Vision Marine Technologies completes sale of boat rental location

As previously reported, the Company signed a letter of intent on April 3, 2024 with EB Strategies Inc. for the sale of one of its electric boat rental facilities located in Newport Beach, California. The Company announces the closing of this transaction effective April 25, 2024. A portion of the proceeds from the sale will be used to apply for up to 24 patents related to the Company’s E-Motion Powertrain technology. The Company anticipates completing the patent application filings by the end of the 2024 calendar year. EB Strategies Inc. is a related party whose controlling shareholder is a member of management of the Company’s boat rental operations. This strategic sale does not mark the Company’s exit from the electric boat rental business as the Company will continue to own and operate its electric boat rental facilities in Ventura, California and Palm Beach, Florida. In addition, the Company is currently in the process of opening a new electric boat rental facility in Dania Beach, Florida.