Eurospeed, Inc. Announces Western Europe Exclusive Distribution Agreement with Parallel Intelligent Transportation, LLC for Gasoline and Electric-Powered Motor Scooters/Cycles

PORT CHESTER, N.Y.--Euro Group of Companies, Inc. (Pink Sheets: EGCO) announced today that Eurospeed, Inc., the Company’s transportation products subsidiary, has entered a five-year exclusive distribution agreement with Parallel Intelligent Transportation, LLC, for the marketing and sale of Eurospeed products in Spain, Portugal, France, the Netherlands, Belgium, Switzerland and Italy (the “Territory”).

Parallel Intelligent Transportation, LLC, a unit of The Parallel Group, based in Jericho, NY, has secured exclusive distribution rights for the sale of Eurospeed’s gasoline scooters/motorcycles and newly-introduced, energy efficient, “Green Line” of electric powered motor scooters/motorcycles in the Territory. The company has agreed to a sales quota of at least 10,000 units sold in the Territory by year-end 2010; and a minimum of 74,500 units over the life of the agreement, with the expectation for exponential growth thereafter.

Parallel Intelligent Transportation, LLC is currently the exclusive distributor for Eurospeed products throughout India and assembly plants are under development in Kerala and New Delhi for the purpose of direct distribution throughout the Indian Sub-Continent.

“The seven Western European countries that comprise our exclusive Territory currently account for annual scooter sales in excess of one million units, and we anticipate that our distribution network, innovative design, eco-friendliness, outstanding quality, and competitive pricing will allow us to quickly seize market share,” said Erik Mallon, Chief Executive Office of Parallel Intelligent Transportation. “Furthermore, we anticipate scooters/motorcycles worldwide sales to increase 12 to 15 percent over the next 2-3 years, and Parallel Intelligent Transportation will be poised to capture a significant portion of that growth in EU with our new “Green Line” of products.”

All Eurospeed models are fully approved for over-the-road use throughout the European Union. It is our intention to establish a complete assembly facility in the United States so that we can offer our European distributor network and partners the option of receiving Eurospeed products assembled in the United States or directly from the factory in China,” added Mallon..