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Microcap & Penny Stocks : KRUZ - European Cruises Corp. -- Ignore unavailable to you. Want to Upgrade?

To: leigh aulper who wrote (173)	3/29/2001 2:11:04 PM
From: leigh aulper	Respond to of 210

Europa Cruises Corporation Announces Receipt Of Final Payment Toward Purchase Price Of M/V Europa Star PR NEWSWIRE - March 29, 2001 13:46 MADEIRA BEACH, Fla., Mar 29, 2001 /PRNewswire via COMTEX/ -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ) announced today that on March 26, 2001, it received the final payment due towards the purchase of the M/V Europa Star in the amount of $300,000. The Company also reported that on March 26, 2001, it had made the final payment in the amount of $250,000 due to the Florida Department of Revenue pursuant to that $1,600,000 settlement agreement reached with the Department of Revenue in 1999 for the audit covering the period July 1, 1994 through March 31, 1998. The Company also reported that there are two more payments due the Company on April 1, 2001 and May 1, 2001 in the amount of $400,000 each from the sale of the M/V Europa Sky. Deborah A. Vitale, President and Chairman of the Board of Directors of Europa Cruises Corporation, commenting on the foregoing, stated: "The sale of our vessels allowed us to fully satisfy our obligations to our primary lender, First Union National Bank and to satisfy the terms of a $1,600,000 settlement agreement reached with the Florida Department of Revenue in 1999 for the audit covering the period July 1, 1994 through March 31, 1998. The sales also allowed us to cut our losses in the cruise-to-nowhere business. Pursuant to the terms of the settlement agreement reached with the Florida Department of Revenue regarding this audit period, the Department will return two checks in the amount of $125,000 each issued by Mr. Illius, a Director and the Company's largest holder of common stock, and myself to the Department of Revenue as security for payment by the Company. Mr. Illius has been extremely helpful in coming to the aid of the Company when financial assistance was desperately needed and the Board is grateful for his prior, financial assistance and continuing contributions to the Company. The fact that the Company was able to successfully extricate itself from a precarious financial situation is due, in large part, to the fact that its President and largest holder of common stock were willing to personally guarantee certain payments required to be made by the Company. I am pleased to report that our confidence in the Company was not misplaced and that the Company is now on firm financial footing." Europa Cruises Corporation, 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 development of the Diamondhead, Mississippi project is 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. The Company may be affected by some or all of these factors and other risks and uncertainties, many of which are beyond the Company's control. Except for historical statements contained herein, the statements made in this release constitute forward-looking statements that also involve risks and uncertainties.