Ebbtide Holdings LLC and Limestone, US Inc., Wholly-Owned Subsidiaries of The Limestone Boat Company Limited, Make Chapter 7 Bankruptcy Filings in the State of Tennessee

COLLINGWOOD, Ontario, Jan. 20, 2023 (GLOBE NEWSWIRE) — The Limestone Boat Company Limited (“Limestone” or the “Company“) (TSXV: BOAT | OTCQB:LMSBF) – announces today 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“) have 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”). Limestone expects that the Limestone US Subsidiaries will have a Chapter 7 Trustee appointed by the Office of the United States Trustee (the “Trustee“). Upon the commencement of the Chapter 7 filings by the Limestone US Subsidiaries, their respective business operations ceased immediately and the Trustee immediately took charge of the assets of the Limestone US Subsidiaries pursuant to the United States Bankruptcy Code. The Trustee is expected to liquidate the assets of the Limestone US Subsidiaries and to distribute the proceeds of such sale proceedings in accordance with the order of priority established under Title 11 of the United States Bankruptcy Code and under the supervision and approval of the Bankruptcy Court.

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