CARB Certification Enables Sale of VMC 1200 in Every U.S. State; Concurrently Qualifies VMC 1200 for Various Incentive Programs Nationally

VANCOUVER, BC / ACCESSWIRE / July 12, 2024 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced that the VMC 1200 class 3 electric truck has received certification from the California Air Resources Board ("CARB") as a zero-emission vehicle for the 2024 Model Year.

CARB certification allows the sale of the VMC 1200 in California, as well as other states that have adopted CARB standards including Connecticut, Colorado, Delaware, Maine, Maryland, Massachusetts, Minnesota, Nevada, New Mexico, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, Vermont, Virginia and Washington. With this certification, the VMC 1200 can now be sold in every U.S. state.

In addition, CARB certification allows Vicinity to participate in California's HVIP incentive program, as well as comparable programs in other states, which provide incentives to reduce the purchase cost of commercial electric vehicles.

Brent Phillips, President of Vicinity Motor Corp., said: "We are thrilled to announce the receipt of CARB certification for the VMC 1200, which now allows this incredibly compelling vehicle to be sold in every state throughout the country. In addition, the VMC 1200 now qualifies for various incentive programs - such as the HVIP program in California - which provide monetary vouchers to reduce the total cost for the purchaser.

"We can now begin to finalize U.S. dealer relationships and sell VMC 1200 vehicles throughout the entirety of the United States, leveraging our early mover advantage as many commercial EV competitors are still in the pre-production stage. I look forward to continued operational execution in the months ahead as we strive to deliver sustainable value for our shareholders over the long-term," concluded Philips.

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.