Nation's Longest-Established, Family-Owned Bus Dealership to Drive Vicinity's New Sales and Service Coverage in Washington, Oregon, Idaho and Alaska

Vicinity Motor Corp. (NASDAQ:VEV) (TSXV:VMC) (FRA:6LGA) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced that it has signed a distribution agreement with Schetky Bus and Van Sales ("Schetky"), a dealership and transportation solutions provider, to offer the Vicinity Lightning^TM, Vicinity Classic and VMC-Optimal vehicles, including an initial commitment for 18 vehicles.

Celebrating their 80-year anniversary in 2022, Schetky Bus and Van Sales is the nation's longest-established, family-owned bus dealer, serving its customers' transportation needs for over four generations. Schetky is headquartered in Portland, Oregon and has five full-service locations offering commercial buses, school buses, mobility vans, and passenger vans with customers ranging from assisted living communities, public transit agencies, school districts, casinos, churches, childcare facilities, medical transportation, and limousine companies.

Under the terms of the agreement, Schetky will distribute Vicinity vehicles throughout Washington, Oregon, Idaho and Alaska. The Vicinity line adds to Schetky's portfolio of existing internal combustion and electric vehicles.

"Schetky's long history of selling innovative and quality vehicles makes it an ideal partner to represent us in our U.S. home state of Washington," said William Trainer, Founder and CEO of Vicinity Motor Corp. "Known for offering some of the most innovative and highly awarded vehicles in the commercial and school bus industries, Schetky's brings nearly 80 years of experience servicing customers across the Northwest.

"With some of the lowest electric energy prices in the U.S., excluding Alaska, the Northwest is a prime region to benefit from EVs and will provide us with additional opportunities in this exciting market. We believe our electric vehicles will be a strong addition to Schetky's EV segment, while concurrently providing Vicinity with a team of sales experts to highlight the benefits of electrification to their loyal base of satisfied customers," concluded Trainer.

David Schetky, Co-owner of Schetky Bus and Van Sales, added: "The vehicles we offer are the industry leaders in sales volume and rank the highest in safety by the Federal Transit Administration. Vicinity was a natural partner with its Washington State and Canadian headquarters nearby to help expand our growing range of electric vehicle options. We look forward to working with Vicinity to showcase their heavy-duty, light-duty and special purpose electric vehicles to our customers."

About Vicinity Motor Corp.

Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) 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, the VMC 1200 electric truck and a VMC Optimal-EV shuttle bus. In addition, the Company sells its proprietary electric chassis alongside J.B. Poindexter business unit EAVX, the Company's strategic partner, for upfitting into next-generation delivery vehicles. For more information, please visit www.vicinitymotorcorp.com.

Company Contact:
John LaGourgue
VP Corporate Development
604-288-8043
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U.S. Investor Relations Contact:
Lucas Zimmerman or Mark Schwalenberg, CFA
MZ Group - MZ North America
949-259-4987
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www.mzgroup.us

Canadian Investor Relations Contact:
MarketSmart Communications Inc.
877-261-4466
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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.

Supplemental Disclosure per Canadian Securities Laws

Manuel Achadinha is no longer employed as an officer of the Company as of the date of this press 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, the success of Vicinity's operational strategies, the timing of the completion of the vehicle assembly facility in the State of Washington, the effect of the COVID-19 pandemic, related government-imposed restrictions on operations, the success of Vicinity's strategic partnerships; 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.