Vicinity Motor Corp. Announces Distribution Agreement with TOK Group for VMC 1200 Class 3 Electric Truck

Rhea-AI Summary

Vicinity Motor Corp. (NASDAQ:VEV) announced a distribution agreement with TOK Group to sell its VMC 1200 Class 3 electric trucks in the York Region of the Greater Toronto Area. The deal includes an initial commitment for 10 vehicles, expanding TOK's electric vehicle portfolio. Vicinity's CEO highlighted the partnership as a step towards electrification for commercial fleets, following TOK's previous order for six Vicinity Lightning™ buses. The agreement aligns with TOK's focus on sustainable transportation solutions.

Positive

• Signed distribution agreement with TOK Group for VMC 1200 electric trucks.
• Initial commitment for 10 vehicles indicates strong demand and partnership growth.
• Partnership enhances Vicinity's presence in the electric vehicle market.

Negative

• None.

Leading Canadian Transportation Solutions Provider to Act as Dealer for VMC in York Region of the Greater Toronto Area

VANCOUVER, BC / ACCESSWIRE / August 16, 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 signed a distribution agreement with the TOK Group ("TOK"), a Canadian transportation solutions provider, to offer the Company's VMC 1200 Class 3 electric trucks, including an initial commitment for 10 vehicles.

The TOK Group of Companies has been providing comprehensive, quality services to public and private organizations in the transit, urban mobility and charter tour industries for nearly 50 years. Serving the bus, truck and industrial equipment industries across Canada and internationally, the TOK Group provides professional services, smart technologies and turnkey transit operation and maintenance solutions that are integrated, scalable, flexible and cost-effective.

Under the new agreement, TOK will distribute Vicinity's VMC 1200 Class 3 Electric Truck's throughout the York Region of the Greater Toronto Area. The VMC 1200 adds to TOK's portfolio expertise in electric vehicle sales. The agreement includes an initial commitment for 10 VMC 1200 vehicles.

"We continue to partner with larger, sustainability-minded North American dealers looking toward the future of electrification for their client's commercial fleets," said William Trainer, Founder and CEO of Vicinity Motor Corp. "TOK has 50 years of experience providing comprehensive, quality services to public and private organizations in the urban mobility, transit and charter tour industries.

"After TOK's recent order for six Vicinity Lightning™ buses for use at the Billy Bishop Toronto Airport, it was a natural evolution to becoming an exclusive distributor for the VMC 1200, our fully electric class 3 commercial vehicle, which travels up to 150 miles on a single charge. We look forward to helping the TOK sales team share the benefits of the VMC 1200 along with our full line of heavy-duty, light-duty and special purpose electric vehicles with their robust customer base," concluded Trainer.

Raffi Tokmakjian, President at TOK Group, added: "TOK has continued to evolve with advances in innovation and we are increasingly focused on electric and alternative fuel systems to resolve fleet management issues and enhance performance. Vicinity's full range of EV solutions complements our goals and is an ideal partner, alongside whom we will share the benefits of electrification with our customers."

About TOK
The TOK Group of Companies ("TOK") has been providing comprehensive, quality services to public and private organizations in the transit, urban mobility and charter tour industries for nearly 50 years. Serving the bus, truck and industrial equipment industries across Canada and internationally, the TOK Group provides professional services, Smart technologies and customized turnkey transit operation and maintenance solutions that are integrated, scalable, flexible and cost-effective. The TOK Group is unique in its ability to provide complete transit and mobility solutions with single source accountability. For more information visit www.tokgroup.com.

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.

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https://www.accesswire.com/711352/Vicinity-Motor-Corp-Announces-Distribution-Agreement-with-TOK-Group-for-VMC-1200-Class-3-Electric-Truck

FAQ

What is the distribution agreement between Vicinity Motor Corp. and TOK Group?

Vicinity Motor Corp. signed a distribution agreement with TOK Group to distribute its VMC 1200 Class 3 electric trucks in the York Region, starting with a commitment for 10 vehicles.

When was the distribution agreement announced?

The distribution agreement was announced on August 16, 2022.

What is the significance of the VMC 1200 electric trucks?

The VMC 1200 electric trucks are aimed at enhancing electrification in commercial fleets and contribute to sustainable transportation.

How does this agreement impact Vicinity Motor Corp.'s stock symbol VEV?

The agreement potentially increases Vicinity's sales and market presence, which could positively influence investor sentiment towards its stock (NASDAQ:VEV).