SECURITIES AND EXCHANGE COMMISSION
                                   WASHINGTON, D.C.

     Litigation Release No. 15454/ August 21, 1997

     Securities and Exchange Commission v. Airship International Ltd.  Civil No.
     97-CV-01896  (D.D.C.) (filed August 21, 1997)

          On August 21, 1997, the Commission filed a complaint in the United
     States District Court for the District of Columbia against Airship
     International Ltd. ("Airship").  The complaint alleges that Airship, a
     company that operates blimps used for advertising, failed to make available
     to the investing public current and accurate information about its
     financial condition and results of operation through the filing of periodic
     reports with the Commission as required by the Securities Exchange Act of
     1934 ("Exchange Act").  Specifically, the complaint alleges that Airship
     has not filed its Annual Reports on Form 10-K for the fiscal years December
     31, 1994, 1995 and 1996, and seven Quarterly Reports on Form 10-Q for the
     fiscal quarters ended March 31, June 30 and September 30, 1995 and 1996 and
     March 31, 1997 and nine Notifications of Late Filing with respect to its
     delinquent reports.  The Commission seeks to compel Airship to file its
     delinquent Annual Reports on Form 10-K and its delinquent Quarterly Report
     on Form 10-Q for the quarter ended March 31, 1997 and enjoin Airship from
     further violations of Section 13(a) of the Exchange Act of 1934 and Rules
     12b-25, 13a-1 and 13a-13 thereunder.  Simultaneously with the filing of the
     Commission's complaint, Airship consented to the entry of a Final Judgment
     granting the relief sought by the Commission and admitted that it had not
     filed the periodic reports as described above.  






















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