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CRESCENT AIRWAYS CORP. COMPLETES INITIAL PUBLIC OFFERING; SALE OF UNITS RAISES $10,125,000

 LAWRENCEVILLE, Ga., Jan. 11 /PRNewswire/ -- Crescent Airways Corporation (NASDAQ-NMS: CRAR) today announced that it had completed a public underwriting of 1,000,000 units of its securities, each unit at $10-1/8, consisting of 2 shares of common stock and 1 redeemable common stock purchase warrant. The Company's common stock is traded on NASDAQ/NMS under the symbol of CRAR and the warrants are traded under the symbol CRARW. Thomas James Associates, Inc. served as the managing underwriter for the offering.
 Crescent Airways Corporation, located in Lawrenceville, is the largest helicopter company in the Southeast with a fleet of more than 60 aircraft, and additional bases of operations in West Hollywood, Fla.; Abbeville, La.; Galveston and Corpus Christi, Texas.
 -0- 1/11/94
 /CONTACT: Jack R. Hereth, Chairman and CEO of Crescent Airways Corp., 404-822-6180; or Desmond Towey or George Robinson of Desmond Towey & Associates, 212-888-7600, all for Crescent Airways Corp./
 (CRAR)


CO: Crescent Airways Corporation ST: Georgia IN: AIR SU: OFR

MP -- NY029 -- 0918 01/11/94 10:36 EST
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Publication:PR Newswire
Date:Jan 11, 1994
Words:171
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