Mr. William Trainer reports

VICINITY MOTOR CORP. ANNOUNCES VMC 1200 DISTRIBUTION AGREEMENT WITH SHIFT EV TRUCKS IN WEST TORONTO, CANADA

Vicinity Motor Corp. has signed a new distribution agreement with Shift EV Trucks to open Vicinity Trucks West Toronto, a new VMC-specific dealership, by the owners of the successful Shift Electric Vehicles for the west Toronto territory.

Shift Electric Vehicles has been offering a wide selection of premium electric vehicles on-line or in its showroom since 2013 in Oakville, Ont. -- between Toronto and Hamilton. The dealership offers a complete range of EV cars, trucks and motorcycles across a variety of brands and is equipped with a service department for electric vehicles of all makes and models. Owner Paul Repar has a robust automotive and transportation career spanning over 30 years, previously holding positions with Ford, Volvo, Mercedes-Benz and BMW Canada. With the opening of Vicinity Trucks West, Shift EV Trucks will provide fleet solutions for businesses and government with its inventory of Vicinity vehicles.

Per the terms of the agreement, Vicinity Trucks West Toronto will distribute Vicinity VMC 1200 trucks throughout western Toronto. This agreement will further supplement Shift's portfolio of electric vehicles with a dedicated commercial EV.

"We continue to partner with successful EV dealers across Canada and North America -- enabling them to most effectively diversify their portfolio and address the significant commercial EV opportunity," said William Trainer, founder and chief executive officer of Vicinity Motor. "Shift Electric is a highly regarded dealer known for offering the best selection, quality and support across a wide range of passenger electric vehicles and brands. While market penetration of passenger EVs has become mainstream, commercial EV trucks represent a large unaddressed market opportunity driven by the declining total cost of ownership of EVs as compared to internal combustion vehicles, supportive regulatory developments, infrastructure investments and government incentives. We look forward to helping the new Vicinity Trucks West Toronto location expand into the exciting commercial and fleet EV space, starting with our incredible VMC 1200 line," concluded Mr. Trainer.

Mr. Repar, founder of Vicinity Trucks West Toronto, added: "Vicinity's compelling positioning in the commercial EV marketplace -- taken together with the versatility of the VMC 1200 Class 3 all-electric truck -- were decisive in our choice to partner with them for the next phase of our evolution. We look forward to expanding our vision to becoming a leading provider of electric vehicles in the area by offering the VMC 1200 to commercial and fleet customers."

About Vicinity Motor Corp.

Vicinity Motor 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 (compressed natural gas) and clean-diesel Vicinity buses, as well as the VMC 1200 electric truck to the transit and industrial markets.

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