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ASPEN MARINE GROUP SECURES ONE YEAR INTERIM PRIVATE FINANCING PACKAGE

ASPEN MARINE GROUP SECURES ONE YEAR INTERIM PRIVATE FINANCING PACKAGE
 GREENBACK, Tenn., Oct. 22 /PRNewswire/ -- Aspen Marine Group, Inc. (NASDAQ: AWND) announced today the closing of a one-year interim private financing package that would result in net proceeds of approximately $450,000 to the company.
 The company stated that the interim capital would be replacement working capital for the NationsBank working capital loan that the company is currently repaying in its entirety through the sale of inventory. It is expected the NationsBank loan will be completely repaid sometime in the week of Oct. 26, 1992. The company also announced the engagement of Hinden, Owen & Engelke, a Chicago-based investment banking firm specializing in the placement of working capital and acquisition debt for middle market companies. Hinden, Owen & Engelke will actively seek permanent replacement financing of the Sadler Point Marina and a permanent working capital facility for Aspen Marine and its operating subsidiaries.
 George Fowler, president of Aspen Marine, stated, "The interim package allows us to operate the company, although at a reduced activity level. Moreover, with our restructuring due to the NationsBank paydown, we believe we can operate profitably with the $450,000 facility in place. In addition, if Hinden, Owen & Engelke is successful in securing a permanent facility, we believe we will be in a position to expand our operating and sales plans."
 Aspen Marine Group, through its subsidiaries, Supra Sports, and Moomba Sports, Inc., manufactures award-winning competition water-ski boats and family runabouts, which are marketed through 100 dealers worldwide.
 -0- 10/22/92 R
 /CONTACT: Ella Boutwell Chesnutt of Aspen Marine Group, Inc., 615-856-3806; or Barry A. Rothman of Greenstone Roberts Public Relations, 305-975-3500, for Aspen Marine Group, Inc./
 (AWND) CO: Aspen Marine Group, Inc. ST: Tennessee IN: MAR LEI SU: FNC


KD -- FL011 -- 4404 10/23/92 18:13 EDT
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Publication:PR Newswire
Date:Oct 23, 1992
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