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Excelsior-Henderson Sends Shipment of First Revenue 1999 Super X

2 February 1999

Excelsior-Henderson Motorcycle Manufacturing Company Announces Shipment of First Revenue 1999 Super X Motorcycle
    BELLE PLAINE, Minn., Feb. 1 -- Excelsior-Henderson Motorcycle
Manufacturing Company today announced that on Saturday, January
30, 1999, it shipped the first revenue 1999 Super X(TM) motorcycle to one of
the dealers in the Excelsior-Henderson national dealer network. Production and
shipment of the Super X will now ramp-up slowly during the remainder of the
first quarter of 1999. A portion of the initial production bikes will be
designated for the Excelsior-Henderson Demo Team and marketing events, such as
the World of Wheels Show in St. Paul on February 12-14, 1999, and Daytona Bike
Week on February 27 - March 7, 1999. The Excelsior-Henderson Road Crew Demo
Team will conduct demonstration rides for visiting bikers during Daytona Bike
Week. Dealer shipments will accelerate during March 1999 and the second
quarter of 1999.
    "It was truly exciting to see the first Super X complete final quality
testing, crated in the Excelsior-Henderson branded shipping crates and placed
on the truck for delivery to one of our nationally recognized
Excelsior-Henderson dealers," stated the Co-Founders, Dan, Dave and Jennie
Hanlon. "We now look forward to publicly showing the new 1999 Super X at the
World of Wheels Show in St. Paul and Daytona Bike Week," added the Hanlons.
    Excelsior-Henderson Motorcycle Manufacturing plans to manufacture, market
and sell premium heavyweight American cruisers and touring motorcycles, as
well as related parts, apparel and accessories branded with a name that evokes
an authentic American motorcycling heritage and lifestyle. The Company will
distribute its products through a high quality, nationally recognized dealer
network. Excelsior-Henderson is one of only two authentic American motorcycle
companies exclusively committed to the manufacture of motorcycles.

    Notes Concerning Forward Looking Statements:
    This press release contains forward-looking statements regarding the plan
of the company to produce and sell 1999 Super X motorcycles that involve risks
and uncertainties. The Company's actual results could differ materially from
those anticipated in these forward-looking statements as a result of the
factors set forth below and the factors described from time to time in the
Company's reports on file with the Securities and Exchange Commission,
including but not limited to the Company's Annual Report on Form 10-K for the
fiscal year ended January 3, 1998 and the Company's Quarterly Reports on Form
10-Q for the quarters ended April 4, July 4, and October 3, 1998.
    Factors that may affect the timing of production of the Super X include
the ability of the Company to maintain competent suppliers and obtain adequate
quantities of components and supplies at reasonable costs, the ability of the
Company to obtain working capital financing as needed, the ability of the
Company to hire additional qualified personnel and the ability of the
Company's engineering and manufacturing staff to design, engineer and produce
the Super X in significant production quantities. In addition, for the Company
to be successful, its products must be manufactured to meet high quality
standards in production volumes. The transition from prototype to mass
production will involve various risks and uncertainties that may not be
apparent at this time and there can be no assurance that the Company will be
able to successfully react to unanticipated difficulties and increase
production as anticipated. In addition, the Company will be required to
maintain certain government approvals and certifications in connection with
the sales of the Super X. Potential delays and costs that could result from
failure to maintain such approvals could result in a delay in motorcycle