• Final Electrical Components Have Been Installed and the Company has Received its Certificate of Occupancy from the City of Ferndale
• Management Anticipates Initial Corporate Activities to Begin in Ferndale Immediately, with U.S. Vehicle Assembly to Commence in the First Half of 2023

VANCOUVER, BC / ACCESSWIRE / March 13, 2023 / Vicinity Motor Corp. (NASDAQ:VEV) (TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced the receipt of a Certificate of Occupancy from the City of Ferndale for its newly constructed, state-of-the-art, 100,000 square foot U.S. Manufacturing Campus in Ferndale, Washington. The Certificate of Occupancy certifies that the facility is safe for operations and enables Vicinity to begin operations at site immediately. It is anticipated that vehicle assembly in Ferndale will begin in the first half of 2023.

As previously announced, the Ferndale Campus is located near the Company's Headquarters in Aldergrove, British Columbia, with easy access to port, rail, and truck shipping and receiving facilities. Operations at the Ferndale Campus will include vehicle assembly and upfitting, "Buy America" compliant assembly, pre-delivery inspections, research and development, as well as general technical and servicing work. The Ferndale Campus was designed to meet the Company's current and future production needs with annual capacities of up to 1,000 buses or 10,000 Class 3 VMC 1200 all-electric trucks.

"This Certificate of Occupancy represents the final governmental verification and approval to commence production at our new Ferndale Campus," said William Trainer, Chief Executive Officer of Vicinity Motor Corp. "We have finished installation of an electrical solution on-site and are in the process of certifying our 4.2 acre Campus as a Free Trade Zone, allowing Vicinity to utilize this state-of-the-art campus to assemble and deliver vehicles for the entirety of the North American market.

"The startup of the Ferndale Campus will allow us to more aggressively tackle the fulfillment of our growing order backlog which, as of today, exceeds US$150 million. I look forward to the continued ramp of our U.S. operations as we strive to create sustainable, long-term value for my fellow shareholders," concluded Trainer.

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.