• Well-Respected Commercial Vehicle Dealership to Address the Cities of Kamloops and Kelowna in British Columbia, Canada

VANCOUVER, BC / ACCESSWIRE / May 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 RJames Management Group Ltd to launch RJames Vicinity Truck, a new Vicinity dealership in British Columbia.

RJames Management spun off from a family dealership selling heavy trucks to form a leading, full-service commercial truck dealer group. RJames Management also represents Western Star, Freightliner and AutoCar through its six locations across Western Canada.

With the opening of RJames Vicinity Truck, RJames Management will expand its well-established commercial truck business into the critical last-mile class 3 electric truck segment. Per the terms of the agreement, RJames Vicinity Truck will distribute Vicinity VMC 1200 vehicles throughout the regions of Kamloops and Kelowna in British Columbia, Canada.

Brent Phillips, President of Vicinity Motor Corp., stated: "We are very fortunate to partner with Rob and his team as Vicinity continues its focus to onboard the best dealer candidates - with the help of our partners at DSMA - leveraging our established reputation of trust and excellent customer service. Having spent time with Rob and his team, we couldn't be more pleased by the professionalism and enthusiasm they bring to the Vicinity dealer family. The VMC 1200 affords RJames a fresh opportunity to serve their clients in an entirely new segment of the market: Class 3 and commercial electric trucks."

Rob James, Founder of RJames Management Group, added: "We are excited to partner with Vicinity to bring the best class 3 commercial truck to the market. This creates a significant opportunity enabling our team to serve established customers as they begin transition to electric truck operations. The VMC 1200 makes a highly compelling business case for electrification in real world operation and is an attractive solution to commercial fleet buyers. My team and I expect excellent market response and a solid base of business as we work with Vicinity to pioneer adoption of commercial electric trucks."

Phillips concluded: "Rob is a great operator who leads his team by example, and it shows. We will begin delivery of trucks this week and his team is already set to display and demo at a local tradeshow. The team is fired up and already well prepared to address the market aggressively. Again, I would like to thank Rob and the entire RJames Group as we look forward to a bright future together."

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.