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240.14a-12
EUROPA CRUISES CORPORATION
(Name of Registrant as Specified In Its Charter)
PETER J. CATALANO, STEPHAN A. FITCH, ELIEZER BECHER & JERRY
C. MCCALL
(Name of Person(s) Filing Proxy Statement if other than
Registrant)
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<PAGE>
Contact: Peter J. Catalano
The Committee to Improve Stockholder
Value of Europa Cruises Corporation
(305) 538-0888
FOR IMMEDIATE RELEASE
(March 31, 1997)
CHARLES H. REDDIEN AGREES TO SERVE AS A DIRECTOR NOMINEE OF
THE COMMITTEE TO IMPROVE STOCKHOLDER VALUE OF EUROPA CRUISES
CORPORATION
The Committee to Improve Stockholder Value of Europa Cruises
Corporation announced that Charles H. "Kip" Reddien agreed
to serve as a nominee of the Committee for the board of
directors of Europa Cruises Corporation. The nominees of the
Committee had previously stated their intent, if successful,
to ask Mr. Reddien to serve as a director along with them.
On Monday, March 24th, Mr. Reddien resigned as President and
a director of Casino World, Inc. and Mississippi Gaming
Corp, each a wholly owned subsidiary of Europa. In a
further new development, Mr. Reddien advised the Committee
that he would serve as a nominee of the Committee and
actively support the Committee in seeking to replace
Europa's present board of directors.
The Committee has filed its definitive proxy statement with
the Securities and Exchange Commission. The Committee seeks
to have its experienced slate of directors elected at the
upcoming Annual Meeting of Stockholders of Europa to be held
at 9:00 a.m. at the North Redington Beach Hilton, North
Redington Beach, Florida 33708. The Committee is soliciting
proxies for the three board seats at issue in the upcoming
election and, if successful, the Committee's nominees intend
to expand the board to add two additional directors,
including Mr. Reddien.
"We now have a slate of five highly qualified businessman
who are committed to turning Europa around and adding value
to its battered stock price," stated Peter J. Catalano, a
member of the Committee. "We offer an alternative to any
stockholders who, like the Committee, are disturbed over
Europa's persistent losses, dilution of stockholders through
substantial stock issuances, and languishing stock price."
The Committee believes that Mr. Reddien's substantial
efforts in winning the necessary permits for Europa's
Diamondhead, Mississippi casino/hotel project and extensive
personal contacts in Mississippi should be of great benefit
in the future development of this 404 acre casino resort
hotel. "Kip Reddien will provide continuity in the effort
to develop the Diamondhead project, and we believe that
Kip's decision to align himself with the Committee is a
great victory for us and, if we are successful, for the
stockholders of Europa," concluded Mr. Catalano.
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