SOURCE: EuroTrust A/S

May 03, 2007 11:51 ET

EuroTrust A/S - Intention to Delist From NASDAQ and Seek AIM Admission

KOLDING, DENMARK -- (MARKET WIRE) -- May 3, 2007 -- EuroTrust A/S (NASDAQ: EURO) today announced that:

(i)   its Board has approved taking the necessary legal and regulatory
      steps to seek the termination of its American Depositary Receipt
      (ADR) programme, the voluntary delisting from the NASDAQ Stock Market
      (NASDAQ) and the termination of its US Securities and Exchange
      Commission (SEC) registration (it is intended that such delisting
      will take place on 29 May 2007);

(ii)  the Company will be applying for admission to London's AIM market for
      its ordinary shares.  It is intended that admission will take place
      on 30 May 2007, the date following that on which the NASDAQ listing
      is expected to be terminated; and

(iii) an EGM has been called for 18 May 2007 at which resolutions will be
      voted upon by shareholders of the Company for a series of changes in
      the constitution and composition of the Board of Directors, with the
      overall intention of conforming the Company's internal governance
      standards to those expected by London market investors.  An EGM
      agenda and proxy will be mailed to ADR holders today containing
      details of the proposed changes.
The NASDAQ delisting, AIM admission and termination of the Company's SEC registration are subject to a number of regulatory actions.

Bo Kristensen, CEO of EuroTrust, said today, "AIM is a natural market for an exclusively European based business with a predominantly European investor base. The intended move from NASDAQ to AIM will, I believe, facilitate greater liquidity and investor interest in EuroTrust's growth story and will facilitate the financing of the Company's ongoing development."

The Company's ADRs have been listed on NASDAQ and registered with the SEC since August 1997 when the listing and registration were identified as an important milestone in the continued development of the Company. However, the Board believes that there are now a number of reasons for delisting its securities from NASDAQ, admitting its securities to AIM, terminating the ADR programme and terminating its registration with the SEC:

--  the ongoing costs of complying with SEC reporting and other related
    requirements are considered to be too high;
    
--  EuroTrust is a European company with primarily European investors and
    the proposed changes will enable to the Company to focus on the European
    market; and
    
--  The market opening hours for AIM are  more appropriate than those of
    NASDAQ for its shareholders, who are mainly based in Europe.
    
Given these reasons, the Company believes that it is no longer cost-effective nor in the best interests of the Company and its shareholders as a whole to maintain the NASDAQ listing, the ADR programme or the registration with the SEC.

About EuroTrust A/S:

EuroTrust (NASDAQ: EURO) owns European property and property development businesses and wind energy farms. More information about EuroTrust and its subsidiaries is available at www.eurotrust.dk

Statements in this announcement other than historical data and information constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties that could cause EuroTrust's actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others: (a) economic and other factors that could affect the development and sales of properties such as (i) a downturn in the housing market in Denmark or Norway, (ii) delays in obtaining necessary governmental permits and approvals, and (iii) delays in the construction of housing units; (b) factors that could impact the development and sale of wind energy such as (i) the availability of wind energy turbines for the development of new wind farms, (ii) the market price of electricity, and (iii) the amount of wind in any year; (c) the potential unforeseen impact of offerings from competitors; (d) our ability to raise additional capital to finance our growth aspirations; (e) our ability to control costs and expenses; and (f) general economic, political and labor conditions More information about potential factors that could affect the company's business and financial results is included in EuroTrust's filings with the Securities and Exchange Commission, including in the company's Annual Report on Form 20-F for the year ended December 31, 2005 and quarterly reports on Form 6-K. EuroTrust undertakes no obligation to update any of the forward-looking statements after the date of this press release.

Contact Information

  • EuroTrust Contact:
    Bo Kristensen
    CEO EuroTrust
    +45 7696 6000