Vicinity Motor Corp. Provides Director's Remuneration Update

Rhea-AI Summary

Vicinity Motor Corp. (OTCQX: BUSXF) announced that certain directors will receive their remuneration for 2021 in Deferred Share Units (DSUs), totaling 2,997 DSUs for Q2. The company specializes in electric and clean diesel vehicles, with a prominent market share in Canada through its Vicinity™ bus line. Their Vicinity Lightning™ EV bus, powered by BMW components, aims to advance sustainable transit solutions. The press release also includes a cautionary note about forward-looking statements, emphasizing the inherent risks and uncertainties.

Positive

• Directors opting for remuneration in Deferred Share Units may align their interests with shareholders.
• Vicinity's strong position in the electric and clean diesel vehicle market could drive future growth.
• Innovation through the Vicinity Lightning™ EV bus showcases the company's commitment to sustainable transit solutions.

Negative

• Uncertainties about receiving final approval from TSX-V could pose operational risks.

VANCOUVER, BC / ACCESSWIRE / July 2, 2021 / Vicinity Motor Corp. (TSXV:VMC) (OTCQX:BUSXF) (FRA:6LG) ("Vicinity Motor" or the "Company") (formerly Grande West Transportation Group Inc.), a leading supplier of electric, CNG, gas and clean diesel vehicles, today announces that certain Eligible Directors have requested that their respective director's remuneration for the calendar year 2021 be paid in Deferred Share Units ("DSUs") and accordingly, the Company has granted 2,997 DSUs in connection with Directors Remuneration for Q2.

About Vicinity Motor Corp.
Vicinity Motor Corp. (TSXV:VMC) (OTCQX:BUSXF) (FRA:6LG) is a leading supplier of electric, CNG, gas and clean-diesel vehicles for both public and commercial enterprise use in the U.S and Canada. The Company's flagship line of Vicinity™ buses, which maintain a dominant market share in Canada, are produced by the Company's world-class manufacturing partners or at the Company's Buy America Act compliant assembly facility in Washington state. The Company's innovative Vicinity Lightning™ EV bus, enabled through a strategic supply agreement with BMW batteries and components, seeks to lead the global transition to more sustainable transit vehicles in the private and public markets. For more information, please visit https://vicinitymotorcorp.com.

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

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

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 Canadian securities legislation. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding the use of proceeds from the Private Placement, 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 receipt of final approval from the TSX-V; 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.

View source version on accesswire.com:
https://www.accesswire.com/653978/Vicinity-Motor-Corp-Provides-Directors-Remuneration-Update

FAQ

What is the recent announcement by Vicinity Motor Corp regarding director remuneration?

Vicinity Motor Corp announced that certain directors will receive their 2021 remuneration in Deferred Share Units, with a total of 2,997 DSUs granted for Q2.

What are Deferred Share Units at Vicinity Motor Corp?

Deferred Share Units (DSUs) are a form of compensation that allows directors to receive shares instead of cash, aligning their interests with those of shareholders.

What is the significance of the Vicinity Lightning™ EV bus?

The Vicinity Lightning™ EV bus is designed to support the transition to sustainable transit vehicles, powered by a strategic supply agreement with BMW.

What risks are associated with Vicinity Motor Corp's forward-looking statements?

Vicinity's forward-looking statements involve risks and uncertainties, including the potential lack of final approval from TSX-V, which may impact business operations.