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ASPEN MARINE GROUP OFFERING DECLARED EFFECTIVE

 ASPEN MARINE GROUP OFFERING DECLARED EFFECTIVE
 GREENBACK, Tenn., May 12 /PRNewswire/ -- Aspen Marine Group, Inc.


(NASDAQ: AWND) today announced that the Securities and Exchange Commission has declared effective a Form S-1 registration statement filed under the Securities Act of 1933 for 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 being offered are not separately transferable until April 12, 1993. Chatfield Dean & Co., based in Englewood, Colo., is acting as the underwriter for the offering.
 Net proceeds to Aspen Marine Group from the offering are expected to total approximately $4 million. As noted in the registration statement, the company intends to use the net proceeds from the offering 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- 5/12/92
 /CONTACT: Ella Boutwell Chesnutt of Aspen Marine Group, 615-856-3805; or Barry A. Rothman of Greenstone Roberts Public Relations, 305-975-3500, for Aspen Marine Group/
 (AWND) CO: Aspen Marine Group ST: Florida IN: MAR SU: OFR


AW-JB -- FL012 -- 9399 05/12/92 18:15 EDT
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Publication:PR Newswire
Date:May 12, 1992
Words:340
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