Mr. William Trainer reports

VICINITY MOTOR CORP. RECEIVES USD $19.0 MILLION ORDER FOR OPTIMAL ELECTRIC CLASS 4 COMMERCIAL CHASSIS

Vicinity Motor Corp. has received a significant order from Olathe Fleet Solutions, a commercial truck dealership and fleet management company in Kansas, for over 150 VMC Optimal E1 electric chassis valued in excess of $19-million (U.S.).

Olathe, based in Olathe, Kan., is one of the nation's largest dealers in the commercial fleet industry -- upfitting and delivering of over 20,000 trucks nationwide yearly. The VMC Optimal E1 orders are scheduled for delivery throughout 2022 for operation in school, commercial, shuttle, ambulance, last-mile and other key market segments.

"Olathe is well respected and highly rated in the commercial fleet market. This order is the culmination of effort and development which began many months ago with the Olathe team and key end-user involvement," said William Trainer, founder and chief executive officer of Vicinity "As an authorized Ford ship-through upfitter, Olathe will be able to offer best-in-class EV solutions for customers across the Class 4 commercial vehicle spectrum.

"We are seeing strong interest for the VMC Optimal EV vehicles as fleets seek to electrify and mitigate exposure to energy and carbon costs. We believe the market conditions are ideal for incredible vehicles such as ours -- providing extensive range, highway speeds and significant gradeability at maximum load. Our VMC Optimal E1 also utilizes high-performance battery systems from Proterra, which have industry-leading energy density, a flexible design to fit within a wide variety of vehicles and rigorous pack level validation designed for safe and durable vehicle operation. Taken as a whole, our vehicles are truly best in class," concluded Mr. Trainer.

Marc McEver of Olathe added: "After careful evaluation of market options, Olathe decided to partner with VMC Optimal to offer solutions that will deliver safe and reliable results for our fleets. Olathe has worked carefully over the decades to build confidence with our clients. It's critical that we partnered with the best solution provider."

The chassis will be produced at the new VMC Optimal manufacturing plant in Elkhart, Ind., and offer up to 125-mile range with the battery pack completely protected inside the chassis rails. Units will begin delivering in the first quarter of 2022.

About Vicinity Motor Corp.

Vicinity 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, 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.

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