SOURCE: EuroTrust A/S

February 13, 2007 10:43 ET

EuroTrust Obtains DKK 250 Million Bridge Loan Facility

COPENHAGEN, DENMARK -- (MARKET WIRE) -- February 13, 2007 -- EuroTrust A/S (NASDAQ: EURO) today announced that it had entered into an agreement which will provide the Company with a bridge loan facility of up to DKK 250 million ($43,486,607). The terms of the loan facility provide that the Company may draw down on the facility at any time prior to October 1, 2007 with total amount borrowed being payable on March 31, 2008 with possibility to prolong the loan facility until September 30, 2008. 20% of the amount or the first DKK 50 million ($8,697,321) borrowed by the Company can be converted into ordinary shares of EuroTrust at a price of $13.93 per share (the closing price per share on Nasdaq on February 12, 2007). The lender is Erik Damgaard Portefoeljeinvest A/S or order -- a company owned by Erik Damgaard the Chairman of the Board of EuroTrust.

The Company will utilize the proceeds of this facility to accelerate its completion of various wind farm projects currently under development in Poland, Italy, Germany and new Eastern European countries.

Bo Kristensen, CEO of EuroTrust said, "We have decided to raise these funds through borrowings in order to reduce the dilution to our stockholders from the sale of new shares at a time when we believe that the shares of EuroTrust are undervalued in the public marketplace. We expect to use most of these funds to purchase wind turbines which we anticipate will enable us to have an additional approximately100 MW in operation."

EuroTrust also announced that after the completion of its due diligence in regard to the proposed acquisition of JBH Gruppen A/S, it has decided not to proceed with the acquisition.

About EuroTrust A/S:

EuroTrust (NASDAQ: EURO) EuroTrust 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; and (c) 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
    Email Contact