UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  FORM 10-KSB/A


(Mark One)

|X|  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

                   For the Fiscal Year Ended December 31, 2006

|_|  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

       For the Transition Period from           to
                                      ----------   ----------

                        Commission File Number 000-29805


                          EURO GROUP OF COMPANIES, INC.
                  --------------------------------------------
                 (Name of Small Business Issuer in Its Charter)

           Delaware                                               13-4070586
 ------------------------------                               -----------------
(State or Other Jurisdiction of                              (I.R.S. Employer
 Incorporation or Organization)                              Identification No.)


                          Euro Group of Companies, Inc.
                              181 Westchester Ave.
                             Port Chester, New York                10573
                     --------------------------------------       --------
                    (Address of Principal Executive Offices)     (Zip Code)



                      Previous name:   ICT Technologies, Inc.

                    Issuer's Telephone Number: (914) 937-3900

        Securities registered pursuant to Section 12(b) of the Act: None

          Securities registered pursuant to Section 12(g) of the Act:

                     Common Stock, par value .001 per share

     Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12
months (or for such shorter period that the issuer was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days. Yes |X| NO |_|

     Check if there is no disclosure of delinquent filers in response to Item
405 of Regulation S-B contained herein, and none will be contained, to the best
of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB. |_|

     Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b.2 of the Exchange Act): Yes |_| NO |X|

     The issuer's revenues for its most recent fiscal year were: $161,348

     The aggregate market value of the voting Common Stock held by
non-affiliates of the issuer, based on the closing sales price of $0.20 per
share, was $4,010,142 as of June 30, 2007, and non-voting equity is issued.

     At June 30, 2007, the registrant had outstanding 98,697,384 shares of
Common stock, par value .001 per share.

     Transitional Small Business Disclosure Format (check one): Yes |_| NO |X|

<PAGE>


                               TABLE OF CONTENTS

                          EURO GROUP OF COMPANIES INC.

                                TABLE OF CONTENTS


                                                                            Page
                                                                            ----

PART I

Item 1  Description of Business                                                1
Item 2  Description of Property                                               10
Item 3  Legal Proceedings                                                     10
Item 4  Submission of Matters to a Vote of Security Holders                   11


PART II
                                                                              12
Item 5  Market for Common Equity and Related Stockholder Matters              12
Item 6  Management's Discussion and Analysis or Plan of Operations            13
Item 7  Financial Statements                                                  22
Item 8  Changes in and Disagreements with Accountants on Accounting
        and Financial Disclosure                                              24
Item 8A Controls and Procedures                                               24
Item 8B Other Information                                                     24


PART III

Item 9  Directors, Executive Officers, Promoters and Control Persons;
        Compliance with Section 16(a) of the Exchange Act                     25
Item 10 Executive Compensation                                                27
Item 11 Security Ownership of Certain Beneficial Owners and Management        27
Item 12 Certain Relationships and Related Transactions                        28
Item 13 Exhibits and Reports on Form 8-K                                      28
Item 14 Principal Accountant Fees and Services                                28

Signatures                                                                    29
Index to Consolidated Financial Statements                                    23
Financial Statements                                                         F-1
Description of Exhibits

                                        i

<PAGE>


                                     PART I

                   FORWARD-LOOKING AND THIRD PARTY STATEMENTS


     Certain of the statements made herein are deemed and intended to be
"forward-looking statements" and are intended to qualify for the safe harbors
from liability established by the Private Securities Litigation Reform Act of
1995. These forward-looking statements can generally be identified as such
because the context of the statement will include words such as "believes,
"intends," "anticipates," "expects," "hopes," or "estimates" or words of similar
meaning. Similarly, statements that describe Euro Group of Companies, Inc.
(formerly ICT Technologies, Inc.) future plans, objectives, marketing and brand
development, acquisitions, targets or goals are also forward-looking statements.
Specifically, and without limitation, some uncertainties that necessarily
require the use of such forward looking statements include:

     o    Our ability to raise additional capital to develop operations and
          satisfy our contracts,
     o    Our ability to brand and market our "Eugro" and "Euro" family of
          products,
     o    Our ability to compete in the prepaid mobile telephone, wireless
          telecom hardware, sim chip or calling card businesses which will
          require us to continually introduce, manufacture and sell new products
          and services at competitive prices,
     o    Our ability to successfully create a distributor network for our
          electronic sales and to timely deliver flat screen television and
          other merchandise from time to time,
     o    Our ability to successfully penetrate the motorcycle and motor scooter
          markets and to develop and maintain a sales distribution network,
     o    Our ability to maintain relationships with manufacturers in the
          People's Republic of China and elsewhere, and
     o    Our ability to attract and retain key personnel.

