SOURCE: EuroTrust A/S

December 18, 2006 06:27 ET

EuroTrust to Refurbish Folkeferie.dk Holiday Centres

COPENHAGEN, DENMARK -- (MARKET WIRE) -- December 18, 2006 -- EuroTrust A/S (NASDAQ: EURO) today announced that Aktiv Gruppen Holding A/S (a wholly owned subsidiary of EuroTrust) has entered into an agreement with Folkeferie.dk (Dansk FolkeFerie) wherein Aktiv Gruppen will be responsible for the development of between 6 and 8 of Folkeferie.dk's holiday centres in Denmark over the next 2-3 years. Aktiv Gruppen will be responsible for the preparation of plans for the centres' renovation, developing a plan for optimisation of future operations and for expansion and sale of additional units at the centres. Folkeferie.dk will retain its role as owner and operator of the centres. As compensation for its role in the development of the centres, Aktiv Gruppen will receive a commission on the future sale of the centres as well as a portion of the profits from the development of the centres.

The purpose of the agreement is to upgrade the centres to modern standards, making them more attractive as holiday destinations for both Danes and visitors from abroad, thereby maintaining Folkeferie.dk's status as one of Denmark's leading holiday centre operators.

The agreement provides an attractive development portfolio for Aktiv Gruppen, without requiring Aktiv Gruppen to make a capital investment to purchase the holiday centres, thereby offering Aktiv Gruppen a relatively low risk means of potentially generating significant future earnings.

The agreement includes Danish holiday centres all with prime coastline locations at Vigsø, Saeby, Karrebaeksminde, Sandvig, Gilleleje and Marienlyst and may be expanded to include the centres at Løjt and Elsinore (Helsingør), provided certain pre-conditions are fulfilled. The agreement includes a total of approximately 1,000 holiday units, comprising existing units to be renovated and new units to be constructed, and includes either a rebuilding, renovation or extension of the existing centre facilities.

"That Folkeferie.dk has selected us as cooperation partners is of great importance to our market position in the field of Danish holiday projects, and we consider this to reflect positively on the success of our previous projects," says Bo Kristensen, EuroTrust's CEO. "In our opinion, this new working relationship will be of great importance to the Danish holiday market for years to come as we -- via this agreement -- will participate in enhancing a considerable number of those holiday centres as attractive holiday destinations. We are very much looking forward to working closely with Folkeferie.dk, an experienced holiday centre operator, to the mutual benefit of both parties."

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 are 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 7550 2475
    Email Contact