Oct 3, 2022

On September 22, 2022, Vision Marine Technologies, Inc. (Nasdaq: VMAR)(“Vision Marine” or the “Company”), the global leader in the performance electric recreational marine propulsion industry serving OEMs (Original Equipment Manufacturer), is pleased to announce an initial purchase order of 25 E-Motion™180E outboard motors and powertrain systems from The Limestone Boat Company (BOAT-TSXV). Limestone has a 35-year legacy as a North American “big water” brand known for its design, performance, quality, and durability. The company’s major brands consist of Aquasport, Limestone® and Boca Bay.

This commitment by Limestone marks a significant turning point for Vision Marine, as this represents the Company’s first purchase order. The order comes on the heels of rigorous, real world, open water testing, which served to validate the ground-breaking E-Motion™ 180E high performance purpose built fully electric powertrain system. In addition, Limestone anticipates integrating our E-Motion powertrain system to existing and future models.

Limestone will now shift its EV model development efforts into scheduled production, with a delivery target to dealers commencing in the fourth quarter of 2023. The order elevates Limestone, utilizing Vision Marine’s proprietary E-Motion propulsion system, as a first mover within the North American recreational boating industry, able to offer a fully electric high performance Aquasport center console powerboat.

Vision Marine co-founder and CEO, Alexandre Mongeon stated, “Vision Marine is excited to work alongside Limestone in accelerating the North American boating industry’s carbon neutral goals via electrifying the waterways. We look forward to the momentous occasion in which the Aquasport electric center console is presented to consumers.”

In June 2022, Limestone CEO Scott Hanson announced the highly successful completion of the prototype’s sea trial stating Vision Marine’s E-Motion™ 180E, “met the company’s demands and then some. It provides all of the benefits of an EV boating experience, without compromising the performance expectations of an internal combustion engine, while maintaining the ride characteristics for which Limestone’s Aquasport is renowned.”

Limestone will debut it Aquasport EV product at the Fort Lauderdale International Boat Show, to be held October 26-30, 2022, at the Vision Marine Technologies display. Consumers will be able to place deposits to secure a first run production model, with an expected delivery date of fourth quarter 2023.