To: TeamTi who wrote (11878 ) 7/18/2003 9:57:51 AM From: RockyBalboa Respond to of 19428 EUROE died $1.15(-1.75), hit 1.13 earlier. Go figure, there can be no assurance that adjustments to the 2002 unaudited results will not be required EuroTrust A/S Announces Delay in Filing its 2002 Annual Report Thursday July 17, 7:00 pm ET COPENHAGEN, Denmark--(BUSINESS WIRE)--July 17, 2003--EuroTrust A/S (Nasdaq: EURO - News) today announced that it was unable to timely file its Annual Report on Form 20-F for the year ended December 31, 2002 with the U.S. Securities and Exchange Commission. EuroTrust's financial statements for the years ended December 31, 2000 and December 31, 2001 were audited by Ernst & Young. In May 2002, the Company's shareholders elected KPMG as the Company's auditors for the year ended December 31, 2002. During the course of their audit, KPMG raised questions relating to the accounting treatment of certain items, which could result in a restatement of the 2000 and 2001 Financial Statements. Resolution of these questions requires coordination between the Company, KPMG and Ernst & Young. However, due to scheduling conflicts the required personnel will not be available for this coordinated review until early August. On April 16, 2003 the Company released its unaudited results for the year ended December 31, 2002 which reflected a net loss of approximately DKK 249 million. Until the audit is completed, there can be no assurance that adjustments to the 2002 unaudited results will not be required. The Company expects to file its Form 20-F for the year ended December 31, 2002 by the end of August. On July 16, 2003 the Company received a letter from The Nasdaq Stock Market, Inc. which stated that it intends to delist the Company's ADRs from the Nasdaq National Market due to the failure of the Company to timely file its Annual Report on Form 20-F for 2002. In accordance with Nasdaq Marketplace Rules, EuroTrust intends to request a hearing before a Nasdaq Listing Qualifications Panel to appeal this determination and to request additional time to file Form 20-F following the resolution of all outstanding questions. Pending the outcome of the hearing, the Company's ADRs will continue to trade on the Nasdaq National Market under the temporary trading symbol "EUROE." About EuroTrust A/S: