DSMA to Identify and Assist in Securing Dealer Partnerships across North America for Vicinity's Industry-Leading, Class 3 VMC 1200 All-Electric Trucks

VANCOUVER, BC / ACCESSWIRE / February 23, 2023 / Vicinity Motor Corp. (NASDAQ:VEV) (TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced it signed a dealer network development services agreement with Dealer Solutions Mergers and Acquisitions ("DSMA") to enhance North American market penetration for its industry-leading, Class 3 VMC 1200 all-electric trucks.

"DSMA is the premier transaction originator and advisor in the North American automotive and heavy equipment sectors, with an unrivaled ability to reach any dealer in Canada or the United States," said John LaGourgue, VP Sales and Corporate Development at Vicinity Motor Corp. "By working with DSMA, we will be able to more rapidly secure high-value dealer partnerships that will maximize our ability to deliver VMC 1200 trucks to market while ensuring the highest level of customer service and satisfaction."

Per the terms of the services agreement, DSMA will assist Vicinity in identifying and establishing dealer performance criteria, metrics, and guidelines for selecting and prioritizing dealership opportunities, setting the strategy for "early adopters", prioritizing geographic focus and helping define opportunities to enter different markets or introduce new vehicle offerings.

"We believe that our VMC 1200 truck, and those interested in acquiring the first all-electric Class 3 truck, are best served by automotive and commercial equipment dealers that are already established in their markets and have a deep understanding of the local customer base," added William Trainer, Vicinity's Founder and CEO. "Our expertise is delivering industry-leading buses and trucks that are purpose designed for the markets they serve. When addressing the light-to-medium duty truck market, which equates to about 500,000 new units a year, it is a natural fit for us to partner with the groups that are already addressing the market with premier dealer services. DSMA can help us identify and execute on these relationships," concluded LaGourgue.

Farid Ahmad, Founder and CEO of DSMA, added: "We believe there is a tremendous market demand for a fully electric Class 3 commercial EV such as the VMC 1200 and look forward to leveraging our expertise to expedite the entry of this flagship vehicle into key markets across North America."

About DSMA
DSMA (Dealer Solutions North America) is North America's leading automotive intelligence and M&A advisory service, having completed 1500+ dealership valuations and 370+ successful transactions in the past 10 years. For more information, please visit www.dsma.com.

DSMA Company Contacts:
Farid Ahmad
President and CEO
416-844-5581
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Chris Julian
Manager, Network Development
905-329-0923
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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.

VMC Company Contact:
John LaGourgue
VP Corporate Development
604-288-8043
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VMC Investor Relations Contact:
Lucas Zimmerman
MZ Group - MZ North America
949-259-4987
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www.mzgroup.usNeither 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.