Europa Cruises Corporation Announces Sales Agreement For M/V Europa Sky And Madeira Beach Operation
PR Newswire - April 06, 1999 17:44
MADEIRA BEACH, Fla., April 6 /PRNewswire/ -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ) announced today that it had entered into an Agreement to sell the M/V Europa Sky and its Madeira Beach, Florida operation for six million dollars ($6,000,000) to Poseidon Sea Kruz, L.C., a Florida corporation. The Agreement is subject to certain contingencies, including financing. The proceeds of the sale will be used by the Company to pay First Union National Bank of Florida approximately two million dollars and to pay a substantial portion of the company's outstanding debt.
Deborah A. Vitale, President of Europa Cruises Corporation, commenting on the proposed sale, stated: "The sale, if consummated, will give management the time and money to focus on Mississippi, where the real potential for shareholder value in this Company lies. The proceeds of the sale will be used to reduce the Company's total debt by approximately four million dollars. The Company's monthly debt service will fall substantially and the Company's payables will be dramatically reduced. The sale should place the Company on stable financial footing and will provide the Company with the funds needed to properly promote its Mississippi property. The Company's goal is to evolve into a corporation which generates a profit from its remaining core business while its management is allowed to devote itself to the development of the largest casino destination resort in the southeastern United States."
Europa Cruises Corporation is one of the largest off-shore gaming operators in the United States. It currently employs approximately 250 employees and owns and operates gaming ships out of ports located in 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., intends to develop a destination casino resort at its 404 acre site in Diamondhead, Mississippi. The site, located 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
/CONTACT: John R. Duber, Director and Director of Investor Relations,
Europa Cruises Corporation, 440-331-0194 or 440-331-0195/
(KRUZ)
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