Vicinity Motor Corp. Receives Order for Two Vicinity Classic Clean Diesel Buses from the Town of Orangeville, Ontario

VANCOUVER, BC / ACCESSWIRE / June 17, 2024 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced the receipt of a new purchase order from the Corporation of the Town of Orangeville in Ontario, Canada for two (2) Vicinity™ Classic buses.

Per the terms of the supply agreement, the Town of Orangeville ordered two of the Company's 32-foot Clean-Diesel Vicinity™ Classic buses for delivery in 2025. The Vicinity buses will service the three active transit bus routes throughout the town of Orangeville. Orangeville is a suburb community of roughly 30,000 people in the greater Toronto area.

"Communities across Canada continue to choose Vicinity to meet their public transport needs, highlighting our solid brand awareness at all levels of government," said Brent Phillips, President of Vicinity Motor Corp. "With over 1,000 of our flagship Vicinity Classic transit buses in operation today, this line remains a solid base for our revenue mix playing an important role in our go-forward market strategy. For communities such as Orangeville, the Vicinity Classic's lower upfront cost and low operating costs make it well-suited for those looking for value and efficient operation.

"Each order is also an opportunity to open the conversation with communities towards either expanding their Vicinity Classic fleets, or considering electrification via our Vicinity Lightning electric transit bus and VMC 1200 Class 3 electric truck. We look forward to working closely with Orangeville to deliver these vehicles early next year," concluded Phillips.

About Vicinity Motor Corp.

Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("VMC") is a North American supplier of electric vehicles for both public and commercial enterprise use. The Company leverages a dealer network and close relationships with world-class manufacturing partners to supply its flagship electric, CNG and clean-diesel Vicinity buses, as well as the VMC 1200 electric truck to the transit and industrial markets. For more information, please visit www.vicinitymotorcorp.com.

Company Contact:

John LaGourgue
VP Corporate Development
604-288-8043
IR@vicinitymotor.com

Investor Relations Contact:
Lucas Zimmerman
MZ Group - MZ North America
949-259-4987
VMC@mzgroup.us
www.mzgroup.us

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, included herein are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

Important factors that could cause actual results to differ materially from Vicinity's expectations include uncertainties relating to the economic conditions in the markets in which Vicinity operates, vehicle sales volume, anticipated future sales growth, market prices and supply for parts and materials, the success of Vicinity's operational strategies, the vehicle assembly facility in the State of Washington being capable of operating in the manner intended by management, the effect of the COVID-19 pandemic, the recoverability of the Optimal intangible asset and other macro economic factors on supply chain recovery to pre-pandemic levels, related government-imposed restrictions on operations, the success of Vicinity's strategic partnerships, the ability of the Company to extend or modify existing debt terms; and other risk and uncertainties disclosed in Vicinity's reports and documents filed with applicable securities regulatory authorities from time to time. Vicinity's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. Vicinity assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.

SOURCE: Vicinity Motor Corp.