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ASPEN MARINE GROUP COMPLETES SADLER POINT MARINA TRANSACTION

 ASPEN MARINE GROUP COMPLETES SADLER POINT MARINA TRANSACTION
 GREENBACK, Tenn., July 2 /PRNewswire/ -- Aspen Marine Group, Inc. (NASDAQ: AWND, AWNDU) today announced that it has settled all litigation involving Sadler Point Marina, located in Jacksonville, Fla. In accordance with terms previously announced, Aspen marine Group has settled all outstanding debt of Sadler Point for $1,100,000 in cash and obtained clear title to the marina. The closing with the FDIC, which has assumed control of a failed institution in the Jacksonville area that held the mortgage on the marina, resulted in the elimination of substantially all of Aspen Marine Group's long term debt of approximately $1.5 million. The net effect in the quarter ending July 31, 1992, to Aspen Marine Group will be a $400,000 extraordinary gain stemming from the relief of the debt.
 Concurrent with the settlement of the litigation involving the FDIC, Aspen Marine Group has also settled all litigation with Research Services Institute, Inc., the seller of the marina, and its principal, Al Bachle. The settlement involved the repurchase by Aspen Marine Group of 265,957 shares of its common stock owned by Bachle for $250,000, and the surrender by Bachle of an additional 67,814 shares of common stock as consideration for forgiveness of a $50,000 promissory note due Aspen Marine Group from Bachle, as well as certain offsets related to the original purchase price of the marina. Finally, as a result of the settlements with the FDIC and Bachle, all pending lawsuits involving Sadler Point are being dismissed.
 Commenting on the settlements, George D. Fowler, chairman of Aspen Marine Group, stated, "The settlement of all litigation concerning Sadler Point and the successful completion of its purchase has resulted in a further strengthening of our financial position. In addition, we have gained an important asset that fits in well with our existing interests in the recreational marine industry. As such, we plan to utilize the marina's 13,000 square foot showroom as an additional outlet for the sale of our Supra and Moomba boats, as well as fishing and general purpose pleasure boats manufactured by other companies. We also hope to establish a water-ski pro shop at Sadler Point which will offer state-of-the-art water-ski equipment and a wide range of accessories and boating attire."
 Aspen Marine Group, through wholly owned subsidiaries, Supra Sports, Inc. and Moomba Sports, Inc., manufactures award-winning competition water-ski boats and family runabouts; distributes corporate image sportswear and identity products; operates a marina in Jacksonville, Fla.; and sells undivided interests in houseboats destined for American resorts.
 -0- 7/2/92/
 /CONTACT: Ella Boutwell Chesnutt of Aspen Marine Group, 615-856-3806; or Barry A. Rothman of Greenstone Roberts Public Relations, 305-975-3500, for Aspen Marine Group/
 (AWND AWNDU) CO: Aspen Marine Group, Inc.; Sadler Point Marina ST: Tennessee, Florida IN: MAR SU:


JB-JJ -- FL007 -- 6101 07/02/92 10:55 EDT
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Publication:PR Newswire
Date:Jul 2, 1992
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