Press Release: Europa Cruises Corporation
November 3, 2000
MADEIRA BEACH, FL -- Europa Cruises Corporation (OTC Bulletin Board: KRUZ) announced Nov. 1 that it had received
the fourth payment due towards the purchase of the Europa Sky in the amount of $500,000. The Company also reported
that on or about October 23, 2000, it had received the second payment due towards the purchase price of the Europa
Star in the amount of $300,000. The Company used the majority of the funds received to pay the remaining balance
due First Union National Bank of Florida in the approximate amount of $600,000. Of the remaining proceeds, $100,000
was used or will be used to reduce the amount due to the Florida Department of Revenue and $24,000 was used to
pay commissions related to the sale. The remainder of the proceeds will be used to reduce outstanding payables.
Deborah A. Vitale, President and Chairman of the Board of Directors of Europa Cruises Corporation, commenting on
the foregoing, stated: ``We are grateful to First Union National Bank of Florida for giving the Company the opportunity
to repay its debt without exercising its available remedies. The Company's survival, despite extremely difficult
times, has obviously been a direct result of its ability to negotiate numerous deals with its many vendors, its
creditors, First Union, and the State of Florida. We are obviously pleased to report that our largest debt has
been completely extinguished and we look forward to the reduction of additional debt.''
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 business
of the Company and the development of the Diamondhead, Mississippi project are 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.
SOURCE: Europa Cruises Corporation