Europa Cruises Corporation Gives Update
MADEIRA BEACH, Fla., Nov. 20 /PRNewswire/ -- Europa Cruises Corporation (OTC BB:KRUZ - news; OTC Bulletin Board: CJPG - news) announced that certain of its directors and officers, believing that the price of the Company's Common Stock is undervalued, intend to buy shares of the Company's Common Stock from time to time at prices prevailing at the time of purchase. The Company is also considering the possibility of repurchasing some of its shares of Common Stock to the extent that it can obtain funds with which to do so.
The Company is continuing its efforts to obtain a joint venture partner interested in developing the Company's Diamondhead, Mississippi property and is continuing to work with McDonald & Company Securities, Inc. on a non-exclusive basis. The company is also exploring the sale and/or sale/leaseback of some or all of its vessels. No transaction is imminent.
Europa Cruises Corporation is one of the largest off-shore gaming operators in the United States. It currently employs approximately 400 employees and owns and operates gaming ships out of ports located in Miami Beach, Ft. Myers, and Madeira Beach, Florida. In addition to blackjack, poker, slot machines, craps, and sportsbetting, the cruises offer fine dining, dancing and entertainment.
The Company, through its wholly owned subsidiary, Casino World, Inc., is attempting to develop a destination casino resort at its 404 acre site in Diamondhead, Missisippi. The Site, locate immediately off Interstate 10, is adjacent to a site on which Circus Circus Enterprises, Inc., also intends to develop a destination casino resort and hotel.
SOURCE: Europa Cruises Corporation
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