Announced expansion of the Company’s White Bluff, Tennessee manufacturing facility is expected to create up to 132 full-time jobs.
COLLINGWOOD, Ontario, Sept. 07, 2022 (GLOBE NEWSWIRE) — The Limestone Boat Company (the “Company”) (TSXV: BOAT | OTCQB: LMSBF) – owner of TN Composites and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats – is pleased to announce 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 Q1 2025.
“Our commitment is an investment in a relationship with the White Bluff and Dickson County communities that has existed for generations,” said Chief Executive Officer, Scott Hanson. “We’re proud to state that we will continue to establish the Limestone Boat Company as the leading employer of choice for a highly skilled workforce in a growing and recognized boat manufacturing region of the U.S. By investing in our people, facilities and technologies to create a pleasant, modern work environment, we will enhance growth opportunities for our employees and the Company as a whole.”
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.
Tennessee Governor Bill Lee said, “Our strong business climate and skilled workforce make Tennessee the ideal location for TN Composites to thrive. I commend this company’s decision to create more than 130 new manufacturing jobs in Dickson County and look forward to their continued success.”
“When a company like TN Composites expands in our state, it is not only a testament to the workforce or business climate but also to the community that company calls home. We are proud to be the home of TN Composites and thank this company for its continued investment in Tennessee,” added TNECD Commissioner Stuart McWhorter.
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.
“We continue to have a healthy backlog for our brands and believe this to be a strong indication that the long-term growth trends in the marine industry remain resilient,” said Limestone Boat Company Chairman Telfer Hanson. “The expansion of our facility and workforce is a long-term strategic priority that will allow us to increase our volumes and provide big water boats of the highest quality to our growing customer base for years to come.”
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 sq. ft. manufacturing facility in White Bluff, Tennessee. The company is backed by a large, skilled labor force and dealer partners throughout the United States and the Canadian Great Lakes Region.
For more information, contact:
Bill Mitoulas | Investor Relations
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Information
Certain statements contained in this press release constitute forward-looking statements or forward-looking information (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. Forward-looking information in this press release include statements regarding the projected creation of jobs at the Company’s Tennessee manufacturing facility, proposed investment by the Company at this or any other of the Company’s facilities, expected increases in production capacity, or proposed initiatives regarding future financing activities.
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. Such factors include, among others, risks related to the Company’s proposed business, such as failure of the business strategy; risks related to the Company’s operations, such as additional financing requirements and access to capital; reliance on key and qualified personnel, insurance, competition, intellectual property and reliable supply chains; risks related to the Company and its business generally as well as with respect to its proposed expansion projections.
The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company’s forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. 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. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.
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