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Vicinity Motor Corp. Receives Letter of Intent for 100 VMC 1200 EV Trucks from Pioneer Auto Group
Pioneer Auto Group Represents First Major Retail Automotive LOI for Class 3 Electric Trucks
VANCOUVER, BC - October 29, 2021 - Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) ("Vicinity" or the "Company")
--->, a leading North American supplier of commercial electric vehicles, today announced that it has received a letter of 
--->intent ("LOI") from Pioneer Auto Group ("Pioneer"), a leading retail automotive dealer in British Columbia, for 100 VM
--->C 1200 Class 3 Electric Trucks worth approximately CAD $14 million.
Pioneer is a well-respected Canadian dealership group with 17 locations located chiefly throughout British Columbia, C
--->anada. The company has retails over 6,000 vehicles per year. Carries over 1,500 vehicles in its network including Mits
--->ubishi, Honda, Chrysler, Dodge, Jeep and RAM models. The 100 VMC 1200 Class 3 Trucks specified in the LOI are expected
---> to be delivered in 2022, subject to the execution of a dealer agreement, with first orders starting in Q1. The dollar
---> value of the vehicle purchase is approximately CAD $14 million.
"Pioneer is a well-known and highly rated auto dealer with 17 locations across British Columbia, making them an excell
--->ent strategic partner to introduce our new Vicinity 1200 medium-duty electric truck throughout the province," said Wil
--->liam Trainer, Founder and CEO of Vicinity Motor Corp. "With a specialty focus on trucks and SUVs, Pioneer will be able
---> to offer an EV alternative for customers interested in a commercial vehicle design for urban environments with a 6,00
--->0-pound load capacity, 150-mile estimated range and a popular cab-over design - all at an attractive price."
"We are seeing strong indicative demand from our continent-wide dealer network and expect to see continued momentum in
---> the months ahead. I look forward to providing further updates on this front to our valued shareholders as appropriate
--->," concluded Trainer.
Ray Van Empel, President and CEO of Pioneer Auto Group, added "This is a major milestone for our vehicle product line 
--->to offer the VMC 1200 popular cab over chassis design with an EV powertrain. VMC is a well-known name in the municipal
---> transit space, and it's exciting to see their crossover to industrial trucks. We look forward to selling these new VM
--->C 1200 throughout our dealerships."

About Vicinity Motor Corp.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) is a leading North American supplier of electric vehicles for bo
--->th public and commercial enterprise use. The Company leverages a continent-wide dealer network and close relationships
---> with world-class manufacturing partners to supply its flagship electric, CNG and clean-diesel Vicinity(TM) buses, the
---> VMC 1200 electric truck and a VMC Optimal-EV shuttle bus. In addition, the Company sells its proprietary electric cha
--->ssis alongside J.B. Poindexter subsidiary EAVX, the Company's strategic partner, for upfitting into next-generation de
--->livery vehicles. For more information, please visit www.vicinitymotorcorp.com. 
Company Contact: 
John LaGourgue
VP Corporate Development
604-288-8043
IR@grandewest.com
Investor Relations Contact: 
Lucas Zimmerman or Mark Schwalenberg, CFA
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 r
--->esponsibility 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 "forw
--->ard-looking statements") within the meaning of applicable securities laws. All statements, other than statements of hi
--->storical fact, included herein, including without limitation, statements regarding the sale of the VMC 1200 Class 3 El
--->ectric Trucks to Pioneer, anticipated vehicle deliveries, future sales, completion of its assembly facility in the Sta
--->te of Washington, vehicle market acceptance and strategic partnerships, are forward-looking statements. Forward-lookin
--->g statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intend
--->s", "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 uncertai
--->nties. 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 uncertaint
--->ies relating to the execution of a mutually acceptable dealer agreement with Pioneer, economic conditions in the marke
--->ts in which Vicinity operates, vehicle sales volume, anticipated future sales growth, the success of Vicinity's operat
--->ional 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 sec
--->urities 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 stat
--->ements or beliefs, opinions, projections, or other factors, should they change, except as required by law.