Central States, One of the Largest Bus Distributors in the U.S., to Act as Dealer for VMC Product Portfolio

VANCOUVER, BC / ACCESSWIRE / April 4, 2022 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced that it has signed a distribution agreement with Central States Bus Sales, Inc. ("Central States"), one of the largest school and commercial bus dealers in the U.S., to offer the Company's full product portfolio, including an initial commitment for 18 demo and stock buses.

Headquarter in Fenton, MO, Central States has been a regional leader in bus sales and service since 1975. Central States supplies thousands of school and commercial buses annually to customers throughout the region, providing a host of transportation solutions. As one of the largest bus dealers in the country, Central States offers full-service facilities in Missouri, Illinois, Tennessee, Kentucky and Arkansas. The VMC distribution agreement covers 7 states extending from Kentucky to Nebraska providing VMC a significant advantage in this important market.

Under the new agreement, Central States will distribute Vicinity vehicles throughout the entire central region. The Vicinity line fills in key transit, EV and shuttle opportunities within Central States' portfolio of vehicles, further enhancing its product offering to current customers while expanding into new market sectors. The agreement includes a commitment to 18 stock and demonstration vehicles.

"As the one of the largest school and commercial bus dealers and a well-respected brand, Central States adds significant sales opportunities for our product line and expands our reach in the center of the United States," said William Trainer, Founder and CEO of Vicinity Motor Corp. "Central States has decades of experience serving and maintaining fleets in the region with warranty, training and technical capabilities to provide industry leading customer support. The initial order of VMC Optimal vehicles demonstrates increasing interest from established dealers to offer traditional customers all-electric options that mitigate exposure to energy and carbon costs - while still providing the range, speeds and gradeability required in daily real-world operation. We look forward to helping the Central States sales team share the benefits of our heavy-duty, light-duty and special purpose electric vehicles with customers."

Jeff Reitz, President and CEO of Central States, added: "We see a good fit with VMC products among our portfolio of quality bus brands - completing our full range of bus offerings. As our customers increasingly look for options to meet their sustainability and ESG goals, we are excited by the unique and specific solutions that VMC products can offer our customers. The VMC Lightning™, Classic and Optimal designs are positioned to fill gaps in our offering and allow us to tailor solutions specifically to our customers' needs."

About Vicinity Motor Corp.

Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) 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, the VMC 1200 electric truck and a VMC Optimal-EV shuttle bus. In addition, the Company sells its proprietary electric chassis alongside J.B. Poindexter business unit EAVX, the Company's strategic partner, for upfitting into next-generation delivery vehicles. For more information, please visit www.vicinitymotorcorp.com.

Company Contact:

John LaGourgue
VP Corporate Development
604-288-8043
IR@vicinitymotor.com

U.S. Investor Relations Contact:

Lucas Zimmerman or Mark Schwalenberg, CFA
MZ Group - MZ North America
949-259-4987
VMC@mzgroup.us
www.mzgroup.us

Canadian Investor Relations Contact:

MarketSmart Communications Inc.
877-261-4466
Info@marketsmart.ca

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.

SOURCE: Vicinity Motor Corp.