Europa Cruises Corporation Announces it has Entered Into a Charter Agreement for its Vessel, The M/V Stardancer
PR Newswire - December 29, 1998 10:36
MADEIRA BEACH, Fla., Dec. 29 /PRNewswire/ -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ) announced today that it had entered into a Charter Agreement to charter one of its four vessels, the M/V Stardancer, together with certain gaming equipment, to Seven Star Charters, Inc. for a five year period beginning January 1, 1999. The Agreement calls for an annual charter fee of $1,080,000 in addition to certain insurance payments. The Agreement gives the Charterer an option to purchase the Vessel, together with certain gaming equipment, for $2,800,000. The Company is in receipt of an advance charter fee in the amount of $275,000.
Deborah A. Vitale, President of Europa Cruises Corporation, commenting on the Charter Agreement, stated: "This is an excellent Agreement for the charter of the M/V Stardancer inasmuch as it increases the Company's cash flow and is expected to result in a profitable operation for this vessel for the term of the Agreement."
Europa Cruises Corporation is one of the largest day cruise 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.
SOURCE Europa Cruises Corporation
/CONTACT: John R. Duber, Director, Director of Investor Relations of
Europa Cruises Corporation, 440-331-0194 or 440-331-0195; or Alan R. Woinski,
President of Gaming Venture Corp, U.S.A., 201-947-4642/
/Web site: casinocenter.com
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