Vicinity Motor Corp

Vicinity Motor Corp. engages in the provision of electric, CNG, gas and clean-diesel buses for both public and commercial enterprise use. It operates through the United States and Canada geographical segments. The company was founded by William Trainer in 2008 and is headquartered in Aldergrove, Canada.

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Vicinity Motor Corp has secured a new US$9 million credit facility from Export Development Canada, the company announced.  The credit is expected to fund working capital and capital expenditures as the company begins production of a VMC 1200 at its facility in Ferndale, Washington.

Vicinity Motor gets credit facility to fund truck production

New Credit Facility Complements the Previously Announced Facility and Provides Additional Financial Resources for Working Capital and Expenditures Related to the Commencement of Production at the Ferndale, Washington Facility VANCOUVER, BC / ACCESSWIRE / May 3, 2023 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced that it has secured a new US$9.0 million credit facility from Export Development Canada ("EDC") (the "New Credit Facility") to fund working capital and capital expenditures as the Company begins production of the VMC 1200 at its facility in Ferndale, Washington. "We are pleased to finalize this highly complementary New Credit Facility, which provides us with greater financial flexibility to invest in Vicinity's next phase of growth," commented William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. "EDC is a tremendous partner, structuring this New Credit Facility to both complement and supplement our existing US$30 million RBC Facility.

Vicinity Motor Corp. Creates Additional Financial Flexibility With New US$9.0 Million Credit Facility with Export Development Canada

Company to Showcase VMC 1200 Class 3 Electric Truck Upfitted By Partner EAVX with Reading Truck Utility Body at Booth 5000 VANCOUVER, BC / ACCESSWIRE / April 27, 2023 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced that it will showcase the VMC 1200 Class 3 Electric Truck - upfitted by the Company's strategic partner EAVX, a division of J.B. Poindexter & Co, Inc. ("JBPCO") - at the Advanced Clean Transportation Expo ("ACT Expo") taking place May 2-4, 2023 at the Anaheim Convention Center in Anaheim, California.

Vicinity Motor Corp. to Exhibit VMC 1200 Electric Truck at Advanced Clean Transportation Expo on May 2-4, 2023

Vicinity Motor Corp. (NASDAQ:VEV ) Q4 2022 Earnings Conference Call March 30, 2023 4:30 PM ET Company Participants William Trainer - Founder and Chief Executive Officer Danial Buckle - Chief Financial Officer Conference Call Participants Poe Fratt - Alliance Global Partners Robin Cornwell - Catalyst Equity Research Operator Greetings and welcome to the Vicinity Motor Corp. Fourth Quarter and Full Year 2022 Corporate Update Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

Vicinity Motor Corp. (VEV) Q4 2022 Earnings Call Transcript

Vicinity Motor said 2022 was a transformational year for the electric vehicle supplier with the introduction of its highly-configurable VMC 1200 electric truck. In a statement accompanying its fourth quarter and full year 2022 financial results, Vicinity CEO William Trainer said during 2022 the company expanded its capabilities beyond its strong legacy in transit buses into the significant class 3 vehicle market with the introduction of the VMC 1200 electric truck for which it began initial customer deliveries in the fourth quarter.

Vicinity Motor highlights achievements in ‘transformational' 2022

U.S. Manufacturing Campus in Ferndale, Washington Preparing for Near-Term Start of Vehicle Assembly Operations VANCOUVER, BC / ACCESSWIRE / March 30, 2023 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today reported its financial and operational results for the fourth quarter and full year ended December 31, 2022. Fourth Quarter 2022 and Subsequent Operational Highlights Current order backlog exceeds $150 million, the vast majority of which are for electric vehicles.

Vicinity Motor Corp. Reports Fourth Quarter and Full Year 2022 Financial Results

Vicinity Motor Corp. (TSX-V:VMC) has announced the closing of a non-brokered private placement of unsecured convertible debentures for gross proceeds of C$4 million. Net proceeds from the private placement will be deployed to accelerate vehicle production and deliveries in the company's existing US$150 million order backlog, Vicinity said.

Vicinity Motor closes private placement of unsecured convertible debentures for gross proceeds of C$4M

Financing is Intended to Accelerate the Near-Term Monetization of the Company's US$150 Million Backlog; Includes New Strategic Investor Focus Asset Management, Insiders, and Influential Industry Stakeholders Not for distribution to U.S. news wire services or dissemination in the United States VANCOUVER, BC / ACCESSWIRE / March 28, 2023 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced the closing of a non-brokered private placement of unsecured convertible debentures ("Convertible Debentures") for gross proceeds of CAD$4 million (the "Private Placement"). Net proceeds from the Private Placement will be deployed to accelerate vehicle production and deliveries in the Company's existing US$150 million order backlog.

