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ASPEN MARINE GROUP REPORTS SETTLEMENT WITH FDIC FOR PURCHASE OF SADLER POINT MARINA

 ASPEN MARINE GROUP REPORTS SETTLEMENT WITH FDIC
 FOR PURCHASE OF SADLER POINT MARINA
 GREENBACK, Tenn., June 24 /PRNewswire/ --Aspen Marine Group, Inc. (NASDAQ: AWND) today announced that it has secured a resolution of all matters involving the Sadler Point Marina, located in Jacksonville, Fla. Aspen Marine Group and the FDIC have agreed to a settlement whereby Aspen Marine Group will purchase Sadler Point for $1,100,000 in cash and upon the closing thereof, which is scheduled for Tuesday, June 30, 1992, Aspen Marine Group will obtain clear title to the marina.
 In July 1989, the company acquired equitable ownership but not legal title to Sadler Point Marina, located in Jacksonville, and assumed operations of the facility. Sadler Point offers wet and dry boat storage rental, and fuel and parts sales. The marina also includes a 13,000-square-foot boar showroom. The overall property comprises approximately 1.7 acres on the Ortega River, a deep water estuary of the St. Johns River and has excellent access to major traffic arteries. It is surrounded by high density condominiums, boat docking facilities and various commercial activities.
 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- 6/24/92
 /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) CO: Aspen Marine Group; Sadler Point Marina ST: Tennessee; Florida IN: MAR SU:


JB-AW -- FL011 -- 3445 06/24/92 16:36 EDT
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Publication:PR Newswire
Date:Jun 24, 1992
Words:278
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