Cycle Country Becomes Aware of FBI's Pursuit of Illegal Stock Seller in CYCY Stock

    MILFORD, Iowa--June 11, 2002--Cycle Country Accessories Corp. (OTCBB:CYCY), the recognized leader in the development and manufacturing of high quality accessories for the all-terrain vehicle (ATV), announced today that the Company has become aware that there are 360,000 shares of CYCY stock, which have been sold without the rightful owners approval. The rightful owner, an investor, is seeking all legal relief, including, but not limited to restitution via return of the fraudulently liquidated stock through open market purchases.
    The investor has worked closely with the Federal Bureau of Investigation (F.B.I.). They continue to give the F.B.I. information on such illegal financial tactics as contacting CYCY shareholders and misrepresenting themselves to induce the selling of CYCY stock. Multiple firms, brokers and individuals have been contacted, whereby they were told that there are large blocks of CYCY shares for sale at a discount to the market. As a stipulation for discount block consideration, they were told to "short" the stock until delivery could be made as per their illegal arraignment.
    The name of the person representing the loan is David Weinrib, who has already pleaded guilty to a previous loan scheme in 1999. Weinrib admitted and plead guilty in federal court that he falsely portrayed himself to a California company as a private client services broker by making fraudulent guarantees. The brokerage of record, Donald & Company had to repurchase 389,400 shares in the open market. Since the stock price had risen, Donald & Co. took a loss of between $800,000 and $1.5 million according to court documents.
    In that scheme, David Weinrib, who remains free on a $20,000 bond, is presently awaiting sentencing before the United States District Court in Trenton, New Jersey. Weinrib repaid the money, but still faces up to five years in federal prison and a $250,000 fine when sentenced July 16, 2002 on a single count of mail fraud.
    In the Company's case, as collateral for a loan, David Weinrib received certificates for 360,000 shares of Cycle Country's stock from the investor to be held in safekeeping. Almost immediately, the stock began to be liquidated into the market without the approval or awareness of the investor. The stock was sold within two weeks of the loan funding date of March 28, 2002. A letter was sent by the investor's attorney requesting that Weinrib cease and desist the selling of any further shares of CYCY stock, albeit after the stock had already been sold.

    About Cycle Country Accessories Corp.

    Cycle Country, http://www.cyclecountry.com, with over 50% of the worldwide market, is the industry leader in the design, engineering and manufacturing of custom fitting accessories for the all-terrain vehicle (ATV). Since 1981, Cycle Country has developed an extensive line of branded products of mowers, plows, spreaders, sprayers, hitches and many other utility equipment items along with accessories for the recreational user. The Company's accessories custom fit virtually every brand of ATV on the market. The ATV accessories are distributed throughout the U.S.A. and Canada by a group of 16 distributors who sell their products to essentially all ATV and motorcycle dealers in North America.
    The Company has also developed strategic arrangements with 19 international distributors that sell Cycle Country products in Asia, Europe, Central and South America. Current distribution agreements are in effect in 35 countries. Additionally, Cycle Country dominates the golf car wheel cover market by manufacturing approximately 90% of all wheel covers sold to original equipment manufacturers (OEM's) worldwide. Cycle Country also sells premium oil filters for motorcycles and ATVs in the U.S. under the brand name Perf-form Products.
    For further information, visit Cycle Country's website at http://www.cyclecountry.com or e-mail to IR@cyclecountry.com. Please direct any financial questions to Scott Gibson at Veritas Capital Group via CYCY@veritascap.com or call 407.774.3028 from 9am until 5pm (EDT). Cycle Country Headquarters: 2188 Highway 86 -- Milford, Iowa 51351 -- 800-841-2222.