Vicinity Motor Corp. Closes Upsized CAD$4 Million Convertible Debenture Financing

VANCOUVER, BC / ACCESSWIRE / March 27, 2023 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced that it will release financial results for the fourth quarter and full year ended December 31, 2022, after market close on Thursday, March 30, 2023. Management will host an investor conference call at 4:30 p.m.

Vicinity Motor Corp. to Report Fourth Quarter 2022 Financial Results on Thursday, March 30 at 4:30 p.m. Eastern Time

Vicinity Motor Corp. (TSX-V:VMC) said it has received commitments for a non-brokered private placement of unsecured convertible debentures for gross proceeds of C$3.6 million.  "This private placement - supported by strategic investors with a lead order from Focus Asset Management - will accelerate production and deliveries, allowing us to monetize our US$150 million order backlog sooner," said William Trainer, founder and chief executive officer of Vicinity Motor in a statement.

Vicinity Motor to accelerate vehicle deliveries with C$3.6M convertible debenture financing

CAD$3.6 Million Financing Comprised of New Strategic Investors to Support Near-Term Monetization of the Company's US$150 Million Backlog Not for distribution to U.S. news wire services or dissemination in the United States VANCOUVER, BC / ACCESSWIRE / March 22, 2023 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced the receipt of commitments for a non-brokered private placement of unsecured convertible debentures ("Convertible Debentures") for gross proceeds of CAD$3,600,000 (the "Private Placement"). The Company anticipates closing the Private Placement (the "Closing") on or about March 24, 2023.

Vicinity Motor Corp. to Accelerate Vehicle Deliveries with CAD$3.6 Million Convertible Debenture Financing

Vicinity Motor Corp. (TSX-V:VMC) announced it has received a Certificate of Occupancy from the City of Ferndale, Washington, for its newly constructed, state-of-the-art, 100,000-square-foot Manufacturing Campus, enabling Vicinity to begin operations at the site immediately. Vehicle assembly at Ferndale is expected to begin in the first half of 2023, the company said in a statement.

Vicinity Motor commences operations in Ferndale, Washington

Final Electrical Components Have Been Installed and the Company has Received its Certificate of Occupancy from the City of Ferndale Management Anticipates Initial Corporate Activities to Begin in Ferndale Immediately, with U.S. Vehicle Assembly to Commence in the First Half of 2023 VANCOUVER, BC / ACCESSWIRE / March 13, 2023 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced the receipt of a Certificate of Occupancy from the City of Ferndale for its newly constructed, state-of-the-art, 100,000 square foot U.S. Manufacturing Campus in Ferndale, Washington. The Certificate of Occupancy certifies that the facility is safe for operations and enables Vicinity to begin operations at site immediately.

Vicinity Motor Corp. to Commence Operations in Ferndale, Washington

Company remains in the early innings of its intended transition to BEVs. Ongoing supply chain issues have caused management to suspend guidance.

Vicinity Motor: Elevated Execution Risk And High Likelihood Of Additional Dilution - Sell

Vicinity Motor Corp said it has signed a dealer network development services agreement with Dealer Solutions Mergers and Acquisitions (DSMA) to enhance North American market penetration for its industry-leading, Class 3 VMC 1200 all-electric trucks. The company said, per the terms of the services agreement, DSMA will assist it in identifying and establishing dealer performance criteria, metrics, and guidelines for selecting and prioritizing dealership opportunities, setting the strategy for "early adopters", prioritizing geographic focus and helping define opportunities to enter different markets or introduce new vehicle offerings.

Vicinity Motor partners with Dealer Solutions Mergers and Acquisitions to expand North America dealer network

DSMA to Identify and Assist in Securing Dealer Partnerships across North America for Vicinity's Industry-Leading, Class 3 VMC 1200 All-Electric Trucks VANCOUVER, BC / ACCESSWIRE / February 23, 2023 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced it signed a dealer network development services agreement with Dealer Solutions Mergers and Acquisitions ("DSMA") to enhance North American market penetration for its industry-leading, Class 3 VMC 1200 all-electric trucks. "DSMA is the premier transaction originator and advisor in the North American automotive and heavy equipment sectors, with an unrivaled ability to reach any dealer in Canada or the United States," said John LaGourgue, VP Sales and Corporate Development at Vicinity Motor Corp. "By working with DSMA, we will be able to more rapidly secure high-value dealer partnerships that will maximize our ability to deliver VMC 1200 trucks to market while ensuring the highest level of customer service and satisfaction.

Vicinity Motor Corp. Secures Dealer Network Services Agreement with DSMA to Expand North American Dealer Network

Vicinity Motor Corp. (TSX-V:VMC) has secured US$30 mln from the Royal Bank of Canada (TSX:RY) and the Export Development Canada to support the production of the VMC 1200 class 3 electric truck. The company, in a statement, said the facility carries an interest rate of prime plus 2%, and is secured on Vicinity's assets and enables the VMC 1200 to advance.

