The Limestone Boat Company announced expansion plans for its Tennessee manufacturing facility that will significantly increase the Company's production capacity and create more than 130 new full-time jobs. Adopting a phased approach to its TN Composites facility's expansion, the Company expects to invest $23.1 million over the next three to five years to transform the Company's existing manufacturing capabilities through the expansion and reconfiguration of its production space, integration of additional technology, expansion of its research and development resources and optimization of its manufacturing process flow. Phase One will be focused on the existing facility and labor force; expanding the use of technology, integrating Light Resin Transfer Molding and vacuum infusion processes, and reallocating space for the commencement of big boat production (27-foot to 30-foot models), while receiving state support to enhance the workplace environment and improve throughput capacity.

Phase Two will see the Company further build out its manufacturing campus footprint, both through the expansion of its current facility, and the construction of a new building that will house its administration and research and development teams. The Company expects that the facility upgrades, implementation of technological innovations, and the reconfiguration of the manufacturing processes will lead to significant efficiency gains, increased revenues, margins and profitability. The Company anticipates funding for the initiatives to be achieved through equity and debt offerings in 2023 with a target completion date of First Quarter 2025. The Tennessee Department of Economic and Community Development (the "TNECD") has worked to create "an environment unbound by state borders" and establish resources to make Tennessee accessible to any international market by lowering operating costs, reducing capital outlay and minimizing risk.

Flexible incentives and grants designed to foster long-term economic growth and increase profitability for investing companies through workforce training, infrastructure, and economic development programs are part of the State's return commitment to the Company. "FastTrack" grants are made to assist expanding companies with the training of new full-time employees and offset business expansion costs, while competitive tax incentives and credits are available based on a number of criteria including jobs created, amount invested, location, type of business and industrial machinery purchased. The Company is thankful for the state of Tennessee's and Dickson county's support and is positioning itself to meet a growing appetite for its product that surpasses by far the Company's current manufacturing capacity.

Inflationary pressures and recessionary realities have yet to dampen demand from both existing dealers as well as prospective dealers that wish to represent the Company brands. Upon completion of the expansion plan, the Company expects to triple its production capacity, further capitalizing on its favorable and growing brand awareness, and ultimately deliver meaningful returns to its stakeholders and the community in which it intends to thrive.