• Established Family-Owned Dealership Operators Expand VMC 1200 Sales and Service Coverage into Southern Montreal with Initial Commitment for 25 Vehicles

VANCOUVER, BC / ACCESSWIRE / September 29, 2023 / 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 VMC 1200 distribution agreement with the Quebec-based Complexe EV - a new EV-specific dealership by the owners of the successful Lussier Chevrolet Buick GMC Ltée ("Lussier") - entering Vicinity into the Quebec market with an initial commitment for 25 vehicles.

The Lussier family business has been in operation for 40 years - with the Lussier brothers having managed the brand for the last 25 years - with the current Lussier dealership footprint located in the Saint-Hyacinthe region on the South Shore of Montreal, Canada. The dealership offers a complete range of new GM vehicles, which includes Chevrolet, Buick, GMC and Corvette. Lussier also provides fleet solutions for businesses and government with a wide selection of vehicles designed to give the greatest flexibility by providing valuable upfit options. With the opening of Complexe EV and the VMC Saint-Hyacinthe location, the Lussier brothers are expanding their established brand into the electric vehicle market.

Per the terms of the agreement, Complexe EV will distribute Vicinity VMC 1200 trucks throughout Southern Montreal, inclusive of an initial commitment for 25 vehicles. This agreement represents Vicinity's first VMC 1200 dealer in Quebec, further supplementing the Lussier brothers' portfolio of existing internal combustion and electric vehicles. Complexe EV maintains a sales target of 100 VMC 1200 trucks in the first year of distribution.

"We continue to diversify our distribution network across North America, and Complexe EV is an ideal partner to represent us in Southern Montreal, with the owners having served the community for over 25 years with a wide range of vehicles across their other dealership brands," said William Trainer, Founder and CEO of Vicinity Motor Corp. "Their strong fleet services know-how supports local business and government customers - making them well suited to drive the future electrification of their client's commercial fleets.

"We look forward to helping the Complexe EV sales team share the benefits of the all-electric VMC 1200 with their robust customer base. It is my goal to continue to aggressively build out our VMC 1200 dealer network continent-wide, which will ultimately enable us to drive sustainable value for my fellow shareholders," concluded Trainer.

Dominic Lussier, Founder of Complexe EV, added: "Vicinity was a natural partner for us as we continue to expand our growing range of electric vehicle options. The VMC 1200 will be a highly appealing option to commercial transportation operators seeking to reduce costs, eliminate carbon emissions, and run more efficient fleets. We look forward to working closely with Vicinity to showcase their exciting class 3 all-electric truck to our customers."

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

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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.