Europa Cruises Corporation Announces Receipt of Second Payment From Sale of the M/V Europa Sky
MADEIRA BEACH, Fla., Sept. 7 /PRNewswire/ -- Europa Cruises Corporation (OTCBB: KRUZ - news) announced today that it had received the second payment in the amount of $800,000 due from Stardancer Casino, Inc., the purchaser of the M/V EuropaSky. The Company used the proceeds of the sale to pay $700,000 to First Union National Bank of Florida, reducing the amount owed to its lender to approximately $1,000,000. The sales agreement for the sale of the Sky calls for the full purchase price in the amount of $5,200,000 to be paid on or before May 1, 2001. With this payment, the Company has received $1,600,000 of the purchase price. The Company will retain title to the Vessel as security until the full purchase price has been paid. The Company also reported that the transfer of operations in Madeira Beach, Florida to Stardancer Casino, Inc. took place on August 29, 2000.
In addition, Europa Cruises Corporation announced that Stardancer Casino, Inc., which had also entered into a contingent agreement for the purchase of the M/V Europa Star, has elected to go forward with the purchase. The sales agreement calls for the full purchase price of $2,100,000 to be paid on or before March 30, 2001. The Company received a $300,000 deposit from the purchaser on August 8, 2000. The Company will retain title to the Vessel as security until the full purchase price has been paid.
Deborah A. Vitale, President of Europa Cruises Corporation, commenting on the transition stated: ``The transfer of operations in Madeira Beach to Stardancer Casino, Inc. has occurred and the Company is in the process of completing the transition. The Company is also in the process of emptying its various warehouses in its three prior operating ports and moving its records to a central location. The Company plans to lease its corporate offices in Madeira Beach, Florida.''
The Company, through its wholly-owned subsidiary, Casino World, Inc., intends to build a destination casino resort and hotel at its 404 acre site on the Bay of St. Louis in Diamondhead, Mississippi. The site, which is located immediately off Interstate 10, is adjacent to a site on which Mandalay Resort Group, previously known as Circus Circus Enterprises, Inc, is also expected to develop a destination casino resort and hotel. |
