SOURCE: Euro Group of Companies, Inc.

October 13, 2008 14:47 ET

Eurospeeed, Inc. Announces Record Revenue Quarter

PORT CHESTER, NY--(Marketwire - October 13, 2008) - Eurospeed, Inc., the transportation products subsidiary of Euro Group of Companies, Inc. (PINKSHEETS: EGCO), announced today that Eurospeed had record Third Quarter revenues from the sale of motor scooters. Sales in the quarter were over $1,350,000, and year-to-date scooter sale revenues were over $2,000,000. Calendar 2007 was an organizing year for the Company as it added management, developed its industry leading product warranty program, and worked closely with its contract manufacturers in China to ensure consistent product quality. All Eurospeed products offered in the United States have received all necessary Federal DOT and EPA approvals.

Gary DeFilippo, Vice President and head of Eurospeed operations, said, "We are very pleased with our results to date and the enthusiastic acceptance of our products in the U.S. market. We are developing a nationwide network of successful, well-financed automobile dealers who are eager to add the Eurospeed products to their existing lines, and we expect to have over one hundred dealers in place by next June. I am confident that we are on pace to achieve our domestic unit sales goal of over 10,000 vehicles for our first full year of operations."

Eurospeed offers a full line of fuel-efficient scooters, motorcycles, ATVs (all-terrain vehicles) and utility vehicles imported from select contract manufacturers in China.

Euro Group of Companies, headquartered in Port Chester, New York, with offices in Shanghai, China, and Athens, Greece, is an operating company focused on three distinct and separate businesses -- communications products, transportation products and consumer electronics and appliances -- that management believes offer unusual opportunities for revenue and profit growth.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: From time to time, information provided by the Euro Group (including but not limited to this release), statements made by its employees or information included in its filings 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, Euro Group claims 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 limitations, its Form 10-KSB and Forms 10-QSB.

Contact Information

  • Contact:
    Gary DeFilippo
    Vice President
    Phone: 914-937-3900
    Fax: 914-937-4100