• Company to Exhibit Electric Transit Bus Offering with Exro Coil Driver Technology at Leading U.S. Transit Industry Event in Orlando

VANCOUVER, BC / ACCESSWIRE / October 4, 2023 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced that it will attend and showcase its Vicinity Lightning electric transit bus at the American Public Transportation Association (APTA) TRANSform Conference & EXPO taking place October 9-11, 2023 in Orlando, Florida at the Orange County Convention Center.

APTA's TRANSform Conference & EXPO is the world's most comprehensive public transportation showcase of technology, products, and services. With attendees and exhibitors from around the globe, the EXPO plays a pivotal role in connecting the U.S. transit industry to what's now and what's next in public transportation. At the event, Vicinity and Exro Technologies Inc. (TSX:EXRO),(OTCQB:EXROF) ("Exro") will jointly exhibit a Vicinity Lightning electric transit bus, integrated with Exro's revolutionary Coil Driver™ technology, in booth 4039.

The Vicinity Lightning is a 28-foot low-floor transit/shuttle bus designed from the ground up to be a cost effective, user-friendly electric vehicle. Priced to compete with ICE buses with capacity for up to 34 passengers, the Lightning's onboard charging and in-floor batteries are just some of the unique designs that make the vehicle a leading choice for transit and commercial applications.

Exro's Coil Driver™ is award-winning dynamic smart controller that expands the performance and efficiency of electric motors and batteries through patented power electronics hardware and software technology. This controller effectively creates an intelligent electronic gearbox inside the motor that electronically switches the motor coil configuration in real time, seamlessly and under demand. The Coil Driver^TM provides for system optimization that can eliminate the need for gearboxes and multiple motors across all EVs, allowing manufacturers, like Vicinity, to achieve more acceleration, gradeability, high-speed torque and better efficiencies while reducing the dependency on costly mechanical components and enabling a better total cost of ownership.

William Trainer, Founder and CEO of Vicinity Motor Corp., said: "APTA is among the most prominent professional events in the public transportation space globally, with attendees from nearly 100 countries seeking compelling new products for their respective markets. To that end, we are thrilled to exhibit the Vicinity Lightning EV - enhanced with Coil Driver™ technology - to public transit professionals at the event. I am confident that we will generate potential new customer relationships at APTA to aid in the acceleration of our mission to deliver a more efficient and sustainable public transit system for communities everywhere."

Sue Ozdemir, CEO of Exro Technologies Inc., said: "We are excited to unveil and take-orders on our next-generation Coil Driver^TM technology with Vicinity Motors at the APTA Expo, the world's largest public transportation showcase. Together we are on a mission to reshape the way the world consumes energy to enable the transition to commercially viable e-mobility solutions."

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.

About Exro Technologies Inc.

Exro Technologies Inc. is a leading clean technology company that has developed new generation power control electronics that change how the world optimizes energy by expanding the capabilities of electric motors and batteries. The company's innovative technologies serve to bridge the performance-cost gap in e-mobility (Coil DriverTM) and stationary energy storage (Cell DriverTM), and act to accelerate adoption towards a circular electrified economy by delivering more with less - minimum energy for maximum results.

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

ADASTEC Media Contact:
Yasemin Us
Corporate Communication and Marketing Lead
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+90 (535) - 961 -3617
www.adastec.com

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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.