Europa Cruises Corporation Announces Agreement for Sale of M/V Europa Stardancer
MADEIRA BEACH, Fla., Nov. 8 /PRNewswire/ -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ) announced today that it had entered into an Agreement to sell the M/V Europa Stardancer for One Million Eight Hundred Thousand Dollars ($1,800,000) to Seven Star Charters, Inc., the company which currently charters the Vessel. Europa's broker is in receipt of a nonrefundable deposit from the Purchaser in the amount of $900,000. The Company will use the proceeds of the sale to pay $800,000 to First Union National Bank of Florida and to pay down a significant portion of the Company's remaining debt.
Deborah A. Vitale, President of Europa Cruises Corporation, commenting on the sale stated: "We are extremely pleased to have been able to sell the Stardancer. The proceeds of the sale will be used to reduce the Company's total debt by approximately $1.5 million. The Company's monthly debt service will fall substantially and the Company's debt will be materially reduced. The sale will place the Company on more stable financial footing."
Europa Cruises Corporation owns, operates and leases gambling ships. The Company currently owns four vessels. The Company charters two of its vessels, including the Stardancer. The Company's gambling cruises offer blackjack, poker, slot machine, craps, roulette and other games in addition to fine dining, dancing and entertainment.
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. also intends to develop a destination casino resort and hotel.
The business of the Company is subject to risks and uncertainties. The development of the Diamondhead, Mississippi project is also subject to risks and uncertainties, which include those relating to permitting, financing, the activities of environmental groups, the outcome of litigation and the actions of federal, state, or local governments and agencies.
For further information, contact:
John R. Duber, Director and
Director of Investor Relations
Europa Cruises Corporation
(440) 331-0194
(440) 331-0195
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SOURCE: Europa Cruises Corporation
CONTACT: John R. Duber, Director and Director of Investor Relations, Europa Cruises Corporation, 440-331-0194 or 440-331-0195
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