Press Release: Europa Cruises Corporation
August 22, 2002
MADEIRA BEACH, FL -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ) announced financial results on August
19, 2002, for the second quarter of 2002. The Company reported a net loss after preferred dividends of $302,180
($.010 per common share) for the three months ending June 30, 2002, as compared to a net loss after preferred dividends
of $208,393 ($.007 per common share) for the same period in 2001. During the three months ending June 30, 2002,
non-reoccurring costs and expenses amounted to $115,000 as a result of two consent solicitation actions and marketing
and architectural services rendered in connection with the Company's Diamondhead, Mississippi project.
The net loss after preferred dividends for the six-month period ending June 30, 2002 was $510,582 ($.017 per common
share) as compared to a net loss after preferred dividends of $396,678 ($.014 per common share) for the same period
in 2001. Non-reoccurring costs and expenses incurred in the first six months of 2002 amounted to $140,000.
Both Deborah A. Vitale, the Company's Chief Executive Officer, and Robert L. Zimmerman, the Company's Chief Financial
Officer, certified the Company's 10QSB filed for the second quarter.
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.
For further information regarding the Company, contact:
Gregory Harrison, Vice-President Deborah Vitale, President
Europa Cruises Corporation Europa Cruises Corporation
(301) 948-7354 (703) 683-6800
SOURCE: Europa Cruises Corporation