Amerigon Reports Third-Quarter, Nine-Month Results.

IRWINDALE, Calif.--(BUSINESS WIRE)--Nov. 3, 1998--

-- Selected by a Tier 1 Automotive Supplier to Provide Climate

Control Seat(tm)(ccs(tm)) Components for a 2000 Model Year Luxury

Vehicle. -- Company in Negotiations With U.S. and Foreign Carmakers Regarding

Potential Orders for the CCS(tm) System. -- Successfully Completes Phase 2 of AmeriGuard(tm) Backup Warning

System in New Mexico.

Amerigon Incorporated. (Nasdaq:ARGNA), a development stage company, today announced results for its third quarter and nine months ended September 30, 1998.

For the third quarter, the Company reported a net loss of $1.72 million or $0.18 per share, compared to a year earlier when it posted net earnings of $0.68 million, or $0.07 per share, including a $2.36 million gain on the disposal of assets.

Revenue declined to $284,000 from $399,000 in 1997.

For the first nine months of 1998 Amerigon reported a net loss of $5.25 million, or $0.55 per share. A year earlier, the Company had a net loss of $3.64 million or $0.43 per share, including the $2.36 million third quarter gain. Revenue for the nine months totaled $0.65 million, down from $1.15 million a year earlier.

Commenting on the third quarter, Amerigon President and Chief Operating Officer Richard A. Weisbart said, "The quarter was an exciting period for us. We continue to invest heavily in our proprietary Climate Control Seat(tm) System as we prepare for future production. During the quarter, Johnson Controls selected Amerigon to supply its CCS(tm) System to be installed in seats for a major North American auto manufacturer, starting in the 2000 model year. This is particularly significant to us because it represents the first automotive seat supplier to integrate our proprietary technology into a production model. We believe this will lead to successes with other customers."

Weisbart also said, "We also continued a high level of investment in follow-up and pre-production work related to other major automotive companies in North America, Europe and Japan regarding the possible introduction of the CCS(tm) system in future automotive platforms."

"Development spending also remained high for our proprietary AmeriGuard(tm) Radar Systems. The New Mexico State Highway and Transportation Department (NMSHTD) successfully completed the evaluation of Phase 2 field trials of a backup warning system," Weisbart said. The system warns vehicle operators of obstacles behind their vehicles while backing up.

According to the NMSHTD, operator response from the 16-week trial was highly favorable. The three-phase project involves the design, installation and field testing of a backup warning system using AmeriGuard(tm) sensors on heavy highway equipment for New Mexico's Highway and Transportation Department.

Amerigon, an emerging player in the global automotive industry, develops and markets proprietary high-technology products for the automotive OEM. In addition to the CCS(tm) system, the Company's products include its proprietary AmeriGuard(tm) Radar System to extend the driver's field of view in such vehicle applications as enhanced parking aids, backup warning systems, and side object detection.

This release contains forward-looking statements (within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties. Such statements may be identified by the use of forward-looking terminology such as "may," "will," "expect," "believe," "estimate," "anticipate," "continue," or similar terms, variations of such terms or the negative of such terms. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described in the forward looking statements, including, without limitation, demand for the Company's products, consumer acceptance and performance of the Company's products, uncertainty in the development of high technology products, the Company's ability to obtain additional financing, risks and delays in obtaining customer orders, technological change, competition and other risks and uncertainties that are detailed in the Company's Annual Report on Form 10K and other reports filed by it with the Securities and Exchange Commission. -0-

                         AMERIGON INCORPORATED
                   (A Development Stage Enterprise)
                       STATEMENTS OF OPERATIONS
                 (In thousands, except per share data)
                              (Unaudited)

                                                            From
                                                          April 23,
                        Three Months      Nine Months       1991
                           Ended             Ended       (inception)
                         Sept. 30,         Sept. 30,     to Sept. 30,
                      1997      1998     1997     1998      1998


Revenues:
  Product             $ --     $  11     $ --   $   18      $   18
  Development
   contracts and
    related
    grants             399       273     1,134     631      17,841
  Grants                --        --        12      --       6,183
   Total revenues      399       284     1,146     649      24,042
Costs and expenses:
 Product                --        13        --      24          24
 Direct development
  contract and
  related grant
  costs                536        --     2,424      --      20,904
 Direct grant
  costs                 --        --        28      --       4,757
 Research and
  development          591     1,119     1,303   3,271      14,130
  Selling, general
  and
  administrative,
  including
  reimbursable
  expenses           1,091       885     3,280   2,855      21,113
  Total costs
   and expenses      2,218     2,017     7,035   6,150      60,928
Operating loss      (1,819)   (1,733)   (5,889) (5,501)    (36,886)
Interest income        131        47       346     221       1,264
Interest expense        --        --      (117)     --        (282)
Gain on disposal
 of assets           2,363       (29)    2,363      33       2,396
Net income
 (loss) before
 extraordinary
 items            $    675   ($1,715)  ($3,297) ($5,247)  ($33,508)

Extraordinary
 loss from
 extinguishment
 of indebtedness        --        --      (340)      --       (340)

Net income
(loss) before
extraordinary
items             $    675    ($1,715) ($3,637) ($5,247)  ($33,848)

Basic and
 diluted net
 income (loss)
 per share
 before
 extraordinary
 item                $0.07     ($0.18)  ($0.39)  ($0.55)

Basic and
 diluted net
 income (loss)
 per share           $0.07     ($0.18)  ($0.43)  ($0.55)

Weighted average
 number of
 shares
 outstanding         9,543      9,550    8,536    9,550