Exhibit 99

                                                            For more information

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


              ASV Repurchases Caterpillar Warrant @ $.88 per Share
                        Plus 500,000 Shares of ASV Stock

       EPS Expected to Increase 11-12% from Elimination of Future Dilution

         GRAND RAPIDS, MN (January 22, 2004) -- ASV, Inc. (NASDAQ: ASVI)
announced today that it has repurchased the warrant held by Caterpillar Inc.
(NYSE: CAT) at $.88 per share, or approximately $7.2 million, plus 500,000
shares of ASV Common Stock. Following this transaction, Caterpillar owns
3,140,069 shares, or 24.9% of the 12,619,700 outstanding common shares of ASV.
By repurchasing the remaining warrant held by Caterpillar, ASV has eliminated
potential future dilution that would have resulted if the warrant remained
outstanding. This elimination of future dilution is expected to increase ASV's
anticipated diluted earnings per share for 2004 from the previously announced
range of $.85-1.05 to a new anticipated range of $.95-1.17. The purchase of the
warrant removes Caterpillar's opportunity to acquire majority ownership through
the exercise of the warrant. Should it choose to, Caterpillar can increase its
ownership in ASV by purchasing shares on the open market.

         Discussing these events, ASV's President Gary Lemke stated "We believe
this transaction further strengthens ASV's long-term relationship with
Caterpillar and provides significant benefits to ASV. These transactions do not
change our current Multi-Terrain Loader Alliance Agreement with Caterpillar. ASV
will continue to provide undercarriages to Caterpillar for use on their current
line of Multi-Terrain Loaders. In addition, we intend to further strengthen our
relationship with Caterpillar by entering into additional agreements in the
future for the use of ASV undercarriages on other Caterpillar products. The
elimination of any potential warrant dilution should be viewed as very positive
to ASV and its shareholders as ASV has shown the ability to generate positive
cash flows from its own operations."

         Don Ings, Caterpillar Vice-President with responsibility for its
Building and Construction Products Division said, "As a result of the confidence
Caterpillar has in ASV and the ASV undercarriage, Caterpillar has agreed not to
sell its shares in ASV for the duration of the supply agreement between ASV and
Caterpillar. Our partnership is strong, and based on the very positive effect
it's had on both companies, ASV and Caterpillar are currently working to extend
our relationship well beyond the current agreements and likely into the next
decade."

         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. On January 5, 2004
Caterpillar exercised its warrant for the purchase of 1,040,069 shares of ASV
common stock at $21.00 per share. These shares were subject to an acceleration
notice issued by ASV on October 21, 2003. Today's transaction eliminates any
future shares that could have been issued under the warrant.

         ABOUT ASV

         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.

         ABOUT CATERPILLAR INC.

         For more than 75 years, Caterpillar Inc. has been building the world's
infrastructure and, in partnership with its worldwide dealer network, is driving
positive and sustainable change on every continent. With 2002 sales and revenues
of $20.15 billion, Caterpillar is a technology leader and the world's leading
manufacturer of construction and mining equipment, diesel and natural gas
engines and industrial gas turbines. More information is available at
www.cat.com.

         Note: The statements set forth above regarding ASV's future expected
earnings per share, future production plans, expectations regarding
Caterpillar's use of ASV's undercarriages on additional products and possible
future additional agreements with Caterpillar 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 machines and undercarriages, unanticipated delays, costs or other
difficulties in the manufacture of the machines or undercarriages, 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.