Marine Growth Ventures, Inc. Closes $2,000,000 Financing of King Crown International Company LTD and its MV Riviera I

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Marine Growth Finance, Inc., MGVÂ?s Finance Unit, closes financing to provide working capital and first preferred shipÂ?s mortgage to new owner of MV Riviera I.

Cape Canaveral, FL (PRWEB) October 11, 2004 – Frank Crivello, Founder, Marine Growth Ventures, Inc. (“MGV”) announced today its Finance Unit closed a $2,000,000 financing with King Crown International Company LTD (“Crown”) that provides working capital and a first preferred ship’s financing for its MV Riviera I. In addition, Sophlex Ship Management, Inc., MGV’s Ship Management Unit, will provide Crown with ship management services.

MGV Founder Frank P. Crivello stated: “We were pleased to support Crown’s financing needs and look forward to working with Crown on future projects.” MGV’s Chief Operating Officer Timothy Levensaler stated: “We have had a longstanding and positive relationship with King Crown and its principals. We are well underway on our shipyard work on the MV Riviera I in Spain.” MGV President Craig Hodgkins stated: “MGV is gaining traction and executing on its mission statement. We expect to consummate additional financings of this type. As well, our other Units continue to make progress on their projects.”

About Marine Growth Ventures, Inc. (“MGV”)

MGV’s mission is to find, develop, and place in service operating businesses related to our oceans; our vision is to build successful businesses while respecting and protecting our most important environmental resource - our oceans. MGV is uniquely positioned to find, analyze, and execute on marine related opportunities in transportation, freight, finance, brokerage, real estate, gaming, and entertainment.

Safe Harbor Statement Under the Private Securities Litigation Act of 1995 - With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of MGV could differ significantly from those statements. Factors that could cause or contribute to such differences include, but are not limited to assumptions relating to the marine market and that there will be no unanticipated material adverse change in MGV's operations or business.


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