Exhibit 99

                                                            For more information
                                                                       Jay Lemke
                                                          Carmichael Lynch Spong
                                                                  (612) 375-8529
                                                               JLEMKE@CLYNCH.COM

                ASV Issues Acceleration Notice to Caterpillar for
                  1,040,069 Warrant Shares at $21.00 per Share

         GRAND RAPIDS, MN (October 21, 2003) -- ASV, Inc. (NASDAQ: ASVI)
announced today it has issued an Acceleration Notice to Caterpillar Inc. (NYSE:
CAT) with respect to 1,040,069 shares of ASV's common stock issuable pursuant to
the warrant issued to Caterpillar. As a result of the Acceleration Notice,
Caterpillar has 75 days to exercise its rights to purchase 1,040,069 newly
issued shares of ASV common stock at $21.00 per share under its warrant with
ASV, or lose the ability to acquire those shares under the terms of the warrant.

         Commenting on ASV's Acceleration Notice to Caterpillar, ASV President
Gary Lemke stated, "The attainment of the first Acceleration Goal in our warrant
with Caterpillar is very satisfying. When we began our affiliation with
Caterpillar in 1999, we believed this partnership would be beneficial for both
companies. We believe we have fostered, with Caterpillar's assistance, strong
market acceptance of rubber track machines, acceptance we believe will continue
well into the future."

         ASV issued a warrant to Caterpillar in October 2000, for the purchase
of 9,767,127 shares of ASV's common stock at an exercise price of $21.00 per
share, exercisable at any time through January 2009. The warrant contains
Acceleration Goals, as defined in the warrant, which gives ASV the right to
accelerate the expiration of the warrant with respect to a portion of the
shares. Each Acceleration Goal contains minimum levels of ASV's revenues, gross
profit percentage and average closing share price.

         The Acceleration Notice issued to Caterpillar today only covers
1,040,069 shares of the total 9,767,127 warrant shares held by Caterpillar.
Caterpillar's current ownership of ASV's common stock of 1.6 million shares,
combined with the total 9,767,127 warrant shares, would provide Caterpillar
majority ownership of ASV if the warrant were to be exercised in full. Should
Caterpillar choose not to exercise the 1,040,069 shares covered by this
Acceleration Notice, Caterpillar would lose their ability to obtain majority
ownership through the exercise of the warrant and the number of exercisable
warrant shares would be reduced to 8,727,058 shares.

         Note: The statements set forth above regarding ASV's expectations of
future market acceptance of rubber track machines is a forward-looking statement
based on current expectations and assumptions, and entails 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, unanticipated problems or delays experienced by
Caterpillar relating to the manufacturing or marketing of the MTL machines,
market acceptance of the machines, deterioration of the general market and
economic conditions, corporate developments at ASV or Caterpillar and ASV's
ability to realize the anticipated benefits from its relationship with
Caterpillar. 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 period ended June 30, 2003.