EXHIBIT 99

                                                            For more information
                                                                       Jay Lemke
                                                          Carmichael Lynch Spong
                                                                  (612) 375-8529
                                                               jlemke@clynch.com
                                                               -----------------

                   ASV Meets Second Warrant Acceleration Goal
  Issues Notice to Caterpillar for 2,053,426 Warrant Shares at $21.00 per Share

         GRAND RAPIDS, MN (November 12, 2003) -- ASV, Inc. (NASDAQ: ASVI)
announced today it has met the second Acceleration Goal and has issued a second
Acceleration Notice to Caterpillar Inc. (NYSE: CAT) with respect to 2,053,426
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 2,053,426 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. This second Acceleration
Notice is in addition to the Acceleration Notice issued to Caterpillar on
October 21, 2003 that related to 1,040,069 newly issued shares of ASV common
stock at $21.00 per share.

         Commenting on ASV's Acceleration Notice to Caterpillar, ASV President
Gary Lemke stated, "The revenues we reported in our 10-Q for the period ended
September 30, 2003, allowed ASV to reach the second Acceleration Goal in our
warrant with Caterpillar. We believe this speaks strongly to the market's
acceptance of rubber track vehicles, both ASV's and Caterpillar's."

         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 give 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
2,053,426 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 shares covered by either this
Acceleration Notice or the Acceleration Notice issued previously by ASV,
Caterpillar would lose their ability to obtain majority ownership through the
exercise of the warrant.

         ASV designs, manufactures and sells rubber-tracked, all-purpose
crawlers and related accessories and attachments. ASV also manufactures
rubber-tracked undercarriages, which are a primary component on Caterpillar's
Multi Terrain Loaders. With its patented undercarriage technology, ASV leads all
rubber-tracked, all-purpose crawlers in technology and innovation. ASV's
products are able to traverse nearly any terrain with minimal damage to the
ground, making it effective in industries such as construction, landscaping and
agriculture. For more information, visit ASV's website at www.asvi.com.

         Note: The statement 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.