The Limestone Boat Company Limited Provides Market Update with Respect to Chapter 7 Bankruptcy Filings by US- Subsidiaries

COLLINGWOOD, Ontario, March 10, 2023 (GLOBE NEWSWIRE) — The Limestone Boat Company Limited (“Limestone” or the “Company“) (TSXV: BOAT) – confirms 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“) held its virtual creditor meetings for both companies on Wednesday, February 22, 2023 in relation to the previously announced voluntary petitions for relief under Chapter 7 of the Bankruptcy Code in the United States Bankruptcy Court in the Middle District of Tennessee, Nashville Division (the “Chapter 7 Proceedings“). Mr. Michael Gigandet, who has been appointed by the Office of the Unites States Trustee to act as trustee for the Limestone US Subsidiaries (the “Trustee“), attended the virtual creditor meeting along with representatives of the Limestone US Subsidiaries. No formal issues were raised by creditors of the Limestone US Subsidiaries and the Trustee has advised that the Chapter 7 Proceedings are expected to move forward in a timely and efficient manner. The Company expects than an asset sale with respect to the remaining assets owned by the Limestone US Subsidiaries is expected to take place in the coming weeks. 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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