ASPEN MARINE GROUP SELLS ITS RESORTS AFLOAT DIVISION
ASPEN MARINE GROUP SELLS ITS RESORTS AFLOAT DIVISION GREENBACK, Tenn., Aug. 5 /PRNewswire/ -- Aspen Marine Group, Inc.
(NASDAQ: AWND) today announced that it has sold principally all of the assets, and all liabilities pertaining to those assets, of its Resort Afloat division for $150,000 to a corporation owned by Ben Yost and David Childers, who were employed in that division as sales representatives. Resorts Afloat is based in Denver, Colo. and engages in the sale of undivided interests in houseboats destined for recreational areas. Aspen Marine Group noted that sale will result in an extraordinary gain of $150,000 in the fourth quarter. No further terms of the transaction were disclosed.
Commenting on the decision to sell the division, George M. Fowler, chairman of Aspen Marine Group, stated, "After a thorough evaluation, we have concluded that it would be in our company's best interests to more fully devote our resources and management activities to promoting growth in our core business, the manufacture and sale of high-performance water-ski boats and family runabouts. The success of our Supra line of award-winning water-ski boats and family runabouts has allowed us to carve out an important niche in the industry. In addition, our newer Moomba line of entry level, high performance water-ski boats continues to steadily gain market share. Now, with the introduction of our second generation of Supra boats growing closer, we believe the company has before it the opportunity to extend its leadership position in the water-ski boat industry. As such, the Resorts Afloat business is not consistent with our present goals and the strategic growth plan we have implemented." Aspen Marine Group, through its subsidiaries, Supra Sports, Inc. and Moomba Sports, Inc., manufacturers award-winning competition water-ski boats and family runabouts; distributes corporate image sportswear and identity products; and owns and operates a marina in Jacksonville, Fla. -0- 8/5/92 /CONTACT: Ella Boutwell Chesnutt of Aspen Marine Group, 615-856-3806; or Barry A. Rothman of Greenstone Roberts Public Relation, 305-975-3500, for Aspen Marine Group/ (AWND) CO: Aspen Marine Group ST: Tennessee; Florida IN: MAR SU:
JB-SS -- FL002 -- 7105 08/05/92 12:32 EDT
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|Date:||Aug 5, 1992|
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