• Established Commercial & Fleet Vehicle Dealership to Launch Jack Carter VMC Trucks with Initial Order for 19 VMC 1200, Growing Share in the Commercial EV Market

VANCOUVER, BC / ACCESSWIRE / January 2, 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 signed a new distribution agreement with Jack Carter Commercial Vehicles to open Jack Carter VMC Trucks, a new VMC specific dealership, by the owners of the successful Jack Carter Chevrolet Buick GMC Corvette Dealer for the Alberta South territory.

Jack Carter Chevrolet Buick GMC Corvette has been offering General Motors vehicles for over 60 years, serving Calgary and surrounding communities. The company's all-make, in-house Fleet department offers a wide and varied on-site inventory of Chevrolet, Buick, and GMC vehicles, as well as the ability to source any vehicle, including leasing, registering, plating, and modifying for small business and commercial fleets, and government fleet solutions. With the opening of Jack Carter VMC Trucks, Jack Carter will provide fleet solutions for businesses and government with its inventory of VMC 1200 vehicles.

Per the terms of the agreement, Jack Carter VMC Trucks will distribute Vicinity VMC 1200 trucks throughout Southern Alberta, inclusive of an initial order for 19 VMC 1200 vehicles.

"The Jack Carter brand is an integral part of the Calgary automotive fleet community, and an excellent new partner to add to our growing list of new VMC 1200 dealerships," said William Trainer, Founder and CEO of Vicinity Motor Corp. "Its ‘all-make' expertise will now grow to include our incredible VMC 1200 line, enabling Jack Carter to quickly diversify their portfolio and address the significant commercial EV opportunity throughout Southern Alberta. We are privileged to add the venerable Jack Carter name to our dealership list and look forward to a successful opening of the new location."

Jay McKeen, Founder of Jack Carter VMC Trucks, added: "As commercial electric vehicles gain traction due to environmental considerations, lower operational expenses, reduced maintenance, and attractive incentives and rebates, fleet dealers like Jack Carter are looking for a versatile and compelling EV to offer their customers. We believe the VMC 1200 class 3 all-electric truck is the right choice and Vicinity the right partner to introduce our small business and commercial fleets to the benefits of electrification."

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
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Investor Relations Contact:

Lucas Zimmerman
MZ Group - MZ North America
949-259-4987
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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, 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.