Vicinity Motor Corp's EV truck manufacturing boosted by new financing

Credit Facility to Finance VMC 1200 EV Truck Production in 2023 While Maintaining Funding for Existing Bus Orders VANCOUVER, BC / ACCESSWIRE / February 21, 2023 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced that it has successfully closed on a previously announced US$30M credit facility from Royal Bank of Canada ("RBC") and Export Development Canada ("EDC") to fund production of the Company's VMC 1200 class 3 electric truck. The US$30 million credit facility is designed for use with Vicinity's VMC 1200 all-electric class 3 truck and can be used for up to 100% of eligible production costs on the vehicle, excluding labor and overhead from Vicinity's assembly plants.

Vicinity Motor Corp. Announces Closing of New US$30 Million Credit Facility with Royal Bank of Canada and Export Development Canada

Vicinity Motor Corp. (TSX-V:VMC) announced it has secured US$30 million in credit commitments from Royal Bank of Canada (RBC) and Export Development Canada (EDC) to fund the production of the company's VMC 1200 class 3 electric truck. The Vancouver-based commercial electric vehicle (EV) maker said the credit commitment is designed for use with the VMC 1200 all-electric class 3 truck and can be used for up to 100% of eligible production costs on the vehicle, excluding labor and overheads from its assembly plants.

Vicinity Motor partners with RBC and Export Development Canada to finance production of VMC 1200 EV trucks

Credit Facilities with Royal Bank of Canada and Export Development Canada to Provide US$30 Million to Finance VMC 1200 EV Truck Production in 2023, While Maintaining Funding for Existing Bus Orders VANCOUVER, BC / ACCESSWIRE / January 4, 2023 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced that it has secured US$30M in credit commitments ("credit commitments") from Royal Bank of Canada ("RBC") and Export Development Canada ("EDC") to fund production of the Company's VMC 1200 class 3 electric truck. The US$30 million credit commitment is designed for use with Vicinity's VMC 1200 all-electric class 3 truck and can be used for up to 100% of eligible production costs on the vehicle, excluding labor and overhead from Vicinity's assembly plants.

Vicinity Motor Corp. Partners with RBC and Export Development Canada to Finance Production of VMC 1200 EV Trucks

Vicinity Motor Corp. (TSX-V:VMC) announced it has partnered with Québec-based Omega Liquid Waste Solutions to upfit and resell the company's VMC 1200 Class 3 Electric Truck with a vacuum system for sewer, septic tank and grease trap cleaning. The company said Omega has purchased and is upfitting a VMC 1200 with its vacuum solution that will be showcased at the Water & Wastewater Equipment, Treatment & Transport (WWETT) Show.

Vicinity Motor partners with Omega Liquid Waste Solutions to upfit VMC 1200 for commercial vacuum applications

Demo VMC 1200 Upfit to be Showcased at the Water & Wastewater Equipment, Treatment & Transport (WWETT) Show in February 2023 VANCOUVER, BC / ACCESSWIRE / December 6, 2022 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced it has partnered with Québec-based Omega Liquid Waste Solutions ("Omega") to upfit and resell the Company's VMC 1200 Class 3 Electric Truck with vacuum system used for sewer, septic tank and grease trap cleaning. Omega Liquid Waste Solutions is a Canadian market leader offering a solid-liquid separation filtration system with best-in-class technology that can be fitted on any mobile equipment used for sewer, grease trap and septic tank cleaning.

Vicinity Motor Corp. Partners with Omega Liquid Waste Solutions to Upfit VMC 1200 for Commercial Vacuum Applications

Vicinity Motor Corp. (NASDAQ:VEV ) Q3 2022 Earnings Conference Call November 15, 2022 4:30 PM ET Company Participants William Trainer – Founder and Chief Executive Officer Dan Buckle – Chief Financial Officer Conference Call Participants Poe Fratt – Alliance Global Partners Robin Cornwall – Catalyst Research Operator Greetings, and welcome to the Vicinity Motor Corp. Third Quarter 2022 Corporate Update Conference Call. At this time all participants are in a listen-only mode.

Vicinity Motor Corp. (VEV) Q3 2022 Earnings Call Transcript

Vicinity Motor Corp said it rounded out the third quarter with a current order backlog exceeding $190 million, the vast majority of which is for electric vehicles (EVs). While reporting financial results for the 3Q ended September 30, the Vancouver-based commercial EV maker said it secured a further US$100 million plus purchase order for 1,000 VMC 1200 electric trucks from Pioneer Auto Group, Vicinity's exclusive dealer in British Columbia, with initial deliveries to the customer starting in November this year.

Vicinity Motor rounds out its 3Q with an order backlog exceeding $190M, the vast majority for electric vehicles

VANCOUVER, BC / ACCESSWIRE / November 15, 2022 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today reported its financial and operational results for the third quarter ended September 30, 2022. Third Quarter 2022 and Subsequent Highlights Current order backlog exceeds $190 million, the vast majority of which are for electric vehicles.

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