EXHIBIT 99


                                                           For more information:

                                                                       Jay Lemke
                                                          Carmichael Lynch Spong
                                                                  (612) 375-8529
                                                               jlemke@clynch.com

                 ASV Announces Licensing Agreement with Polaris
        Polaris to Brand and Sell ASV-Built, All-Surface Utility Loader

         GRAND RAPIDS, MN (Jan. 4, 2001) - ASV, Inc. (NASDAQ: ASVI) today
announced the signing of a licensing agreement that allows Polaris Industries,
Inc., (NYSE: PII) the world's second largest all-terrain vehicle manufacturer,
to sell an ASV-built, rubber track, all-surface utility loader similar to ASV's
new RC-30(TM).

         The agreement gives Polaris the right to market and sell the utility
loader under its own nameplate through its worldwide dealer network. Polaris
will purchase the machines, as well as parts and attachments, directly from ASV.
The agreement also provides the option at some future point for Polaris to
manufacture the machines under a royalty arrangement if volume exceeds ASV's
competitive capabilities.

         ASV will continue to market and sell its RC-30 under the ASV brand name
through its own dealer network.

         "The RC-30 has been enthusiastically greeted by landscapers, who can
now perform heavy, difficult work while also being gentle to terrain such as
turf and sensitive foundations," said ASV President Gary Lemke. "We know the
landscape market is large, and our RC-30 dealers are aggressively targeting that
market. However, with Polaris dealers selling a similar machine, we'll reach
customers we might not otherwise reach, such as those within the large hobby
market."

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Polaris Agreement
Page 2 of 3

         Lemke added that it was critical that the ASV technology be available
both through its growing RC-30 dealer network, as well as through an existing,
nationwide dealer network, such as Polaris.

         "The all-surface utility loader is a unique machine we believe will
help us reach our growth goals," said Tom Tiller, Polaris president and chief
executive officer. "It is the next logical step for Polaris following our
successful ATV line-up of products, which are primarily used for utility
applications, and our RANGER commercial vehicle. Polaris is pleased to be
working with an innovative company like ASV. We believe the partnership will be
a winning combination."

         The agreement calls for ASV to begin building the Polaris machines
immediately, with the expectation that machines will reach Polaris dealers in
the first quarter of 2001.

         The agreement with Polaris comes just two months after ASV signed an
alliance agreement with Caterpillar to jointly build new Caterpillar branded
products utilizing ASV's unique rubber-track technology. The Polaris agreement
is independent of any agreements with Caterpillar, which owns approximately 15
percent of ASV.

         Continuing Lemke said, "We believe these new agreements with
Caterpillar and Polaris could account for additional sales for ASV of
approximately $20 million in 2001. This will help ASV reach its goal of $100
million in sales in 2002."

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Polaris Agreement
Page 3 of 3

         ASV designs, manufactures and sells all-purpose crawlers, all-surface
loaders and related accessories and attachments. For more information, visit
ASV's Web site at www.asvi.com. Information on Polaris Industries can be found
at www.polarisindustries.com.

         Note: The statements contained in this release regarding ASV's plans to
manufacture and sell machines to Polaris Industries, Inc., including the timing
of their planned introduction, the anticipated revenues from the sale of
machines to Polaris and Caterpillar and ASV's overall revenue goals 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 effect whether these machines are ultimately produced 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, general market conditions, corporate developments at
ASV, Polaris or Caterpillar and ASV's ability to realize the anticipated
benefits from its relationship with Polaris and Caterpillar. Actual results
might differ materially from those anticipated in such forward-looking
statements. 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 report on Form 10-Q for the nine months ended
September 30, 2000.


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