Press Release: Europa Cruises Corporation
April 15, 2002
MADEIRA BEACH, FL -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ) announced Friday that it had reported
its financial results for the year ended December 31, 2001. The Company's net loss for the year was $698,110, or
$.024 per common share. Net loss before interest, depreciation, amortization, non-cash ESOP charges and preferred
dividends was $432,371.
Deborah A. Vitale, President and Chairman of the Board of Directors of the Company, stated: ``The Company was able
to reduce administrative and general expenses by approximately $231,000. The decrease would have been even larger
but for one-time expenses associated with prior vessel-related commitments in the approximate amount of $113,000.
The net loss before preferred stock dividends of $591,572 in 2001 compares favorably to the prior year's net loss
of $660,963, which, however, included a one time gain on the sale of vessels amounting to $1,394,822. Notwithstanding
the foregoing, this Company is sitting on an extremely valuable 404 acre site in Diamondhead, Mississippi. The
property is debt-free and lien-free and the Company is on firm financial footing. We have sufficient cash reserves
to weather any attempts to ''steal`` the Company or its asset in anything other than a fair deal for our shareholders.''
The Company is also pleased to report that in March, the Supreme Court of Mississippi refused to reconsider a decision
it had previously issued on October 18, 2001 that upheld the decision of the Commission on Marine Resources to
grant a Use Plan Adjustment and Permit to Casino World, Inc. which were required for the construction of a casino
resort on the Bay of St. Louis, in Diamondhead, Mississippi. All pending environmental litigation to which the
Company or its subsidiaries were parties, has now been decided.
Europa Cruises Corporation, through its wholly-owned subsidiary, Casino World, Inc., intends to build a themed,
destination casino resort and hotel at its 404 acre site on the Bay of St. Louis in Diamondhead, Mississippi. The
Company is actively engaged in the process of seeking a joint venture partner and financing for the Diamondhead
project.
The development of the Diamondhead, Mississippi project is subject to risks and uncertainties which include, but
are not limited to, 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 involve risks and uncertainties.
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For further information, contact:
Deborah Vitale, President
Europa Cruises Corporation
(727) 510-1412
or
Gregory Harrison, Director
Europa Cruises Corporation
(301) 948-7354
SOURCE: Europa Cruises Corporation