Vicinity Motor Corp. to Commence Operations in Ferndale, Washington

Rhea-AI Summary

Vicinity Motor Corp. (NASDAQ:VEV) has received a Certificate of Occupancy for its 100,000 square foot manufacturing campus in Ferndale, Washington, allowing immediate commencement of operations. The facility will facilitate U.S. vehicle assembly, slated to begin in the first half of 2023, including assembly for the North American market. The campus aims to address a growing order backlog exceeding US$150 million. CEO William Trainer highlights the facility's role in fulfilling demand and creating long-term shareholder value.

Positive

• Received Certificate of Occupancy for the new manufacturing campus in Ferndale, enabling immediate operations.
• Plans to commence U.S. vehicle assembly in the first half of 2023.
• Ferndale facility designed for production needs with an annual capacity of up to 1,000 buses or 10,000 trucks.
• Growing order backlog exceeds US$150 million, indicating strong market demand.

Negative

• None.

Final Electrical Components Have Been Installed and the Company has Received its Certificate of Occupancy from the City of Ferndale

Management Anticipates Initial Corporate Activities to Begin in Ferndale Immediately, with U.S. Vehicle Assembly to Commence in the First Half of 2023

VANCOUVER, BC / ACCESSWIRE / March 13, 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 Certificate of Occupancy from the City of Ferndale for its newly constructed, state-of-the-art, 100,000 square foot U.S. Manufacturing Campus in Ferndale, Washington. The Certificate of Occupancy certifies that the facility is safe for operations and enables Vicinity to begin operations at site immediately. It is anticipated that vehicle assembly in Ferndale will begin in the first half of 2023.

As previously announced, the Ferndale Campus is located near the Company's Headquarters in Aldergrove, British Columbia, with easy access to port, rail, and truck shipping and receiving facilities. Operations at the Ferndale Campus will include vehicle assembly and upfitting, "Buy America" compliant assembly, pre-delivery inspections, research and development, as well as general technical and servicing work. The Ferndale Campus was designed to meet the Company's current and future production needs with annual capacities of up to 1,000 buses or 10,000 Class 3 VMC 1200 all-electric trucks.

"This Certificate of Occupancy represents the final governmental verification and approval to commence production at our new Ferndale Campus," said William Trainer, Chief Executive Officer of Vicinity Motor Corp. "We have finished installation of an electrical solution on-site and are in the process of certifying our 4.2 acre Campus as a Free Trade Zone, allowing Vicinity to utilize this state-of-the-art campus to assemble and deliver vehicles for the entirety of the North American market.

"The startup of the Ferndale Campus will allow us to more aggressively tackle the fulfillment of our growing order backlog which, as of today, exceeds US$150 million. I look forward to the continued ramp of our U.S. operations as we strive to create sustainable, long-term value for my fellow shareholders," 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.

View source version on accesswire.com:
https://www.accesswire.com/743043/Vicinity-Motor-Corp-to-Commence-Operations-in-Ferndale-Washington

FAQ

What recent announcement did Vicinity Motor Corp. make regarding operations?

Vicinity Motor Corp. announced that it received a Certificate of Occupancy for its manufacturing campus in Ferndale, Washington, enabling immediate operations.

When is vehicle assembly expected to start at Vicinity Motor Corp.'s Ferndale campus?

Vehicle assembly at Vicinity Motor Corp.'s Ferndale campus is expected to begin in the first half of 2023.

What is the current order backlog for Vicinity Motor Corp.?

Vicinity Motor Corp. has a growing order backlog that exceeds US$150 million.

What is the significance of the Ferndale facility for Vicinity Motor Corp.?

The Ferndale facility will enable Vicinity to efficiently assemble vehicles for the North American market and fulfill its significant order backlog.