COLLINGWOOD, Ontario, Dec. 23, 2022 (GLOBE NEWSWIRE) -- The Limestone Boat Company ("Limestone" or the "Company") (TSXV: BOAT | OTCQB: LMSBF) ? owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats ? announces today that it does not anticipate making the upcoming interest payment on the Company's issued and outstanding debentures due December 31, 2022 and that it intends to pursue financial restructuring initiatives in early 2023.
The Company also announces that Ebbtide Holdings LLC, its wholly-owned operating subsidiary in Tennessee, has received Notice of Termination of its floor planning relationship with its primary vendor effective immediately. The Company is actively pursuing alternate floor planning options for its Dealers.
The Company continues to pursue alternative liquidity and financing proposals and remains committed to continuing its long-term operations as soon as possible.
About The Limestone Boat Company Limited
The Limestone Boat Company ? owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats - is publicly traded on the Toronto 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 with a 145,000 square foot manufacturing facility in White Bluff, Tennessee.
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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 projected impact of the announced failure to pay interest and principle on its liabilities as they become due, the intention to restructure the Company's assets and liabilities, further 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.