Europa Cruises Corporation Enters into Agreement to Purchase Adjoining Piece of Real Estate
MADEIRA BEACH, Fla., Oct. 29 /PRNewswire/ -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ - news) announced today that the Company's subsidiary, Mississippi Gaming Corporation, entered into an Option Agreement to Purchase Real Estate with the owners of an adjoining piece of property. The Option Agreement gives the Company's subsidiary the right to purchase the same property which was the subject of a prior easement held by the subsidiary across an adjoining piece of property. The prior easement covered a parcel approximately two acres in size and gave the subsidiary rights of ingress and egress across the adjoining property. The prior easement agreement required the Company to commence construction of a road on the property by December 22, 2001. Under the terms of the new Agreement, the subsidiary acquired an option to purchase the same land which was the subject of the prior easement through December 31, 2004. The option price is $10,000 per year for a period of three years. The option payments are applied in full to the purchase price if the subsidiary elects to purchase the property. The purchase price is $350,000 through the year ending 2002, $385,000 during the year 2003, and $420,000 during the year 2004.
Deborah A. Vitale, President of Mississippi Gaming Corporation, commenting on the Agreement, stated: ``This Agreement allows Mississippi Gaming Corporation to become the fee simple owner of an approximately two acre adjoining piece of property should it choose to exercise its option to purchase the property. An ownership interest would allow the Company to avoid any problems inherent in having only an easement across another landowner's property. This Agreement also eliminates the immediate need for the Company to design and commence construction of a road by December 22, 2001, which it was required to do under its prior agreement. Obviously, it made no sense for the Company to expend the resources and funds required to commence construction of a road across the adjoining property at this point in time. In addition, it was felt that the design and construction of all roads leading into and out of the project should be left to the master planner of the project. The Company is pleased that it was able to reach a fair and equitable arrangement with its closest neighbor which met the Company's current and long term needs.''
Europa Cruises Corporation, through its wholly-owned subsidiary, Casino World, Inc., intends to build a themed, destination casino resort and hotel at its 404 acre site on the Bay of St. Louis in Diamondhead, Mississippi. The Company is now actively engaged in the process of seeking a joint venture partner and financing for its Diamondhead project. |
