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ASPEN MARINE GROUP COMPLETES OFFERING

 ASPEN MARINE GROUP COMPLETES OFFERING
 GREENBACK, Tenn., May 21 /PRNewswire/ -- Aspen Marine Group, Inc.


(NASDAQ: AWND) today announced that it has completed an offering of 1,700,000 units, priced at $3.00 per unit. Each unit consists of six shares of common stock, $.0001 par value, one Class A Common Stock Purchase Warrant, and one Class B Common Stock Purchase Warrant. Each Class A Warrant is immediately exercisable for a period of two years at $4.00 and entitles the holder to receive two shares of common stock upon exercise. Each Class B Warrant is immediately exercisable for a period of three years at $6.00 and entitles the holder to receive two shares of common stock upon exercise. The common stock and common stock warrants included in the units are not separately transferable until May 12, 1993. The units are presently trading on NASDAQ under the symbol "AWNDU". Chatfield Dean & Co., based in Englewood, Colo., acted as the underwriter for the offering.
 Net proceeds to Aspen Marine Group from the offering totaled approximately $4.4 million. As noted in the registration statement, the company intends to use the net proceeds for repayment of debt, the settlement of certain litigation, and working capital. Aspen Marine Group also intends to use a portion of the proceeds allocated to working capital to assist it in possible acquisitions of like-kind or vertically integrated businesses which complement its operations.
 Aspen Marine Group manufactures award-winning competition water- ski boats and family runabouts under the names "Supra" and "Moomba"; distributes corporate image sportswear and identity products; operates a marina in Jacksonville, Fla.; and sells undivided interests in houseboats destined for American resorts.
 -0- 5/21/92
 /CONTACT: Ella Boutwell Chesnutt of Aspen Marine Group, 615-856-3806; or Barry A. Rothman of Greenstone Roberts, 305-975-3500, for Aspen Marine Group/
 (AWND) CO: Aspen Marine Group ST: Tennessee IN: MAR SU: OFR


JB-AW -- FL004 -- 2672 05/21/92 09:16 EDT
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Publication:PR Newswire
Date:May 21, 1992
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