Press Release: Europa Cruises Corporation
August 19, 2002
MADEIRA BEACH, FL -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ) reported Friday that since two of its
former Directors resigned on June 26, 2002, the Company has already held five Board of Directors meetings; elected
four new Directors to the Board of Directors; is in the process of interviewing and evaluating shareholders to
serve on its Advisory Board; taken action regarding an Annual Meeting of shareholders; completed its draft 10Q
for the second quarter of 2002, which will be filed soon; met with the U.S. Army Corps of Engineers in Mobile,
Alabama; completed an updated wetland delineation study; and authorized management to contract for an Environmental
Impact Statement which is a prerequisite to obtaining a U.S. Army Corps Permit.
Deborah A. Vitale, President and Chairman of the Board, commenting on the foregoing, stated: "This Company
has done more in the last fifty days than it did in the first six months of this year. The preparation of an Environmental
Impact Statement (EIS) is an absolute must. There is no way around it. Despite this irrefutable fact, Mr. Harrison
and I could not get the votes necessary to negotiate and contract for an EIS from the last Board of Directors.
The current Board fully understands that the EIS must be completed before we can do anything and that the failure
to have begun an EIS has been hindering our efforts to find a joint venture partner. It took one meeting of the
new Board to get the authorization to move forward with an EIS that former management had been trying to get all
year. The Diamondhead property is a unique piece of realty and constitutes this Company's primary asset, therefore,
I am truly thankful that the new Board of Directors was able to quickly digest the substantive information required
to move on this critical matter."
"I am also pleased to report that the immobilization that characterized the first six months of this year
is now history. The new Board members bring a diverse mix of business and corporate experience in both public and
non-public companies to the Board. They are anxious to move the Diamondhead project forward in a viable fashion.
In my opinion, this Board has done an exemplary job in moving quickly to get the Company back on track. To the
extent a Board can make up for the severe loss of time this Company suffered in the first six months of this year,
I can report that this Board has done so. Mr. Harrison and I are grateful for the energy, interest, contacts and
ideas that the new Board members are already bringing to the Company."
Europa Cruises Corporation, through its wholly-owned subsidiary, Casino World, Inc., intends to develop a destination
casino resort and hotel at its 404 acre site on the Bay of St. Louis in Diamondhead, Mississippi. There is no outstanding
debt and there are no liens on the property.
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 regarding the Company, contact:
Gregory Harrison, Vice-President Deborah Vitale, President
Europa Cruises Corporation Europa Cruises Corporation
+1-301-948-7354 +1-727-510-1412
SOURCE: Europa Cruises Corporation