Vicinity Motor Corp. Secures CAD$3.0 Million Order for Six Vicinity Lightning Electric Buses for Use at Billy Bishop Toronto City Airport

TORONTO, ON and VANCOUVER, BC / ACCESSWIRE / June 23, 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 received an order from the TOK Group, a transportation solutions provider, for six (6) Vicinity Lightning™ electric buses valued at over CAD$3.0 million. These shuttle buses will be used to support a cleaner, greener, quieter shuttle bus service, provided by Nieuport Aviation between Billy Bishop Toronto City Airport and Union Station in Toronto, Canada.

"Each year, hundreds of thousands of people use the shuttle bus service Nieuport Aviation provides to access the city from the Toronto City Airport. It is a vital connector for travelers and staff alike," noted Neil Pakey, President and CEO of Nieuport Aviation. "As Nieuport sets out its stall to play a leading role in Canadian aviation achieving net zero carbon emission targets, we are thrilled to bring a cleaner, greener, quieter transportation solution to our city. This is a significant step forward in our goal of delivering a brighter and more sustainable future for our airport terminal and neighboring communities."

Understanding that electric buses provide a net benefit to airport passengers, the public and the environment in general, Nieuport Aviation and TOK Group explored a number of opportunities to find the right the bus model to replace the existing six diesel shuttle buses. After conducting comprehensive market scans and interviews, the Vicinity Lightning™ Bus was selected. The order of six new electric buses are scheduled for delivery in the first quarter of 2023.

"The downtown Toronto shuttle service is an excellent opportunity for the Vicinity Lightning™ EV buses, due to its right-size, versatility, AODA compliance, accessibility, and comfortable ride - powered by an all-electric propulsion system designed with maximum efficiency in mind," added William Trainer, Founder and CEO of Vicinity Motor Corp. "We look forward to working with the team at the Nieuport Aviation and TOK Group to put these six buses into service, helping to create a sustainable and environmentally friendly service for Toronto's downtown and waterfront communities."

Ajay Mehra, CEO at TOK Group, added: "The environment is a key factor and forefront on our client's minds. Our public and private fleet clients are rapidly shifting from diesel and natural gas to electric vehicle technology. Electric buses are safe, clean, reliable and less expensive to maintain. They are quiet, smooth riding, and eliminate all engine air pollution. Vicinity's highly compelling Lightning EV product makes them an ideal partner as we seek to diversify our fleets, do our part in the fight against global warming, and reduce the need and dependency on non-renewable energy while also reducing operating costs."

"As the owner and operator of Billy Bishop Airport, PortsToronto has focused on making the airport among the cleanest, greenest and quietest in the world," said Gene Cabral, Executive Vice President, PortsToronto and Billy Bishop Toronto City Airport. "This has included significant investments in infrastructure including Canada's first all-electric ferry and the Ground Run-up Enclosure to reduce noise. We are also encouraging airport partners to contribute to this effort and applaud Nieuport Aviation for making this significant and meaningful investment in introducing electric buses to reduce air and noise emissions for the benefit of passengers and the surrounding community."

About Nieuport Aviation
Nieuport Aviation is the owner and operator of the Passenger Terminal at Billy Bishop Toronto City Airport (BBTCA). Backed by significant international expertise in managing aviation infrastructure, we are committed to world-class customer service for the airport's 2.8 million passengers. In addition to managing the Passenger Terminal, Nieuport Aviation offers passengers a free bus shuttle service between the airport and downtown Toronto, helping to provide a seamless travel experience. For more information, please visit: http://www.nieuport.com.

About Billy Bishop Airport Toronto City Airport
Offering service to more than 20 cities in Canada and the U.S., with connection opportunities to more than 80 international destinations via our airlines' networks, Billy Bishop Airport is an important international gateway and a key driver for Toronto's economy, providing both jobs and opportunities to promote trade and tourism. In addition to hosting commercial air carriers such as Porter Airlines and Air Canada, the airport also supports the health of Ontarians by providing a base for Ornge Medevac services to facilitate urgent patient care, as well as regional carriers, tour operators and flight schools. Billy Bishop Airport is renowned for its unique travel experience, efficiency and customer service and is the recipient of many passenger-driven awards.

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.

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.