the Company balance sheet, which has been supported by our debenture holders and major creditors to date. We expect to issue an Information Circular outlining the details of the proposed restructuring and an overview of our plans to build Limestone Boats in New Brunswick, including the upgraded L200R and L200CC introduced in 2021, the L200R fully-electric model in development, and the launch of two new larger dual console models, the L290DC and L270DC, with initial Limestone® shipments targeted to commence in Q1 2024. In connection with these proposed operational changes, the Company expects to initiate a proposed equity offering, the amount of which has not been determined at this time.
We have spent considerable time reviewing the challenges and headwinds experienced in the past 18 months since acquiring our manufacturing facility in Tennessee, as well as those hurdles presented that could have been managed differently. Although the pandemic clearly threw global manufacturers a curve ball both in terms of ongoing supply chain delays and labour disruption, we can’t, and don't, blame our failures on the pandemic alone. Most importantly it has taught us what we must focus on going forward and adopt strategies and tactics that will better prepare and position the Company to navigate any headwinds in the future and chart a positive course for the future of the Limestone® brand and respective models. We have also been asked by many of our stakeholders to share more details concerning operational successes and challenges in addition to those provided through quarterly and annual filings and disclosures, and we are committed to do this. All stakeholders are encouraged to reach out at any time and we will do our best to address any questions, comments or concerns.
Lastly, there seems to be a misconception that the Board and Management are not significantly invested in the business, and I would like to correct this. All members of the Board are significant stakeholders of the Company, and my family is the largest private shareholder by dollars invested and owned common shares, convertible debentures, and have unsecured loans to the Company. The Board and Management are fully-aligned with all stakeholders, and we have been working to position all stakeholders for future success. We thank you for your support and look forward to updating you as we progress towards the target of recommencing production in New Brunswick in Q1 of 2024.
Should you have any questions, please do not hesitate to reach out at your convenience.
Sincerely,
Telfer Hanson
Chair of the Board
The Limestone Boat Company Limited
About The Limestone Boat Company Limited
The Limestone Boat Company Limited– owner and builder of Limestone® Boats - is publicly traded on the TSX 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.
For more information, contact:
Bill Mitoulas | Investor Relations
800-720-2395
bill@limestoneboats.com
www.limestoneboatcompany.com
Scott Hanson | CEO of The Limestone Boat Company Limited
800-720-2395
info@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 news release.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release, and other publicly available documents including the 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”, “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. Examples of such forward-looking information include, without limitation, the intention to restructure the Company's assets and liabilities, any future manufacturing opportunities for the Company and the Limestone brand in New Brunswick or elsewhere, and further expected changes to the Company's operations and long-term viability. Actual future results may differ materially. The Company is 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 including, without limitation, the filing statement filed by the Company on February 23, 2021, and the Management's Discussion and Analysis for the year ended December 31, 2021 and the three months ended September 31, 2022. 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 information. All the forward-looking information made in this press release is 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 this forward-looking information.
