The Limestone Boat Company Announces Staffing Changes in Response to Market Conditions & Ongoing Supply Chain Challenges
The Limestone Boat Company (TSXV: BOAT | OTCQB: LMSBF) announced staffing realignments and cuts to its management and operational teams due to economic conditions and supply chain challenges. This strategic decision aims to enhance production capabilities and focus on higher-margin models, addressing the current market demand. CEO Scott Hanson emphasized that the company is positioned to navigate uncertainties while maximizing dealer demand, supported by a robust order backlog.
- Staffing realignment aims to improve operational efficiency.
- Focus on higher-demand, higher-margin products to boost profitability.
- Retention of a strong dealer order backlog for the 2023 Model Year.
- Significant cuts to operational and management teams may impact workforce morale.
- Ongoing supply chain challenges pose risks to production stability.
COLLINGWOOD, Ontario, Oct. 19, 2022 (GLOBE NEWSWIRE) -- The Limestone Boat Company (the “Company”) (TSXV: BOAT | OTCQB: LMSBF) – owner and builder of Aquasport Boats, Limestone® Boats and Boca Bay Boats – announces today that in response to economic conditions and ongoing supply chain challenges, it has made significant staffing realignment and cuts to its operational and management teams in both its Tennessee Manufacturing Facility and Ontario Head Office. Given the current market conditions, these changes will allow the Company to continue to focus on its production, engineering and marketing initiatives and delivering its higher demand, higher margin models to market in greater numbers while increasing the Company’s gross margin, and improving profitability in Q4 and beyond.
“With these changes, the Company is better positioned to weather the market uncertainty and ongoing supply chain challenges, while maximizing the strong demand for our higher margin products from both existing and prospective dealers evident by Company’s order backlog through the 2023 Model Year and beyond,” said Scott Hanson, CEO of the Limestone Boat Company.
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
800-720-2395
bill@limestoneboats.com
www.limestoneboatcompany.com
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 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 impacts on the Company's production numbers, gross margin and profitability. 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 June 30, 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 statements. All the forward-looking statements made in this press release are 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 these forward-looking statements.
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