PORT CHESTER, N.Y., March 24, 2010 (GLOBE NEWSWIRE) -- Euro Group of Companies, Inc. (Pink Sheets:EGCO) announced today that Eurokool, Inc., the Company's consumer appliance and electronics subsidiary, has received orders with an aggregate revenue value of approximately $300,000 for the delivery of 12,000 BTU split-system air-conditioning and heating units. The Company expects to deliver these first units in April.
Eurokool, Inc. has entered a supply agreement with a major Chinese industrial company for the private label manufacture of split-system air-conditioners for the U.S. market. Split-system air-conditioners offer all the heating and cooling advantages of central air and heating systems without the costly and disruptive installation of ductwork. Eurokool's plan is to sell 3,000 – 4,000 split system air-conditioners in the United States in 2010. To support Eurokool in its marketing efforts the Company's manufacturer in China has made available a $1,000,000 line of credit for the Company.
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.