Europa Cruises Corporation Corrects and Clarifies Statements Made by Two of Its Current Directors
MADEIRA BEACH, Fla., May 27 /PRNewswire-FirstCall/ -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ - News) reported that certain material statements made by two of its current directors and upon which shareholders might reasonably rely in deciding to buy, sell or hold the Company's stock, are misleading.
There are currently two separate groups seeking Consent solicitations from shareholders to change the Company's Board of Directors. The Company takes no position with respect to these solicitations. However, the Company has been advised by outside securities counsel, that it cannot allow material, misleading statements made by directors of the Company with respect to its Diamondhead, Mississippi property, to linger in the public domain, inasmuch as such statements could influence a shareholder's decision to buy, sell, or hold their stock.
With respect to the Company's Diamondhead, Mississippi property, two current directors of the Company have stated or implied to shareholders, both orally and in writing, that there were no "deals" "in the making" because they "have seen no such "deals"...." (See letter from the Committee of Concerned Europa Stockholders to shareholders dated May 24, 2002 and filed with the Securities and Exchange Commission on Schedule 14A.) Such statements are misleading in that they imply that there are no potential "deals" "in the making." The implication is incorrect. Such statements also imply that directors of a public company are normally privy to and see all potential "deals" "in the making." This implication is also incorrect. The full Board of Directors of this Company rarely sees a potential "deal" or a deal "in the making" unless and until it has been reduced to writing or agreement on most material terms has been reached.
The two directors making the above-referenced statements have had no communication with the Company's President since the Company's last Board of Directors meeting on March 13, 2002, and issued their statements without conferring with the Company's President to determine what, if any, potential "deals" were "in the making." Moreover, on January 10, 2002, the Company 's President provided each director, in writing, with a then-existing "list of some of the current deals it was discussing with interested parties," several of which remain viable today. A director who has had no communication with the Company's President since March 13, 2002, would obviously be in no position to know of the status of any "deals" "in the making."
The Company has, in the past, declined to comment on the nature of any discussions with persons or entities interested in a joint venture or other type of arrangement with respect to the development or financing of the Company's Diamondhead property. This remains the corporate policy. The Company receives inquiries with respect to the Diamondhead property from agents, brokers, principals, investment banking firms, entities, individuals, and others. The Company is engaged in discussions with various interested persons and entities on a regular basis. There is no way of knowing which, if any, of these discussions and potential "deals" might materialize since there is no way of knowing, which, if any, will eventually be funded. Funding is the key. It has been the position of the Company that unless funding can be reasonably assured, no potential deal will be finalized.
The Company will continue its policy of not commenting on the specifics of
any existing discussions or potential "deals." |
