ASV Introduces New RC-50 Rubber Tracked All Surface Loader

New Machine to Target Billion Dollar Skid Steer Market

GRAND RAPIDS, MN (January 31, 2002) -- ASV Inc. (Nasdaq: ASVI) today announced the introduction of its new RC-50 All Surface Loader, a machine that dramatically improves traction, digging, earthmoving and cycle times as it targets the billion dollar skid-steer market. The RC-50 will offer contractors a machine with the same size, weight and operating capacity of popular sized skid-steers, but with the benefits of ASV's patented Maximum Traction & Support SystemTM (MTSS) rubber tracked undercarriage, long proven to outperform wheeled machinery. "The skid-steer market is ripe and ready for a machine that improves on every function of the skid-steer, yet for a price that is comparable. We believe we have achieved this with the RC-50," said ASV President Gary Lemke. "The skid-steer is the basic compact tool of the construction and landscape industry, and head to head, the RC-50 is the superior machine. We believe it will provide ASV with a sizable share of the skid-steer market."

The RC-50 will compete with skid-steers utilizing engines in the 44 to 50 horsepower range, weighing between 4,500 and 5,500 pounds with an operating capacity of 1,350 to 1,600 pounds. The RC-50, which falls between ASV's smaller RC-30 and its larger Posi-Tracks, weighs 4,700 pounds, has an operating capacity of 1,500 pounds and a 50 horsepower engine. "We wanted to give those contractors who were settling for skid-steers a true option," said Lemke. "When contractors compare the RC-50 to a traditional wheeled skid-steer, we believe they will choose to step up to the next generation of compact construction equipment." The RC-50 achieves its qualities through ASV's revolutionary rubber-tracked undercarriage, which utilizes 15-inch wide rubber tracks and 24-wheeled contact points to efficiently transfer the weight of the machine to the ground. As a result, the RC-50 operates with incredible traction and stability not found in other machines, but with a ground pressure of only 2.7 lbs. per square inch. This gives the RC-50 more control for conventional work as well as fine grading, multiple levels of suspension for greater load control and a smoother ride. The undercarriage also makes the RC•50 the ideal platform for operating industry-standard attachments like dozer blades, backhoes, augers and snowblowers. In addition to its numerous other benefits, the track system also allows the RC-50 to tread over sensitive terrain, such as landscaped surfaces, without doing harm.

"Like all ASV machines, the RC-50 is unique in the world of equipment —  a machine that's powerful, rugged and provides unmatched productivity on conventional sites, but is also easy on gentle surfaces," said Lemke. "There is a growing demand for environmental sensitivity in construction, and the RC-50 is the right machine at the right price." The machines will be sold through independent equipment dealers, and ASV expects the availability of the RC-50 to quickly expand throughout the U.S. and Canada.

To learn more about ASV and its unique rubber-tracked products such as the RC-50, or to find the nearest dealer, visit the Company's web site at www.asvi.com.

ASV designs, manufactures and sells all-season, track-drive vehicles and related accessories and attachments. With its patented Maximum Traction and Support SystemTM  undercarriage, ASV leads all rubber-tracked, all-purpose crawlers in technology and innovation. ASV's products traverse nearly any terrain with minimal damage to the ground, making them effective in industries such as construction, landscaping and agriculture.

Note: The statements set forth above regarding ASV's expected portion of the skid steer market it expects to attain and the expansion of its dealer network are forward-looking statements based on current expectations and assumptions, and entail various risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements. Certain factors may affect whether these anticipated events occur including ASV's ability to successfully manufacture the machines, unanticipated delays, costs or other difficulties in the manufacture of the machines, market acceptance of the machines, ASV's ability to successfully attract new dealers, general market and economic conditions and corporate developments at ASV. Actual results might differ materially from those anticipated in such forward-looking statements. Any forward-looking statements provided from time-to-time by the Company represent only management's then-best current estimate of future results or trends. Additional information regarding these risk factors and uncertainties is detailed from time to time in the company's SEC filings, including but not limited to, its report on Form 10-Q for the six months ended June 30, 2001.

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