"Second quarter sales were strong, with 46 orders fulfilled across our VicinityTM Classic line with further orders being received for our breakthrough Vicinity Lightning™ EV lines of buses. This traction in the marketplace is a testament to the incredible support we are receiving from state transit authorities, such as our recent approval from the California Association for Coordinated Transportation - creating a significant opportunity in the largest addressable market within the United States. "We delivered twice as many buses in the second quarter as compared to the same year ago quarter. "The second quarter of 2021 was highlighted by ongoing sales momentum, and validation of our strategy from enterprise customers, state and government agencies, and the broader capital markets," said William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. Partnered with Danfoss Editron, a business division of Danfoss, to utilize its drivetrain systems in the medium duty fully electric Vicinity Lightning™ EV Bus.Announced strategic partnership to explore deploying Exro Technologies' enhanced powertrain system into Vicinity's next-generation electric bus fleet, expected to provide increased performance and extended range.New strategic partnerships powering drivetrain technology advancements.Received an initial order from a private operator in British Columbia for Class 3 electric trucks valued at over $1.0 million.Three clean-diesel Vicinity™ Classic buses from Québec Private Transit Operator Le Groupe Transbus.Four Vicinity™ buses for a total value of over $1.6 million from the County of Simcoe in Ontario, Canada.15 Vicinity™ CNG buses for a total value of over $6.0 million from a leading Canadian provincial public transportation provider.14 Vicinity Lightning™ EV buses valued at over $6.0 million from Calgary Transit, the City of Calgary's transit authority.Strong sales momentum with the addition of 46 new VMC 1200 Class 3 electric truck, Vicinity Classic, and Lightning™ EV bus purchase orders.Entered into the medium duty truck market with the development of a fully electric Class 3 vehicle with 12,000 lb GVWR rating, with initial deliveries expected to begin in the first quarter of 2022.Vicinity Lightning™ EV bus and EV trucks received eligibility for customer rebates of up to 33% of the purchase price through the Canadian Province of British Columbia's CleanBC Go Electric Program.Groundbreaking ceremony marking the start of construction on the Company's new Buy America compliant vehicle assembly facility in Ferndale, Washington attended by Washington State Governor Jay Inslee.Received approval for a grant of US$300,000 from Washington State Department of Commerce Economic Development Strategic Reserve Fund (SRF) to assist Vicinity in building its new Vicinity Lightning™ EV and Buy America compliant bus assembly facility in Whatcom County, Washington. Vicinity™ buses selected for Washington statewide purchasing contract that gives state transit agencies the right to purchase from the Company's diverse bus portfolio.Awarded authorization from MBTA on behalf of the largest state transit association in the U.S., the California Association for Coordinated Transportation, for consortium members to select Vicinity buses in a statewide purchasing contract that gives State transit agencies authority to purchase "Buy America" compliant buses directly from the Company's diverse portfolio through its distribution partner ABC Companies.Received significant governmental support with statewide purchasing contracts, rebate eligibility and grant awards.Received $7.5 million in proceeds from accelerated warrant exercises, further fortifying the Company's balance sheet to $10.2 million in cash, with no remaining warrants outstanding.Commenced trading of the Company's common shares on the Nasdaq Capital Market under the symbol "VEV" to help elevate the Company's public profile, expand its shareholder base, improve liquidity and enhance shareholder value.
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