Bartlett Maritime PlanTM Update

Cleveland, OH June 2, 2022. The Bartlett Maritime Corporation is pleased to provide an update on the continuing discussions with the Navy regarding it’s Bartlett Maritime PlanTM to add urgently required capacity and capability to the US Navy’s Naval Shipyard industrial enterprise. On May 31st Founder, Chairman and CEO CAPT Edward Bartlett, Vice President & Chief Financial Officer of operating subsidiary American Naval Shipyard, LLC Renold Thompson Jr, Vice President, Planning RDML Robert Frick, USN(Ret), Vice President, Corporate Development Jacqueline O’Brien, Vice President, Operations CAPT Frank Simei USN (Ret), and Vice President, Test & Trials CAPT David McCall USN (Ret) traveled to Washington D.C. to meet with Navy leadership in furthering discussions of our work in support of essential national security. The members of this cross-section of the Bartlett Maritime Corporation leadership team each led discussions with Navy leadership concerning the various elements of the Bartlett Maritime Plan™.

The Bartlett Maritime Plan™ is a public-private partnership plan which significantly reduces the cost of capital for urgently required new facilities and accelerates their availability, is now focused on building a Component Repair Center (formerly known as a Naval Equipment Depot) in Lordstown, OH to support accelerating the completion of commissioned submarine overhauls, and a Modular Manufacturing Facility in Lorain, OH to support the shipbuilding capacity expansion required to build two Virginia VPM Class and one Columbia Class submarine per year. This expanded submarine construction volume is equivalent to building 5 standard Virginia Class submarines per year (the current industrial base submarine construction capacity is less than 2 standard Virginia Class submarines per year). Each of the up-to 300 ton sub-modules manufactured in Lorain would then be transported through the St Lawrence Seaway using the patent-pending Oceangoing Transit Carrier for insertion into submarine hulls in Rhode Island, Connecticut and Virginia. The company also discussed with the Navy the potential, if the program is formally started now, of initiating, as early as the first calendar quarter of 2023, limited scale Component Repair work and new ship module production in temporary facilities which have been identified near Lordstown and located in Lorain. These temporary facilities could be employed at increasing scale in the interim while the detailed design and construction of purpose-built new facilities is completed over approximately 2 years. This would result in meaningful employment opportunities in both Lordstown and Lorain starting later this year (for initial training), with workforce size growing to several thousand as the permanent new facilities are completed and placed in service.

The Bartlett Maritime Corporation and its partners remain confident that its offer, leveraging the readily available low-cost capital possible through the public private partnership and the available, energized and ready workforce available along the North Coast, will be found to be the best alternative to cost effectively and rapidly providing the submarine industrial base capacity expansion required to meet pressing strategic national security requirements.