Vicinity Motor Corp. Appoints Senior Financial Executive Tina Stewart as Chief Financial Officer

Rhea-AI Summary

Vicinity Motor Corp. (NASDAQ:VEV) has appointed Tina Stewart as Chief Financial Officer (CFO). Stewart succeeds Dan Buckle, who resigned for personal reasons. With over 20 years of experience in finance roles across multiple industries, Stewart brings expertise in strategic planning, public company reporting, and capital allocation. Her past roles include VP of Finance for Drax Group and Global Container Terminals Inc., and senior positions at Rogers Communications and Barrick Gold Vicinity's President Brent Phillips expressed confidence in Stewart's ability to enhance profitability and strategic growth. Stewart aims to contribute to Vicinity's long-term value creation and sustainability efforts.

Positive

• Appointment of Tina Stewart as CFO brings over 20 years of diverse industry experience.
• Stewart's background includes key roles in finance and strategic planning at notable companies.
• Vicinity Motor Corp. aims for enhanced profitability and strategic growth with new CFO.
• Stewart's expertise in renewable energy and sustainability aligns with Vicinity's goals.

Negative

• Resignation of previous CFO Dan Buckle may indicate internal disruptions.
• No immediate financial benefits or performance improvements are guaranteed with the new CFO appointment.

VANCOUVER, BC / ACCESSWIRE / June 10, 2024 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced the appointment of Tina Stewart CPA, CA, a seasoned finance executive, as Chief Financial Officer, succeeding Dan Buckle.

Tina Stewart is a respected finance executive with over 20 years of experience in a variety of industries including mining, telecommunications, container terminal operations, and renewable energy. She is skilled in all areas of finance including strategic business planning, public company reporting, treasury, capital allocation and finance transformation. Before joining Vicinity, Tina was VP of Finance, North America, for Drax Group, where she led a 60-person finance team to support the manufacturing of compressed wood pellets in North America. Previously she was VP, Finance for Global Container Terminals Inc., leading treasury, business planning and capital allocation functions across the company. She has also held senior finance positions at Rogers Communications and Barrick Gold Corporation. Tina is a designated Chartered Professional Accountant in Canada and has an Honours Bachelor of Arts, Specialist in Economics from the University of Toronto, Concurrently with Tina's appointment, prior CFO Dan Buckle elected to resign due to personal reasons.

As Chief Financial Officer of Vicinity, Tina will provide financial leadership to assist in building on the Company's goal of delivering value to its shareholders by implementing short, medium and long-term planning, risk management, corporate strategic development, system implementation, regulatory compliance reporting, internal controls and tax advisory.

"On behalf of our board and management team, I would like to welcome Tina to the position, and we are privileged to have someone of her caliber and financial skill set serve as our CFO," said Brent Phillips, President of Vicinity Motor Corp. "I would like to sincerely thank Dan for his contributions in leading us to this inflection point, and welcome Tina's capabilities in maximizing profitability through business process improvement, cost management, and long-term strategic decision making. Her achievements as well as expertise in renewable energy and sustainability, and financial management of listed companies, will make a significant contribution to the strategic operation and development of Vicinity going forward."

Stewart added: "I am excited to be appointed CFO to support the future growth of Vicinity and work to monetize our significant backlog. I look forward to working with Brent, Will, the senior leadership team, and our finance organization as we continue to execute on our strategic and financial priorities to create sustainable, long-term value for our shareholders."

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.

Company Contact:

John LaGourgue
VP Corporate Development
604-288-8043
IR@vicinitymotor.com

Investor Relations Contact:

Lucas Zimmerman
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 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, market prices and supply for parts and materials, the success of Vicinity's operational strategies, the vehicle assembly facility in the State of Washington being capable of operating in the manner intended by management, the effect of the COVID-19 pandemic, the recoverability of the Optimal intangible asset and other macro economic factors on supply chain recovery to pre-pandemic levels, related government-imposed restrictions on operations, the success of Vicinity's strategic partnerships, the ability of the Company to extend or modify existing debt terms; 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 the original press release on accesswire.com

FAQ

Who is the new CFO of Vicinity Motor Corp (VEV)?

Tina Stewart has been appointed as the new CFO of Vicinity Motor Corp.

When was Tina Stewart appointed as CFO of Vicinity Motor Corp (VEV)?

Tina Stewart was appointed as CFO on June 10, 2024.

Why did the previous CFO of Vicinity Motor Corp (VEV) resign?

The previous CFO, Dan Buckle, resigned due to personal reasons.

What experience does Tina Stewart bring to Vicinity Motor Corp (VEV) as CFO?

Tina Stewart has over 20 years of experience in finance roles across industries like mining, telecommunications, and renewable energy.

How might Tina Stewart's appointment impact Vicinity Motor Corp (VEV)?

Tina Stewart's appointment is expected to enhance profitability and support strategic growth at Vicinity Motor Corp.