     Such forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from those
anticipated as of the date of this report. Shareholders, potential investors and
other readers are urged to consider these factors in evaluating the
forward-looking statements and are cautioned not to place undue reliance on such
forward-looking statements. The forward-looking statements included herein are
only made as of the date of this report, and Euro Group of Companies, Inc.
(formerly ICT Technologies, Inc.) and its management undertake no obligation to
update such forward-looking statements to reflect subsequent events or
circumstances.

Item 1. Description of Business


     Unless the context requires otherwise, all references to "Euro Group of
Companies, Inc.", "ICT Technologies", the "Company," "we," "us" or similar terms
include Euro Group of Companies, Inc.( formerly ICT Technologies, Inc.) together
with its wholly owned subsidiaries, namely: Europhone USA, LLC a New York
limited liability company ("Europhone"); Eurokool Inc., a New York corporation,
("Eurokool"); and Eurospeed Inc., a New York corporation ("Eurospeed"). Unless
otherwise stated, all references to the Company's activities, results of
operations and financial condition prior to May 9, 2002 relate to Europhone USA,
Inc. which is the business predecessor of the Company for accounting purposes.

                                BUSINESS OVERVIEW

Background


     Euro Group of Companies, Inc. (formerly ICT Technologies, Inc.) is a
holding company for subsidiaries that sell the "Euro" and "Eugro" families of
products and services. We operate in three separate businesses, prepaid cellular
phones and calling services, motor scooters and motorcycles and consumer
appliances, primarily through our subsidiaries created for these operations. Our
Europhone subsidiary operates our prepaid calling, worldwide sim chip and other
telephony related products and services and owns the rights to the Europhone
trademarks, the "Eugro World" sim and related sim cards and services. Our
Eurospeed subsidiary operates our motorcycle and scooter operations and holds
the Eurosopeed related trademark. Our Eurokool subsidiary and Euro Group of
Companies, Inc. (formerly ICT Technologies) itself operates our air conditioner,
plasma television and other electronics related and related manufacturing and
sales activities.

--------------------------------------------------------------------------------
                                        1
--------------------------------------------------------------------------------

<PAGE>


     Euro Group of Companies, Inc. (formerly ICT Technologies, Inc.) was
organized as a Delaware corporation on May 27, 1999 and is the successor by
merger to a New York corporation formed on February 8, 1994.

     While we began operations as a calling card and related pre-paid telephony
service business, in 2005, we expanded our focus on the development of plasma
televisions, air conditioning and other electronics and motor scooters, all
under the "Eugro" or "Eurospeed" brand names. For this reason, among others,
there were no revenues in 2005. Additional specific information about our
Company and each business is set forth below under "Business."

     In 2002, the Company acquired Europhone, Inc., Eurokool and Eurospeed from
Mr. Vasilios Koutsobinas in exchange of shares of stock (the "2002
Transaction"). The terms of the 2002 Transaction were amended in April 2003 to
include the contribution by Mr. Koutsobinas to the Company of 100% ownership
interest in Europhone USA. As part of the 2002 Transaction, Mr. Koutsobinas
transferred to the Company 100% ownership interest in Eurospeed, Inc. and
Eurokool, Inc., which did not have significant operations at the time of the
transfer. At the time of the 2002 Transaction, our acquired subsidiaries were
subject to various distribution agreements relating to the sale of long distance
and internet services and to the manufacture and distribution of air
conditioners, motorcycles and mobile telephone services, which are described
more fully below. Certain of these distribution arrangements have since been
terminated as we have begun to focus our business on pre-paid mobile services
and sim chips and on establishing manufacturing arrangements for our air
conditioners and scooters.

     As a result of the 2002 Transaction and subsequent contribution of
Europhone USA, Inc., Mr. Koutsobinas was issued 78,000,000 shares of our common
stock.

     The Company's principal executive office is located at 181 Westchester
Avenue, Port Chester, New York 10573 and its telephone number is (914) 937-3900.
Information about Euro Group of Companies, Inc. (formerly ICT Technologies) may
be found on its website at "www.icttechnologies.com." Information found on the
Euro Group of Companies, Inc. (formerly ICT Technologies) website should not be
considered part of this annual report on Form 10-KSB and should not be relied
upon in evaluating the Company.

Business


     Our revenue in 2006 was $161,348, resulting primarily from the sale of 300
scooters by Eurospeed ($144,630) and sales of cellular phones and
telecommunications services by Europhone ($16,718) in 2006. We had no revenues
in 2005. ICT Technologies is anticipated to have revenues in prepaid cell phones
(Europhone USA), motorcycles and scooters (Eurospeed), air conditioning units
(Eurokool) and plasma televisions in 2007.

