Vicinity Motor Corp. Secures Expanded Order for 14 Additional Vicinity Lightning Electric Buses for Honolulu International Airport

Order will be First ‘Made in America' Buses Manufactured at Ferndale, Washington Facility

VANCOUVER, BC / ACCESSWIRE / July 8, 2024 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced that it has received an expansion to its order from strategic partner Sustainability Partners LLC ("SP"), an ESG focused Public Benefit Company committed to eliminating deferred maintenance infrastructure by enabling sustainability, increasing it's initial order from four (4) Vicinity Lightning™ electric buses to eighteen (18) via Soderholm Sales & Leasing, Inc. ("SSL"), Vicinity's Pacific Islands distributor.

The 18 Vicinity Lightning™ electric buses will be used at the Daniel K. Inouye International Airport in Honolulu, the largest airport in the State of Hawaii serving 21 million passengers per year. The State of Hawaii Department of Transportation ("HDOT") will utilize SP's Electric Vehicles as a Service™ (EVaaS) program to finance the transition of the traditional diesel fleet to Vicinity's electric vehicles. SSL is facilitating the sale and providing long-term technical and maintenance support for the project. The expanded order for eighteen electric buses will be manufactured at Vicinity's Ferndale, Washington facility and is scheduled for delivery in 2024.

Brent Phillips, President of Vicinity Motor Corp., stated: "Hawaii's expanded Vicinity Lightning order is strong validation of the benefits of our right-sized and versatile product offering. This order will be manufactured at our state-of-the-art Ferndale facility, and the first buses to come off our ‘Made in America' assembly line. We look forward to providing our incredible all-electric bus solution to Hawaii's largest airport, leveraging SP's uniquely structured, month-to-month use-based service alternative to the traditional purchase of government fleets."

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.