International Truck to Aquire Workhorse

GVW Holdings Corporation (GVW) has announced it has signed an agreement
to sell its subsidiaries Workhorse Custom Chassis LLC and Uptime Parts
LLC to International Truck and Engine Corporation, operating company of
Navistar International Corporation. The acquisition agreement was signed
July 1 and will be completed over the next 30 to 90 days.

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

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

GVW will retain its remaining portfolio of companies, which includes Autocar and Union City Body Company (UCBC).

International will provide management for Workhorse and Uptime
Parts, but both will operate as independent and wholly owned
subsidiaries of International. They will retain their present management
structure, and there are no plans to reorganize, reduce or relocate
facilities or staff. Workhorse products will continue to be sold through
Workhorse and marketed under the Workhorse brand.

International does not currently compete with Workhorse in any
market, and this provides an opportunity to expand its reach into the RV
and the Class 2 to 5 commercial markets.

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