Mark IV Completes 7.3 Million Share Buyback;
Board Authorizes Repurchase of Additional 10 Million Shares

Amherst, New York, May 19, 1998 -- Mark IV Industries, Inc. (NYSE: IV) today announced completion of its 7.3 million share repurchase program initiated in March 1997. The stock was purchased at an average price of $22.00 per share, for a total cost of $160.7 million, with 3.8 million shares being repurchased in the past four weeks at an average cost of slightly under $21.00 per share.

Upon completion of the buyback program, the company's Board of Directors approved the purchase of an additional ten million shares, representing approximately 17 percent of Mark IV's current shares outstanding. Under the new authorization, the stock will be purchased in the open market or through privately negotiated transactions, from time to time, at prices the company considers to be attractive.

Sal H. Alfiero, chairman and chief executive officer of Mark IV, said, "At this time, and at current price levels, the purchase of Mark IV stock continues to be the best investment we can make, in addition to demonstrating our commitment to enhancing shareholder value. Earnings and cash flow from operations, plus availability under existing credit facilities, will be used to fund the purchases."

Mark IV Industries, Inc. is a $2.2 billion global manufacturing company headquartered in the Buffalo suburb of Amherst, New York, employing 17,000 people worldwide. The company's core technologies include power transmission, fluid transfer and filtration systems and components for global industrial and automotive markets.