NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
COLLINGWOOD, ON / ACCESSWIRE / March 31, 2023 / The Limestone Boat Company Limited ("Limestone" or the "Company") (TSXV:BOAT) - owner and builder of Limestone® Boats - today reports its financial results for the three and twelve months ended December 31, 2022 ("Q4 FY 2022"). All dollar amounts are in Canadian dollars unless otherwise noted.
The Company's complete Financial Statements and Management Discussion and Analysis for the three and twelve months ended December 31, 2022 are available at www.sedar.com or on the Company's website at www.limestoneboatcompany.com.
As previously disclosed by the Company, Limestone is actively working to pursue financial restructuring initiatives, including the debentures issued under the Debenture Indenture, which it expects to be completed in Q2 2023 subject to receiving all required approvals.
In addition to the financial restructuring, the Company has also actively been working on the relocation of the Limestone Boat manufacturing operations to New Brunswick, Canada. The Company is pursuing a new, purpose-built, state of the art plant focused on the Limestone® brand and to re-commence manufacturing operations in 2024. Limestone expects that the new facility will be used to produce the Limestone L200 Centre Console and Runabout models, and new fully-electric EV model later in the same year. The Company has also completed tooling for its new L290 Dual Console which is expected to commence immediately upon taking occupancy of its new manufacturing facilities, with its L270 Dual Console, presently in development, expected to follow within the first year.
The Company continues to have strong dealer support throughout New England, the Great Lakes and beyond. These are markets that can be effectively serviced from Atlantic Canada. More detailed announcements are expected in May of this year.
Q4 2022 Financial Highlights:
The Company generated revenues of $1,100,106 and $12,145,259 for the three and twelve months ended December 31, 2022.
The Company generated a gross loss of $(718,975) and $(243,278) for the three and twelve months ended December 31, 2022.
The Company incurred operating expenses of $1,964,713 and $10,394,535 during the three and twelve months ended December 31, 2022.
The Company incurred an operating loss of $(2,683,688) and $(10,637,813) for the three and twelve months ended December 31, 2022.
The Company incurred a Comprehensive Loss of $(2,780,214) and $(9,792,045) for the three and twelve months ended December 31, 2022 which includes foreign exchange loss, deferred tax recovery and currency translation adjustment.
As of December 31, 2022, the Company had outstanding 119,565,940 common shares, 8,298,422 common share purchase warrants and 11,145,000 stock options.
There are several risk factors facing the Company including but not limited to the fact that the company announces on January 20th 2023 that its wholly-owned subsidiaries Ebbtide Holdings, LLC, doing business as "TN Composites" ("TN Composites") and Limestone US Inc. ("Limestone US" and collectively with TN Composites, the "Limestone US Subsidiaries") filed voluntary petitions for relief under Chapter 7 of the Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Tennessee - Nashville Division (the "Bankruptcy Court"). Additional risks are more fully described in the Company's Management Discussion and Analysis for Q4 2022 available on the Company's profile on www.sedar.com or on the Company's website at www.limestoneboats.com.
The Limestone Boat Company Limited- owner and builder of Limestone® Boats - is publicly traded on the TSX Venture Exchange under the ticker symbol "BOAT". They are headquartered in Collingwood, Ontario.
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.
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 projected impact of the Chapter 7 Proceedings involving the Limestone US Subsidiaries on Limestone, the intention to restructure the Company's assets and liabilities, any future manufacturing opportunities for the Company and the Limestone brand in Canada, 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.