     A description of our three main developing businesses, our Europhone
Business, our Eurospeed Business and our Eurokool Electronics Business follows:

Europhone Business


     Our Europhone business is comprised primarily of services that revolve
around or supplement our prepaid mobile telephone services business. Europhone
markets phones and related hardware and sim chips under the Eugro, Eugro Mobile
and Europhone brand names. Europhone owns the trademark "Europhone." Olympic
Telecom, Inc., an entity owned by our C.E.O., owns the rights to the Eugro
trademark and licenses the same to us for nominal value. Neither we nor Olympic
Telecom have applied for a trademark for "Eugro Mobile."

     As of December 31, 2006, the Company generated revenues of $16,718 from the
sale of CDMA and GSM prepaid mobile phone cards and long distance service. These
are delivered to the dealers essentially on a prepaid basis. A description of
our telecommunications services follows:

Telephones


     Europhone entered into an agreement on June 1, 2002, with Ningbo Bird
Corporation Ltd. of the People's Republic of China (the "PRC") to distribute
mobile telephones manufactured by them. The rights under this agreement comes
into effect if and when the first shipment of mobile telephones is sent to us,
at which time we were to obtain the exclusive right to distribute specified
models of mobile phones manufactured by Ningbo Bird Corporation Ltd. outside the
PRC through June 1, 2007. Europhone agreed to purchase a minimum of 500,000
mobile phones per year (or 40,000 per month) during the term of the agreement;

--------------------------------------------------------------------------------
                                        2
--------------------------------------------------------------------------------

<PAGE>


if Euro Group (formerly ICT Technologies) purchases less than 400,000 mobile
phones each year (or 30,000 per month), the agreement provided that it can be
terminated automatically by Ningbo Bird Corporation Ltd. This agreement has been
terminated in accordance with its expiration terms on June 1, 2007. However, we
have received verbal assurance from Ningbo that the minimum purchase
requirements will not be enforced for past periods.

     Europhone has, as of July 3, 2007, entered into a contract with Hisense
Communications Limited of Quindao, China for the purchase by Europhone of dual
sim card tri-band cellular phones for our prepaid cellular business, to be sold
in the United States, Greece, Cyprus, Spain, the United Kingdom, Bulgaria and
Dominican Republic. Our right to sell duel mode cellular phones in these
territories becomes exclusive if we are able to sell 20,000 units within 3
months after delivery of our first samples in these countries. This agreement
provides that the supplier will provide us with an additional two percent of the
total quantity of phones acquired, free of charge, to cover replacement costs
and warranties. While we have not begun tests or sales of these products, we
believe that these extra phones will be sufficient to cover warranty returns.
Under this agreement, we are required to make a 30% down payment for all
purchase orders and maintain an irrevocable transferable letter of credit to
secure payment of the remaining amount upon receipt. We intend to focus on
production of prepaid cellular phones as opposed to standard "carrier" cellular
phones.

     In addition, Europhone has entered into an exclusive distribution agreement
with Parallel No Limit, Inc. ("Parallel") as of March 28, 2007, pursuant to
which, among other things, we granted to Parallel the right to sell our prepaid
cellular phones and services in the United States, subject to certain increasing
minimum sales thresholds and the Company's right to make direct sales or sales
through store owned operations. This agreement was also terminated in 2007 prior
to any sales being made.

     We have numerous other agreements with distributors for the sale and
distribution of our prepaid cellular phones. We are not dependent on any one or
few distributors for our success.

Long Distance Service


     We also provide long distance calling service for both home and mobile
users via our sales of phone programs. Long distance service is provided through
Europhone. PowerNet Global is a direct-billed service, which means that
customers receive a statement each month for their service. Long distance
service affords customers the benefit of a minimum 6-second call length, which
represents an attractive selling point. Customers are not charged for hang-ups
or incorrectly dialed numbers when a call is terminated prior to 6 seconds
elapsing. Furthermore, per minute charges for domestic long distance service are
3.9 cents per minute, with no monthly fees or charges applicable whatsoever.

     Pursuant to our agreement with PowerNet Global, we are entitled to a
percentage of the amount billed to and collected from long distance customers
sourced by us. We receive a net payment each month for our share of long
distance revenues. Although we have not used distributors in our long distance
business to date, it is expected that if such distributors are used, they would
be paid a portion of the revenues realized by Euro- phone on a pass-through
basis. Our agreement with PowerNet Global for the provision of long distance
service can be terminated by PowerNet Global on 30 days notice.

