Vicinity Motor Corp Fourth Quarter and Full Year 2020 Earnings (VMC,BUSXF,6LG)
Channel: RICH TV LIVE
Date: 2021-04-01

Vicinity Motor Corp Fourth Quarter and Full Year 2020 Earnings (VMC,BUSXF,6LG) - RICH TV LIVE - March 31, 2021 -  Vicinity Motors Corp. (TSXV:VMC) (OTCQX:BUSXF) (FRA:6LG) ("Vicinity Motors" or the "Company") (formerly Grande West Transportation Group Inc.), a leading supplier of electric, CNG, gas and clean diesel buses, today reported its financial and operational results for the fourth quarter and full year ended December 31, 2020.

Fourth Quarter 2020 and Subsequent Operational Highlights

Delivered 55 buses for the year ended December 31, 2020, as compared to 45 buses for the year ended December 31, 2019.
The Company expects to deliver over 50 Vicinity buses in the first quarter of 2021, driving quarterly revenues of approximately $25 million, with a total of over 100 bus deliveries expected in the first half of 2021.
Unveiled first-of-kind Vicinity Lightning™ EV, a purpose-built, breakthrough electric bus integrating BMW batteries and components, for initial deliveries in 2021.
Entered into a strategic U.S. distribution agreement with ABC Companies, a leading provider of motorcoach and transit equipment in North America, to distribute the manufacturer's Vicinity™ heavy-duty vehicles throughout United States.
The State of New Mexico selected Vicinity buses in a statewide purchasing contract that gives State transit agencies the right to purchase directly from the Company's diverse bus portfolio.
Appointed respected industry veteran, prominent Canadian transit leader and former CEO of BC Transit, Manuel Achadinha, as Chief Operating Officer.

"2020 was a year of foundation building, highlighted by the addition of innovative new electric vehicles to our product lineup and the preparations for a successful expansion into the U.S. market," said William Trainer, Founder and Chief Executive Officer of Vicinity Motors. "Despite the countless logistical challenges brought on by the global pandemic, we were able to deliver 55 Vicinity buses in 2020. More importantly, we expect to deliver over 100 buses in the first half of 2021, which is an incredible feat considering we have only just begun our U.S. expansion.

"The launch of our innovative Vicinity Lightning™ EV bus was a critical inflection point for the company, positioning us to deliver upon the future needs of an increasingly sustainability minded public transit market. Our purpose-built EV design includes world-class technology partners, allowing us to integrate proven battery systems and components from tier-1 suppliers like BMW. We have received initial orders for the Vicinity Lightning™ and are expecting additional new customer orders in the near-term, as we are seeing a significant increase in inbound inquiries from U.S. and Canadian transit operators.

"Looking ahead into 2021, we are incredibly well positioned to create long-term value for our shareholders. We believe that we will realize twice our full year 2020 sales in the first half of 2021 alone - an incredible feat and a testament to the demand we are seeing in the marketplace today. We look forward to announcing new sales, product and strategic milestone achievements in the months ahead," concluded Trainer.

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