Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the registrant [ ] Filed by a party other than the registrant [x] Check the appropriate box: [ ] Preliminary proxy statement [ ] Definitive proxy statement [x] Definitive additional materials [ ] Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12 Europa Cruises Corporation - --------------------------------------------------------------------------- (Name of Registrant as Specified in Its Charter) Brian D'Isernia, Vance P. Shaw, O. Glenn Williams and Jerry Chalmers McCall - --------------------------------------------------------------------------- (Name of Person(s) Filing Proxy Statement) Payment of filing fee (Check the appropriate box): [x] No fee required. [ ] $500 per each party to the controversy pursuant to Exchange Act Rule 14a-6(i)(3). [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. (1) Title of each class of securities to which transaction applies: N/A - --------------------------------------------------------------------------- (2) Aggregate number of securities to which transactions applies: N/A - --------------------------------------------------------------------------- (3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11: N/A - --------------------------------------------------------------------------- (4) Proposed maximum aggregate value of transaction: N/A - --------------------------------------------------------------------------- [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11 (a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing. (1) Amount previously paid: N/A - --------------------------------------------------------------------------- (2) Form, schedule or registration statement no.: N/A To the Shareholders of Europa Cruises Corporation: While we are impressed by the earnings report released by Europa on Friday, pardon us if we remain skeptical. Since the Company did not include even a condensed income statement or balance sheet in its press release or offer any information about the reasons for its turn-around from the first quarter, it is impossible to judge the quality of these earnings. Why should we believe that these earnings reflect the profitable operation of the Company and not just a one-time event? If the Company is going to issue mid-quarter earnings releases in the middle of a proxy contest, the shareholders deserve more than selective disclosure. The scant information provided by the Company raises many questions. How many cruises did the Company run? How many passengers did the Company carry? What was the average revenue per passenger? Based on the revenues reported by Company, it looks to us like second quarter revenues will be lower than the first quarter. This suggests that the increase in earnings came from expense reduction. Can we expect this to be a permanent decrease, or is this an "accounting" issue? Or does the Company generally recognize its expenses in the third month of the quarter? While we're at it, let's not forget the balance sheet. The Company points out its cash position (which has changed little since March 31) and its payables (which appear to have decreased by two-thirds since March 31). However, these are not all of the items which comprise current assets and current liabilities. Once again, selective disclosure hides the true picture. If the Company included all of its current liabilities, we would be shocked if we did not continue to see a working capital deficiency. Furthermore, we question whether a comparison of payables at July 2 to March 31 is appropriate, since the Company may have significant payables that come due in the third month of the quarter. Management's attempt to convince you that they've made the Company profitable is unconvincing. We urge you again to join us in removing the current Board of Directors. If you have not already done so, please sign, date and return your BLUE proxy card(s) today. If you own your shares in street name (i.e., in the name of a brokerage firm) please call your broker to expedite the voting of your shares. Sincerely, The Coalition of Concerned Shareholders of Europa Cruises Corporation