     We do not intend to focus our business on institutional long distance
service.

Prepaid Calling Cards


     Our prepaid mobile cards are a product that allows users to purchase, in
advance, a designated amount of local and long distance minutes to make calls
from mobile cellular phones, without having to worry about having the correct
amount of change or being subject to call surcharges. The cards are purchased in
denominations of from $10 to $150. Each prepaid mobile card bears a
confidential, individual personal identification number that is activated prior
to the sale of the card and is revealed to the end user through a "scratch-off"
procedure. The card can be used until air time charges equal the total value of
the card. We believe that printers able to print these cards and the telephony
long distance courier services are both available from numerous sources.

--------------------------------------------------------------------------------
                                        3
--------------------------------------------------------------------------------

<PAGE>


Eugro World Sim


     We also recently developed and are making and selling, what we believe is a
unique sim chip, which is a cell phone insert that can be utilized throughout
the world. This will enable a cellular phone use to maintain one phone number
during international travel. We intend to focus a material portion of our
business on this product.

     Revenue is earned upon receipt of payment for a prepaid card regardless of
whether all the time is used as prepaid cards are non-refundable.

Internet (ISP) Service


     The Company no longer provides internet service.

Eurokool Electronics Business under Eugro and Eurokool Brands


     In addition to cellular phones designed for the pre-paid market segment
that we sell under the Eugro name, we also established arrangements with
manufacturing sources in China and Korea to begin to manufacture consumer
electronics and appliances for us, which we intend to sell under the Eurokool
and Eugro brand names. All operations going forward in this segment of our
business will be through a single entity, Eurokool, so as to take advantage of
electronics distribution arrangements and name brand recognition and other
benefits that result from the economies relating to shipments to similar end
retailers of our electronic products. Our Eurokool subsidiary owns the "Eurokool
TM " trademark. We do not have revenues from these products in 2005 or 2006.

Flat Panel Televisions -- Eugro


     The Company has recently ordered flat screen televisions from 26" to 82"
from our Korean manufacturer. In all, we acquired flat panel televisions of
varying sizes and picture quality, including full HD LCD televisions. Our total
cost of this purchase, plus shipping, storage and insurance costs is anticipated
at approximately $1,500,000. We have not entered into any definitive
distribution agreements for these televisions yet, but intend to utilize
distribution networks to distribute these electronics initially through
retailers in the northeastern United States and in Europe. We do not believe
that alternative manufacturers of these television products are readily
available at competitive prices, however, we regularly seek alternative
suppliers for our products.

Air Conditioners -- Eurokool


     Eurokool has also entered into agreements for the distribution of air
conditioners manufactured under the "Eurokool" brand name, by two major
suppliers in the PRC, Guangdong Chigo Air Conditioning Co., Limited ("Chigo")
and Guangdong Richvast Group Company, Limited ("Richvast"). These air
conditioners include split unit (which also serve as heaters since they are
capable of blowing hot air), window, and floor unit models. Both manufacturers
produce units that are comparable in cooling capacity and incorporate
high-quality compressors supplied by Mitsubishi and Hitachi, respectively. The
models produced by Richvast include enhanced decorative features, which are
geared toward purchasers. We do not currently have alternative manufacturers for
these Eurokool products and do not believe that manufacturers are readily
available. We regularly investigate the viability of utilizing and evaluate
manufacturing facilities for this product.

Contract with Chigo


     The Eurokool manufacturing and distribution agreement with Chigo was
entered into in January 31, 2002 and renewed on January 31, 2007 for a term
ending on January 31, 2012. The material terms of this agreement are as follows:

     o    We were appointed as the sole agent for the distribution of Chigo
          products bearing both the "Chigo" and "Eurokool" brand names in North,
          South and Central America, and parts of Europe, except that
          distribution is only permitted under the "Eurokool" brand name in
          countries or regions where sales of "Chigo" branded products have
          already taken place, namely China, Greece and certain other countries.

     o    We agreed to purchase a minimum of 200,000 air conditioners in the
          year ending December 31, 2003 and must increase our purchases by 50%
          in each contract year thereafter.

--------------------------------------------------------------------------------
                                        4
--------------------------------------------------------------------------------

<PAGE>


     o    The price for the air conditioning units is negotiated by the parties
          in connection with each purchase order.

     o    Chigo provides a one-year workmanship warranty on its products, with a
          five year warranty on the quality of major parts (e.g., compressor,
          fan motor, electric board, remote controller, etc.).

     While we have received verbal assurance from Chigo that the minimum
purchase requirements will not be enforced for past periods, there can be no
assurance that such forbearance will continue and said agreement has not been
terminated by them to date. The Eurokool products have a one year warranty with
five year warranty on the compressor. Chigo is required to provide us with
replacement parts under warranty, free of charge.

