Limestone Welcomes Mr. Alan D. Gaines to Its Board of Directors

COLLINGWOOD, Ontario, July 06, 2021 (GLOBE NEWSWIRE) -- The Limestone^® Boat Company Limited (“Limestone”) (TSXV:BOAT), announces that Mr. Alan D. Gaines has joined the board of Limestone effective immediately, subject to the approval of the TSX Venture Exchange (the "TSXV").

In May of this year, Mr. Gaines, a globally respected and highly experienced investment banker, advisor and entrepreneur, was appointed as Chairman of Vision Marine Technologies (NASDAQ:VMAR), the leading global manufacturer of proprietary electric powertrains and boats, disrupting the legacy recreational powerboat market. Mr. Gaines is active within CleanTech, renewable and sustainable energy, traditional fossil fuels, technology, electric vehicle and battery technology, energy storage and infrastructure, and battery metals/minerals primary extraction spaces. Mr. Gaines specializes in large scale capital formation, mergers and acquisitions, workouts/restructuring, and Board protocol and governance. In 1983, he co-founded Gaines, Berland Inc., a full-service investment bank and brokerage specializing in global energy markets, with particular emphasis given to capital formation and mergers and acquisitions advisory for small and mid-cap public and private upstream and midstream companies. Mr. Gaines sold his interest in Gaines, Berland Inc. in 1998. From 1984 through 1998, Mr. Gaines was an activist investor. During that time, he identified and financed specific opportunities for, and was Chief Advisor to financier and shareholder activist Carl C. Icahn, covering all of Mr. Icahn's energy investments, including Gulf Oil, Texaco, Pennzoil, Phillips Petroleum, Williams Cos., Unocal, USX (Marathon Oil), Tenneco, Western Company of North America, among many others. Mr. Gaines was founder and Chairman of Dune Energy, Inc. from its inception in May 2001, he served as CEO through May 2007. Mr. Gaines stepped down as Chairman in 2010, taking a far less active role following Dune's acquisition of Goldking Energy Corporation for $540 million.

Mr. Gaines holds a Bachelor of Business Administration in finance from Baruch College (CUNY), and a Master of Business Administration in finance ("With Distinction"-Valedictorian) from The Zarb School, Hofstra University Graduate School of Management. He maintains homes in Summerlin, NV and Los Angeles, CA and has been widely quoted globally in numerous newspapers, magazines, media and industry outlets, such as The Wall Street Journal, Barron's, The New York Times, Forbes, Business Week, Financial Times (London), CNN, CNBC, BBC, Bloomberg, Platt's, etc.

“We are very pleased to have Alan join the Board, bringing a wealth of capital markets and investment banking knowledge to our team. As Limestone positions itself to become a top North American manufacturer, Alan’s global financial network and experience will be invaluable in enhancing our growth and shareholder value,” said Telfer Hanson, Chairman of Limestone.

Limestone has granted options to Mr. Gaines to purchase up to 500,000 common shares in the capital of Limestone at $0.35 per common share for a period of 5 years, in accordance with Limestone's Stock Option Plan and subject to TSXV approval.

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
800-720-2395
bill@limestoneboats.com
Website: limestoneboats.com

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