• Peninsula VMC Truck Centre to Serve South Toronto Market with VMC 1200 Sales & Service

VANCOUVER, BC / ACCESSWIRE / January 17, 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 automotive industry executive Kelly Jennings to launch Peninsula VMC Truck Centre, a new VMC specific dealership for the territory located in the southern Toronto, Canada region.

Kelly Jennings is the owner of Peninsula Ford Lincoln, a leading automotive dealership in Owen Sound and Port Elgin, Ontario, Canada with a storied 40 year history. Per the terms of the agreement, Peninsula VMC Truck Centre will distribute Vicinity VMC 1200 trucks throughout the cities of Hamilton, Burlington, Brantford and Niagara.

"Kelly's experience and focus on the Canadian automotive market makes his family of companies a perfect fit for a new VMC dealership to help fleet operators seamlessly transition to an all-electric future," said William Trainer, Founder and CEO of Vicinity Motor Corp. "Peninsula VMC Truck Centre will support fleet operators in their electrification journey, offering the purpose-built, custom-upfit all-electric VMC 1200 to a new generation of customers. We look forward to helping Kelly and the dealership share how the VMC can deliver immediate cost savings while concurrently reducing carbon emissions for commercial fleet operators."

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.