Vicinity Motor Corp. Receives Order for Forty-Two Vicinity(TM) Classic Buses from Global Mobility Leader Transdev

VANCOUVER, BC / ACCESSWIRE / May 17, 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 new purchase order from global mobility leader Transdev for forty-two (42) Vicinity™ Classic buses.

Per the terms of the supply agreement, Transdev Canada, Inc. has ordered forty-two of the Company's 32-foot Clean-Diesel Vicinity™ Classic buses for delivery in 2024. The Company anticipates delivering these vehicles leveraging its existing working capital position, supplemented by its working capital lines of credit. The Vicinity buses will service the greater Montreal, Quebec area.

Arthur Nicolet, Chief Executive Officer of Transdev Canada, stated: "Vicinity and Transdev Canada have developed a strong and fruitful collaboration as we have grown our business in Canada over the last decade. This latest order comes on the tail of a renewal and new additional contracts with EXO in Quebec. We look forward to deploying our new Vicinity buses into revenue service in 2024."

"Our strong legacy of North American market leadership in the mid-sized heavy-duty segment continues to provide a strong customer base for our transit bus business," added William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. "Transdev in particular is one of the largest private operators and integrators of multiple modes of transportation in the world, operating in 19 countries across six continents. We look forward to working closely with their team to get these vehicles into service, leveraging our robust access to working capital, helping Transdev to deliver value to the communities that they service.

"With many transit authorities now evaluating electric vehicles to supplement or replace their conventional diesel fleets in service today, Vicinity can serve as comprehensive provider that fulfills immediate needs as well as long-term sustainability targets. We believe our ability to offer both legacy and next-generation electric vehicles in a variety of classes and configurations positions us to deliver quality products to our customers, as well as long-term value to our shareholders," concluded Trainer.

As required by TSX-V Regulations and as previously disclosed in the Company's first quarter 2023 MD&A, during the quarter ended March 31, 2023, it distributed 925,667 shares under its ATM Offering at an average price of US$0.9374 per share, having aggregate gross proceeds of US866,903.56 and aggregate net proceeds of US$863,541.98. The Company paid commissions totaling US$30,361.58 in connection with the sale of the shares.