another little step forward
Europa Cruises Corporation Announces Receipt of Payments Toward Purchase Price of Sky and Star
MADEIRA BEACH, Fla., Nov. 1 /PRNewswire/ -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ - news) announced today that it had received the fourth payment due towards the purchase of the Europa Sky in the amount of $500,000. The Company also reported that on or about October 23, 2000, it had received the second payment due towards the purchase price of the Europa Star in the amount of $300,000. The Company used the majority of the funds received to pay the remaining balance due First Union National Bank of Florida in the approximate amount of $600,000. Of the remaining proceeds, $100,000 was used or will be used to reduce the amount due to the Florida Department of Revenue and $24,000 was used to pay commissions related to the sale. The remainder of the proceeds will be used to reduce outstanding payables.
Deborah A. Vitale, President and Chairman of the Board of Directors of Europa Cruises Corporation, commenting on the foregoing, stated: ``We are grateful to First Union National Bank of Florida for giving the Company the opportunity to repay its debt without exercising its available remedies. The Company's survival, despite extremely difficult times, has obviously been a direct result of its ability to negotiate numerous deals with its many vendors, its creditors, First Union, and the State of Florida. We are obviously pleased to report that our largest debt has been completely extinguished and we look forward to the reduction of additional debt.'' |
