Vicinity Motor Corp. Secures Order for Four Vicinity Lightning Electric Buses for Use at Honolulu International Airport

VANCOUVER, BC / ACCESSWIRE / October 6, 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 received an order from strategic partner Sustainability Partners LLC ("SP"), an ESG focused Public Benefit Company committed to eliminating deferred maintenance infrastructure by enabling sustainability, for four (4) Vicinity Lightning™ electric buses via Soderholm Sales & Leasing, Inc. ("Soderholm"), Vicinity's Pacific Islands distributor.

The Vicinity Lightning™ shuttle buses will be used at the Daniel K. Inouye International Airport in Honolulu, the largest airport in the State of Hawaii serving 12 million passengers per year. The State of Hawaii Department of Transportation will utilize SP's Electric Vehicles as a Service™ (EVaaS) program to finance the conversion of traditional government fleets to Vicinity's electric vehicles. Soderholm will facilitate the sale and provide long-term technical and maintenance support for the project. The order of four new electric buses is scheduled for delivery in 2023.

"As the State of Hawaii works to meet its sustainability goals and accelerate fleet electrification, our EVaaS program replaces outdated and costly fleet infrastructure with modern electrified solutions like the Vicinity Lightning™," said Thomas Cain, CEO & Founder of Sustainability Partners. "SP can pay for 100% of the purchase price while concurrently ensuring the vehicles are continually maintained in a state of good repair with embedded long-term support from SSL and Vicinity. We look forward to providing Hawaii and its largest airport an electric solution with a uniquely structured, month-to-month use-based service alternative to the traditional purchase of government fleets."

Gabi Soderholm of SSL added: "We look forward to supporting SP's EVaaS program and the integration of Vicinity's medium duty, accessible, ADA compliant, fully electrified low-floor shuttle bus into the Honolulu airport fleet. The transition to zero emission airport fleets will support not only Hawaii's sustainability goals but also serve as a powerful example of the benefits of EVs to the millions of passengers visiting our state each year."

"We continue to see significant interest from regional and international airports for EV passenger shuttle services given their inherent advantages," concluded William Trainer, Founder and CEO of Vicinity Motor Corp. "State and airport authorities are increasingly concerned by air quality impacts to local health from traditional gas and diesel buses at airport curbsides, exposing passengers to increased levels of air pollution. Today, over 40 airports in the U.S - including Honolulu - are participating in the Federal Aviation Administration's (FAA) Airport Sustainability Plan to integrate sustainability into airport planning. Progressive airports are including a shift to cleaner shuttle bus options to reduce emissions and address community needs in their strategy."

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.