Vicinity Motor Corp. Secures CAD$1.9 Million Order for Four Vicinity(TM) Classic Clean Diesel Buses from Simcoe County, Ontario

Rhea-AI Summary

Vicinity Motor Corp. receives a new purchase order from Simcoe County for four Vicinity Classic buses valued at over CAD$1.9 million, marking its 7th re-order from Vicinity.

Positive

• Continued growth in backlog and re-orders highlight Vicinity's dominant position in the mid-sized heavy-duty bus market.
• Partnerships with communities like Simcoe County help fulfill transit needs and prioritize energy and emissions reduction projects.

Negative

• None.

New Orders Marks Seventh Consecutive Order with Vicinity, Illustrating the Company's Commitment to Building Long-Term, Multi-Order Relationships

VANCOUVER, BC / ACCESSWIRE / September 14, 2023 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced the receipt of a new purchase order from Simcoe County in Ontario, Canada for four (4) Vicinity™ Classic buses valued at over CAD$1.9 million, marking its 7^th re-order from Vicinity.

Per the terms of the supply agreement, Simcoe County has ordered four of the Company's 35-foot Clean-Diesel Vicinity™ Classic buses for delivery in 2024. The Vicinity buses will service Simcoe County LINX, a public transit system that links major urban hubs and local transit services in the County of Simcoe. Simcoe is an unincorporated community in Southwestern Ontario, Canada near Lake Erie.

"Our classic transit bus continues to grow our backlog, illustrating why we continue to serve as the dominant Canadian supplier in the mid-sized heavy-duty bus market with longstanding blue chip customer relationships across North America," said William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. "Partnerships with communities such as Simcoe County are important, helping to fulfill their current transit needs as they target efficiency opportunities and prioritize future projects that reduce energy and greenhouse gas emissions for their public transportation systems.

"We look forward to working closely with Simcoe County again to deliver these vehicles in the coming year. Our goal is to improve the quality of public transit to the half million citizens of Simcoe while concurrently reducing operating costs for its transit operators, creating sustainable value for both our shareholders and their communities," concluded Trainer.

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, 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/783945/vicinity-motor-corp-secures-cad19-million-order-for-four-vicinitytm-classic-clean-diesel-buses-from-simcoe-county-ontario