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Mark IV Industries, Inc. Retains Bear, Stearns & Co. Inc. to Advise

19 January 2000

Mark IV Industries, Inc. Retains Bear, Stearns & Co. Inc. to Advise It On Strategic Alternatives to Maximize Shareholder Value

    BUFFALO, NEW YORK--January 19, 2000--Mark IV today announced that it has retained the investment banking firm of Bear, Stearns & Co. Inc. to advise its Board of Directors as to various strategic alternatives to maximize shareholder value including the possible sale or merger of the company.
    Sal H. Alfiero, chairman and chief executive officer of Mark IV, said, "Over the last several years we have initiated programs in line with our oft-stated goal of enhancing shareholder value. In fiscal 1997 we commenced a restructuring program followed by aftermarket repositioning. Both of these programs have served to reduce costs, improve customer service and expand capacity while reducing capital employed in continuing operations. In addition, we used $460 million of the proceeds from the sale of non-core assets to repurchase 33% of our outstanding common stock, while using remaining proceeds to reduce our highest cost debt and make certain strategic acquisitions. All of these actions have not only improved our competitive position, but have also resulted in expanded and broadened current and new product offerings in areas that will facilitate more rapid growth in the future. We have the leading market shares in many of our product lines which affords us an opportunity to expand our businesses both domestically and abroad, particularly in Europe. The actions, together with our commitment to new product development, and R&D has positioned us well for accelerated growth.
    "We currently have more opportunities to grow Mark IV internally than at any point in our history, which puts our company in an excellent operating position not only presently but also for the future. Yet our share price today is well below its peak of $28.00 per share experienced in October, 1997, while the overall market has improved enormously during that same period. Therefore, in an effort to find a way of delivering more value to our shareholders we have hired Bear, Stearns & Co. Inc. to advise us on strategic alternatives."
    This press release contains forward-looking statements that involve risk and uncertainties as detailed from time to time in the company's SEC reports, including its report on Form 10-K for its fiscal year ended February 28, 1999. These risks and uncertainties could affect the company's actual results and cause them to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the company.
    Mark IV Industries, Inc. is a $2.0 billion global manufacturing company headquartered in the Buffalo suburb of Amherst, New York, employing 16,000 people worldwide. The company's core technologies include power transmission, fluid transfer, power systems and components for global industrial and automotive markets. For more information on Mark IV, visit the company's web site at http://www.mark-iv.com.