Vicinity Motor Corp. and ADASTEC to Pioneer Automated Transit Buses at Buffalo Niagara Medical Campus

VANCOUVER, BC / ACCESSWIRE / October 5, 2023 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced that it has entered into an agreement to deploy an SAE level-4 automated electric bus, the Vicinity Autonomous Lightning EV, at the Buffalo Niagara Medical Campus in conjunction with automated driving software platform provider ADASTEC Corporation.

Per the terms of the agreement, the vehicle deployment will take place at the Buffalo Niagara Medical Campus in mid-2024, showcasing Vicinity's next-generation electric transit bus outfitted with ADASTEC's cutting edge automated transportation technology. The deployment is part of the Buffalo All Access: In and Around BNMC Project, a new initiative funded by the U.S. Department of Transportation (DOT) under the ITS4US program.

Adel W. Sadek, Ph.D., Professor in the Department of Civil Engineering at the University at Buffalo and lead of the UB team overseeing the development of the Self-Driving Automated Bus component of the ITS4US Buffalo All Access project, emphasized the transformative nature of this partnership: "We are very excited to be working with ADASTEC and Vicinity Motor Corp. on what we view as a truly transformative project that aims to improve mobility for all ages and abilities in our region. The electric, self-driving automated bus that ADASTEC proposed to deploy in Buffalo includes an onboard attendant and other features to enhance accessibility and overall trip experience for travelers with disabilities. In addition, ADASTEC's prior experience with operating self-driving automated buses in Michigan and Norway gives us confidence that their vehicle will be better equipped to handle Buffalo's harsh winter conditions."

Dr. Ali, Chief Executive Officer of ADASTEC, articulates the significance of this project: "Winning the ITS4US Project at the University at Buffalo will bring us closer to our goal of deploying accessible, modern, and clean transportation to underserved communities. We believe that this project, in partnership with Vicinity, will serve as a scalable example throughout the nation."

ADASTEC's North America Product Management Director Cemre Kavvasoglu added: "We're excited to partner with Vicinity Motor Corp. and the University at Buffalo to create the first FMVSS, ADA, and Buy America compliant automated bus in the nation through our ITS4US tender win."

Brent Phillips, Sr. Director of Sales at Vicinity, continued: "Our partnership with ADASTEC and this opportunity with the University of Buffalo marks a new era in public transportation solutions for the United States and Canada. We are fortunate to lead the industry, delivering the first Buy America fully FMVSS compliant low-floor bus."

ADASTEC's proprietary software platform, flowride.ai, will serve as the technological backbone of the automated bus solution. This platform integrates advanced sensor technology and artificial intelligence to enable automated transportation to navigate safely and efficiently through urban environments. The vehicles will operate within a smart mobility ecosystem, utilizing the most advanced technologies, such as vehicle-to-everything (V2X) communication.

William Trainer, Founder and Chief Executive Officer of Vicinity, added: "Our ADASTEC partnership has allowed us to accomplish exciting new applications for our all-electric Vicinity Lightning bus, powering the next-generation public transportation system of forward looking universities and towns nationally. We are grateful to ADASTEC and the University of Buffalo for their confidence in our product offering and commitment to deploy this exciting new automated public transit solution."

Chunming Qiao, Ph.D., SUNY Distinguished Professor in the Department of Computer Science and Engineering at the University at Buffalo and co-lead of the UB team on the ITS4US project, concluded: "Besides working with ADASTEC on the ITS4US project, we, at the University at Buffalo, are looking forward to a long-term, collaborative relationship with ADASTEC in the emerging area of public transportation automation research and development, which the University is heavily invested in."

About the Buffalo Niagara Medical Campus (BNMC):
The Buffalo Niagara Medical Campus is a world-class health & innovation district located in Buffalo, New York. It encompasses 120 acres and is home to an extensive network of hospitals, research centers, educational institutions, and private companies, making it a hub for healthcare, research, and innovation. BNMC is a 501-c-3 organization that plans and manages the medical campus, focusing on leveraging the districts assets to build an innovation ecosystem that creates positive social and economic impact for our community. For more information, please visit www.bnmc.org.

About ADASTEC Corp.
ADASTEC Corp. is a software company that enables full-sized and full-speed electric public transit buses to become SAE Level-4 automated. ADASTEC's software platform, named flowride.ai, and sensor stack can be integrated into bus OEMs and can be serially produced. The software enables transit buses to operate in mixed traffic on public roads while also meeting all public transportation requirements of modern and visionary cities worldwide. ADASTEC's HQ is located in Michigan, USA, the company's R&D office is in Istanbul, Turkey, as well as offices in Brabant, the Netherlands, and Stockholm, Sweden. For more information, please visit www.adastec.com.

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.

Vicinity Company Contact:
John LaGourgue
VP Corporate Development
604-288-8043
IR@vicinitymotor.com

Vicinity Investor Relations Contact:
Lucas Zimmerman
MZ Group - MZ North America
949-259-4987
VMC@mzgroup.us
www.mzgroup.us

ADASTEC Media Contact:
Yasemin Us
Corporate Communication and Marketing Lead
+1 (989) 493-4723
yasemin@adastec.com
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.

SOURCE: Vicinity Motor Corp.