Monaco Coach Corporation Acquires Approximately 95% of SMC Corporation

    COBURG, Ore., Aug. 2 Monaco Coach Corporation
today announced that its cash offer for all outstanding shares of common stock
of SMC Corporation expired, as scheduled, at 12:00 midnight, New York City
time, on August 1, 2001.  Monaco Coach Corporation, through its wholly owned
acquisition subsidiary making the offer, Salmon Acquisition, Inc., has
accepted for purchase all shares validly tendered and not properly withdrawn
prior to the expiration of the offer.  The acceptance of these shares
(including shares validly tendered by guaranteed delivery) in the tender offer
results in Monaco Coach Corporation's ownership via the acquisition subsidiary
of approximately 95% of the shares of SMC Corporation's outstanding common
stock.

In the second step of the acquisition, Salmon Acquisition, Inc. will be
merged with and into SMC Corporation and each share of SMC Corporation common
stock not previously purchased in the tender offer will be converted into the
right to receive $3.70 in cash.  The merger will be completed as soon as
practicable.  The anticipated total transaction value exclusive of expenses is
approximately $37 million, which includes the refinancing of approximately
$16 million of indebtedness under SMC Corporation's credit facility.

    Headquartered in Coburg, Oregon, with additional manufacturing facilities
in Indiana, Monaco Coach Corporation is one of the nation's leading
manufacturers of recreational vehicles.  The company offers customers luxury
recreational vehicle models under the Monaco, Holiday Rambler, Safari, Beaver,
McKenzie and Royale Coach brand names.