SOURCE: Euro Group of Companies, Inc.

November 12, 2007 17:59 ET

Euro Group of Companies, Inc. Announces Name Change and New Trading Symbol

PORT CHESTER, NY--(Marketwire - November 12, 2007) - Euro Group of Companies, Inc. (PINKSHEETS: EGCO). The former company, ICT Technologies, Inc. (ICTT), has changed its name to Euro Group of Companies, Inc. and its trading symbol to EGCO.

The name and symbol change, along with the growing number of seasoned management and employees and the growing order flow in all of the company's product lines, is a testament to the revitalization of the company's activities. Euro Group's Executive Team has well over 100 years of combined business experience in public and private companies on three continents. The augmented executive team brings with them a wealth of manufacturing and marketing relationships.

Euro Group consists of three divisions that focus on the following marketing areas respectively. The Transportation division, which markets under its Eurospeed brand name, manufactures and distributes transportation vehicles. The Communications division markets under the Europhone and Eugro Mobile brand names. The Consumer Electronics division manufactures and distributes products under the Eurokool and Eugro brands.

Eurospeed scooters and motorcycles are fast becoming the transportation alternatives, due to higher gasoline prices, unaffordable car payments and high car insurance premiums. Eurospeed's distribution network will consist primarily of selected high quality and experienced new car dealers, who will provide Eurospeed customers a pleasant buying experience and uncompromised service.

Europhone and Eugro Mobile are participating in one of the fastest growing areas of wireless communications, the Pre-Paid cellular market. Along with providing wholesale distribution of handsets to independent cellular dealers, the company also provides wireless service domestically and internationally through its low-cost pricing plans under its Eugro Mobile Brand. The company is also an agent of Verizon's FiOS services including FiOS TV and FiOS Internet. The company is on track to open shopping mall locations, has signed, and will continue to sign authorized sub-agents, to market the FiOS services offering along side of Eugro Flat Screen LCD HDTV's at these locations.

Eurokool and Eugro market the most popular consumer electronic products today (High Definition 1080p LCD Flat Screen TVs) under the Eugro Brand, and consumer durable goods (gas powered generators, air conditioner units: split wall, window, ducted and unducted) under the Eurokool Brand. The mandatory conversion to digital broadcasting in the US and the recent consumer trends to replace existing TVs with flat screens is picking up momentum. Air conditioners and electric generators, similar to Eurokool's products, have a large appeal in the Caribbean, and Central and South American markets where economic growth and a growing middle class has sparked demand for consumer products.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: From time to time, information provided by the Company (including but not limited to this release), statements made by its employees or information included in its filing with the Securities and Exchange Commission may contain statements, which are so-called "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended which are intended to be covered by the safe harbors created thereby. With respect to such forward-looking statements, we claim protection under the Private Securities Litigation Reform Act of 1995. The Company's results may differ significantly from those stated in any forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, including, but not limited to, product demand, pricing, market acceptance, litigation, risks in product and technology developments, and other risk factors detailed from time to time in the Company's Securities and Exchange Commission reports including, without limitation, its Form 10-KSB and Forms 10-QSB.

Contact Information

  • Contact:
    Euro Group of Companies, Inc. Media Relations
    Glenn M Russo
    Director of Financial Strategies
    181 Westchester Avenue
    Port Chester, New York 10573
    Email Contact
    914-937-3900 x16