Vicinity Motor Corp. Announces Partnership with ADASTEC for Automated Transit Buses

VANCOUVER, BC / ACCESSWIRE / October 3, 2023 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced a new partnership with automated driving software platform provider ADASTEC to create an SAE Level-4 automated Vicinity Lighting EV transit bus (the Vicinity Automated Lightning EV) for the North American market.

The collaboration marks a substantial leap in the realm of transportation, with a strong emphasis on automated, connected, and shared solutions, driving innovation, accessibility, and sustainability. The partnership brings together Vicinity's expertise in medium-duty, accessible, fully electrified low-floor transit vehicles with ADASTEC's SAE Level-4 automated driving software platform, flowride.ai. Together, they aim to revolutionize the mobility sector and make a lasting impact on communities and passengers.

Cemre Kavvasoglu, Product Management Director, North America of ADASTEC, commented: "At ADASTEC, our collaboration with Vicinity Motor Corporation marks a transformative moment in transportation. Together, we are introducing The Vicinity Automated Lightning EV, a medium-duty, fully electrified, low-floor automated transit bus that prioritizes accessibility, sustainability, and innovation. Our commitment to safety and accessibility is evident in our projects. ADASTEC and Vicinity are driving innovation in the mobility sector, and we are eager to make a positive impact on communities and passengers alike."

Dr. Ali, Chief Executive Officer of ADASTEC, added: "ADASTEC is dedicated to solving modern city problems with automated public transportation, providing high-quality transportation to underserved communities while reducing traffic congestion and carbon emissions. To achieve scalability, we partnered with OEMs from the beginning instead of retrofitting or trying to develop our own vehicle. This allows us to leverage more than 100 years of experience in the automotive manufacturing industry. Our partnership with Vicinity has the potential to bring FMVSS, ADA, and Buy America-compliant automated buses to the North American market. By leveraging our experience in global deployments, we will provide the best solution to North America, which is the largest and highest growth rate market for automated transportation solutions."

William Trainer, Founder and Chief Executive Officer of Vicinity, stated: "Over the last year, we have worked closely with ADASTEC, recognizing our leading position in the industry, to formalize our partnership agreement while jointly pursuing opportunities to deploy automated solutions. Taking this time to get it right has resulted in a more targeted and efficient partnership. ADASTEC's extensive experience in SAE Level-4 automated driving software platform complements our expertise, setting the stage for pioneering advancements in the field in the quarters and years to come."

The groundbreaking partnership between Vicinity and ADASTEC represents a monumental shift in the world of transportation and urban planning for smart cities. Together, they are committed to driving innovation, accessibility, and sustainability, with a vision to create advanced and environmentally friendly transit solutions that integrate seamlessly into the fabric of smart cities. This partnership is set to reshape the mobility industry, offering communities and passengers a more connected and sustainable urban future.

About ADASTEC Corp.
ADASTEC Corp. is a software company that enables full-sized and full-speed electric public transit buses to become SAE Level-4 automated. ADASTEC's software platform, named flowride.ai, and sensor stack can be integrated into bus OEMs and can be serially produced. The software enables transit buses to operate in mixed traffic on public roads while also meeting all public transportation requirements of modern and visionary cities worldwide. ADASTEC's HQ is located in Michigan, USA, the company's R&D office is in Istanbul, Turkey, as well as offices in Brabant, the Netherlands, and Stockholm, Sweden. For more information, please visit www.adastec.com.

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.

Vicinity Company Contact:
John LaGourgue
VP Corporate Development
604-288-8043
IR@vicinitymotor.com

Vicinity Investor Relations Contact:
Lucas Zimmerman
MZ Group - MZ North America
949-259-4987
VMC@mzgroup.us
www.mzgroup.us

ADASTEC Media Contact:
Yasemin Us
Corporate Communication and Marketing Lead
yasemin@adastec.com
+1 (989) 493-4723
www.adastec.com

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.