ASV Chairman and CEO Gary Lemke, 65, Announces Retirement; ASV Board Member and Former President of Caterpillar Global Mining Richard Benson to Assume Leadership Position

GRAND RAPIDS, Minn.--April 12, 2006--ASV, Inc. announced today that Chairman and CEO Gary Lemke will retire June 2, 2006.

Assuming the positions of Chairman and CEO will be Richard A. Benson, a 35 year veteran with Caterpillar who retired in 2005 as President of Caterpillar Global Mining. Benson has been a Director of ASV since 1999.

Speaking of the leadership transition Lemke said, "For some time, ASV has focused on building a strong foundation for future growth. This strategy has included developing a new technology platform, expanding our product line, and increasing our production capacity. Another component of this strategy is the addition of a strong, experienced leader to further guide and shape the Company as it enters its next growth phase."

"The timing of this transition could not have been better, nor can I think of a better candidate for this position," said Lemke. "I am very pleased to transition the leadership of ASV to an individual who shares our vision and helped champion our rubber track technology when the market was in its early stages. Dick's understanding of our product, coupled with his experience in running successful, multi-billion dollar global enterprises, will be invaluable to ASV and its shareholders."

Benson, 62, holds a Ph.D. in economics and has served in a number of positions with Caterpillar, including Chief Economist for Europe, Africa and the Middle East, and Managing Director of an Indonesian joint venture P.T. Natra Raya. In 1989 he became a Vice President of Caterpillar with responsibility for the Worldwide Lift Truck business; in 1992 he took over Caterpillar's Diversified Products Division. In 2001 Benson became President of Caterpillar Global Mining, a position he held until retiring from Caterpillar in 2005.

Benson and Lemke jointly crafted the initial strategic alliance between Caterpillar and ASV in 1998, and both companies continue to reap the benefits of the relationship. Caterpillar, the world's leading manufacturer of construction and mining equipment, now owns 23% of ASV and is an important customer for ASV's innovative rubber track undercarriages.

"It will be challenging to try to fill the shoes of a revered leader who founded a company and took it to the top ten in FORTUNE Magazine's list of fastest growing companies in the nation," said Benson. "By positioning the Company with innovative products and a strong balance sheet, Gary has put the elements in place to enable continued growth. I am privileged to have the opportunity to work with the dedicated team of ASV employees as we continue to pursue Gary's vision of excellence and innovation."

About ASV

ASV designs, manufactures and sells rubber track loaders and related accessories, attachments and traction products. ASV also manufactures rubber track undercarriages, some of which are a primary component on Caterpillar's Multi Terrain Loaders. With its patented undercarriage technology, ASV leads all rubber track loaders 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. ASV's wholly-owned subsidiary Loegering Mfg. Inc. provides traction products and attachments for the skid-steer industry. For more information, visit ASV's website at www.asvi.com or Loegering's website at www.loegering.com.

Forward Looking Statements

Note: The statements set forth above regarding ASV's future growth opportunities and the planned expansion of its production facility 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 the machines, unanticipated delays, costs or other difficulties in the manufacture of the machines, market acceptance of the machines, deterioration of the general market and economic conditions, corporate developments at ASV, or unanticipated delays in the construction of the production facility addition. 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 quarterly reports on Form 10-Q and annual reports on Form 10-K.