Europa Cruises Corporation Issues Status Report
MADEIRA BEACH, Fla., Aug. 16 /PRNewswire-FirstCall/ -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ - News) reported today that since two of its former Directors resigned on June 26, 2002, the Company has already held five Board of Directors meetings; elected four new Directors to the Board of Directors; is in the process of interviewing and evaluating shareholders to serve on its Advisory Board; taken action regarding an Annual Meeting of shareholders; completed its draft 10Q for the second quarter of 2002, which will be filed soon; met with the U.S. Army Corps of Engineers in Mobile, Alabama; completed an updated wetland delineation study; and authorized management to contract for an Environmental Impact Statement which is a prerequisite to obtaining a U.S. Army Corps Permit. ADVERTISEMENT
Deborah A. Vitale, President and Chairman of the Board, commenting on the foregoing, stated: "This Company has done more in the last fifty days than it did in the first six months of this year. The preparation of an Environmental Impact Statement (EIS) is an absolute must. There is no way around it. Despite this irrefutable fact, Mr. Harrison and I could not get the votes necessary to negotiate and contract for an EIS from the last Board of Directors. The current Board fully understands that the EIS must be completed before we can do anything and that the failure to have begun an EIS has been hindering our efforts to find a joint venture partner. It took one meeting of the new Board to get the authorization to move forward with an EIS that former management had been trying to get all year. The Diamondhead property is a unique piece of realty and constitutes this Company's primary asset, therefore, I am truly thankful that the new Board of Directors was able to quickly digest the substantive information required to move on this critical matter."
"I am also pleased to report that the immobilization that characterized the first six months of this year is now history. The new Board members bring a diverse mix of business and corporate experience in both public and non-public companies to the Board. They are anxious to move the Diamondhead project forward in a viable fashion. In my opinion, this Board has done an exemplary job in moving quickly to get the Company back on track. To the extent a Board can make up for the severe loss of time this Company suffered in the first six months of this year, I can report that this Board has done so. Mr. Harrison and I are grateful for the energy, interest, contacts and ideas that the new Board members are already bringing to the Company." |
