GVW Holdings Completes Sale of Workhorse and Uptime Parts to International

CHICAGO, Aug. 19, 2005 -- ­ Grand Vehicle Works Holdings Corporation announced today the closing of its sale of two subsidiaries, Workhorse Custom Chassis, LLC, and Uptime Parts, LLC, to International Truck and Engine Corporation .

Plans for the sale were first announced in July. Terms of the cash deal were not disclosed.

Based in Highland Park, Ill., GVW Holdings will continue to own and operate Autocar, LLC, a leading manufacturer of severe service vehicles, and UCBC (Union City Body Company), a contract assembler of "step van" bodies.

GVW Holdings has a history of success in developing companies into market leaders in niche transportation industries and will now focus its innovative vision and management techniques on the development of Autocar.

"This sale will allow the GVW Holdings management team to rededicate and refocus all of its efforts and vision on Autocar and to create the same success we achieved at Workhorse," said Andrew Taitz, chairman of GVW Holdings.

Workhorse, located in Union City, Ind., is a major manufacturer of chassis for Class A motor homes, buses and walk-in trucks. Uptime Parts, located in West Chicago, Ill., and Reno, Nev., supplies replacement and aftermarket parts for the RV, truck and bus markets Workhorse serves.

International produces International(R) brand commercial trucks, mid-range diesel engines and IC brand school buses and is a private label designer and manufacturer of diesel engines for the pickup truck, van and SUV markets.