PORT CHESTER, N.Y., March 3, 2010 (GLOBE NEWSWIRE) -- Euro Group of Companies, Inc. (Pink Sheets:EGCO) announced today that Europhone, the Company's telecommunications products and services subsidiary, has entered into an agreement with Global Master Corp., a subsidiary of Kingsway Trading Corporation, a New York company with over 25 years experience in distributing products and services to pharmacies, to market its EUGRO brand calling cards through a network of over 550 pharmacies in the Northeast.
The initial order for 200,000 calling cards, with face values of $2.00; $5.00; $10.00; and $20.00, is valued at approximately $2,000,000. As in the case of all calling card sales, Europhone recognizes revenue from the sale upon activation of the card by the vendor. The Eugro calling card is a "clean" card, with no hidden fees or charges, and offers very attractive rates for international calling.
The international calling card industry accounts for over ten billion dollars in sales each year, and continues to grow at a better than 10% rate per annum.
Euro Group of Companies, Inc., 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 – telecommunications 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 of Companies (including but not limited to this releases), 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.