Vicinity Motor Corp. Announces Appointment of Global Automotive Executive Dennis Gore as Vice President of Engineering

Rhea-AI Summary

Vicinity Motor Corp. (NASDAQ:VEV) has appointed Dennis Gore as Vice President of Engineering, bringing over 35 years of automotive experience. Previously, he held leadership roles at Gillig Bus and Zero Motorcycles. His expertise in electric vehicle development is expected to enhance Vicinity's engineering capabilities and support their new U.S. Assembly Facility in Washington.

The company also announced the issuance of 59,375 Deferred Share Units and 40,000 stock options as part of director remuneration, which could align interests with shareholders moving forward.

Positive

• Appointment of Dennis Gore as VP of Engineering strengthens leadership with extensive automotive experience.
• Gore's expertise in electric vehicles may enhance product development and innovation.
• The issuance of Deferred Share Units aligns directors' interests with those of shareholders.

Negative

• None.

Dennis Gore Brings 35+ Years of Experience from Zero Motorcycles, Honda, Mitsubishi Motors and Gillig Bus Among Others

VANCOUVER, BC / ACCESSWIRE / March 31, 2022 / Vicinity Motor Corp. (NASDAQ:VEV)(TSX-V:VMC)(FRA:6LGA) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced the appointment of global automotive engineering executive Dennis Gore as Vice President of Engineering.

Dennis brings over 35 years' experience in leading the successful development of both traditional and electric vehicles at leading automotive OEMs globally. Prior to joining Vicinity, Dennis was Director of Vehicle Engineering at Gillig Bus, a major heavy duty transit bus manufacturer developing and manufacturing custom configured vehicles including full battery electric powertrains. He previously served with Zero Motorcycles, a premier electric motorcycle manufacturer, as Vice President - Engineering and New Product Development where he was responsible for management and oversight of the product development organization. Previously, Dennis served in engineering leadership roles at Honda, Mitsubishi Motors, Chery Automobile Company and Visionary Vehicles. Dennis holds a Bachelor of Science Degree, Mechanical Engineering from Kettering University.

"Dennis's broad automotive experience with both startup and established automotive manufacturers, as well as his expertise in electric vehicles, will be an invaluable addition to Vicinity's engineering team," said William Trainer, Founder and CEO of Vicinity Motor Corp. "His ability to establish and grow strong engineering teams capable of delivering complex vehicle programs on time, on cost, and on quality will be essential to the production and assembly team - which he will support on-site at our new U.S. Assembly Facility in Washington state.

"Dennis brings the right blend of leadership experience, business acumen and technical expertise to lead and grow Vicinity's world-class product portfolio. I look forward to his many contributions going forward as we continue to scale our electric vehicle product line to meet the immense demand in the marketplace today," concluded Trainer.

Supplementary Director's Remuneration Update

The Company also announces the granting of Deferred Share Units ("DSU"s) and stock options. Certain Eligible Directors have requested that their respective director's remuneration for the calendar year 2022 be paid in Deferred Share Units ("DSUs") and accordingly, the Company has granted 59,375 DSUs in connection with Directors Remuneration for Q1. The Company has also granted 40,000 incentive stock options to certain directors and/or officers. The options will be exercisable, in whole or in part, at a price of $2.40 for a period of five years with vesting over three years.

About Vicinity Motor Corp.

Vicinity Motor Corp. (NASDAQ:VEV)(TSX-V: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.

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FAQ

Who is Dennis Gore and what is his role at Vicinity Motor Corp.?

Dennis Gore is the newly appointed Vice President of Engineering at Vicinity Motor Corp., bringing over 35 years of experience in automotive engineering.

What experience does Dennis Gore have in the automotive industry?

Dennis Gore has held engineering leadership roles at notable companies such as Gillig Bus, Zero Motorcycles, Honda, and Mitsubishi Motors.

What are the implications of Dennis Gore's appointment for Vicinity Motor Corp.?

His appointment is expected to enhance Vicinity's product development capabilities and support the scaling of their electric vehicle product line.

What is the significance of the Deferred Share Units granted to directors?

The Deferred Share Units align directors' remuneration with shareholder interests, potentially boosting company performance.

What stock options were granted to directors at Vicinity Motor Corp.?

Vicinity Motor Corp. granted 40,000 incentive stock options at a price of $2.40 for a period of five years, vesting over three years.