Contract with Richvast


     In 2003 Eurokool entered into a distribution agreement with Richvast which
 terminates in August 2007. The material terms of this agreement are as follows:

     o    we paid, in 2003, $55,000 in exchange for 500 split system air
          conditioners which will be delivered pending Underwriters Laboratories
          (UL) approval.
     o    we are entitled to distribute Richvast products worldwide with the
          exclusive right to distribute specific models of air conditioners in
          Europe under the "Eurokool" brand name.
     o    We agreed to purchase a minimum of 80,000 air conditioners per year
          (or 6,667 per month) during the term of the distribution agreement.

     The price for the air conditioning units is negotiated by the parties in
connection with each purchase order.

     However, Euro Group of Companies, Inc. (formerly ICT Technologies) has
received verbal assurance from Richvast that the minimum purchase requirements
will not be enforced for past periods, but there is no assurance that such
forbearance will continue.

Conditions to Sales of Air-conditioners


     Before sales of any air conditioner models from either factory can commence
in the United States, we will need to secure Underwriters Laboratories (UL) and
other appropriate government and agency regulatory approvals. Through June 2007,
five models of air conditioners have such UL listing approval, but no sales have
occurred. If we do not obtain these approvals we will be materially and
adversely affected.

     We do not currently have any distribution agreements, or sales orders, for
our Eurokool television or air conditioning products.

Eurospeed Motorcycle and Scooter Business


     Though our manufacturing relationships in the PRC, we began to manufacture,
import and sell motorcycles and scooters in the United States and Europe. In
2006 we sold 300 scooters in Europe through various distributors. Since early
2007, we received orders for an additional 1,850 scooters and motorcycles for
sale in the United States. In addition, Eurospeed entered into an Exclusive
Distribution Agreement on May 19, 2006, with Eurospeed USA, Inc., an entity that
is an affiliate of Healy Ford of Ansonia, a Ford dealership headquartered in
Connecticut with over 1,000 distributors located in the northeastern United
States, providing for the sale of our motorcycles and scooters under the
"Eurospeed" brand names in the United States and Israel on an exclusive basis.

Exclusive Distribution Agreement


     On May 19, 2006, our subsidiary, Eurospeed, entered into the Exclusive
Distribution Agreement with Eurospeed USA, Inc., located in Ansonia,
Connecticut, as described above. Eurospeed USA, Inc. is an affiliate of Healy
Ford of Ansonia, Inc., a Ford dealership located in the Northeastern United
States. We have not made sales under this contract yet. As this contract
provides for exclusivity in the United States and Israel, we are dependent on
Eurospeed USA, Inc. for our success in this sector.

--------------------------------------------------------------------------------
                                        5
--------------------------------------------------------------------------------

<PAGE>


     We have since entered into manufacturing agreements with Qianjiang
Motorcycles Group, Ltd. and Zhejiang Lingtian Motorcycle Co., Ltd. for
manufacture of our scooters and motorcycles under the Eurospeed name.

Supply and Sale Terms

Eurospeed and Eurokool Supply and Sale Terms


     Our terms for purchases are generally as follows:

     o    we must pay for the air conditioners upon delivery to our port in the
          United States, secured by a letter of credit,
     o    we must pay for our televisions upon delivery to our designated port
          F.O.B. Los Angeles with no letter of credit required,
     o    we pay 25% upon placing an order for motorcycles and scooters, and are
          required to pay the remaining amount upon receipt of payment from our
          distributors, with no letter of credit required.

     All sales under our distribution agreements are settled in US Dollars.

     Our payment terms are subject to change and may be changed to require
placement of Letters of Credit if our vendors or suppliers change or if our
vendors' policies change.

Europhone Supply and Sale Terms


     We pay for all calling time under our sim chips in advance. Distributors of
prepaid sim chips are invoiced when the cards are sold to them, however, we pay
for calling card services only when we activate those cards upon sale to
distributors. It is expected that distributors engaged by Euro Group of
Companies, Inc. (formerly ICT Technologies) will make payment for distributed
products under a variety of terms including bank guarantees, T/T (similar to
cash on delivery), letters of credit, and/or company credit, at management's
sole discretion.

     Our supply sources and terms can be found in the respective subsections of
this "Business" section that apply to each of our business sectors and in or
management discussion and analysis section below.

United States Department of Transportation VIN Numbers


     As of April 2007, we obtained a license from the United States National
Highway Traffic Safety Administration to manufacture motorcycles and scooters
for complete street use pursuant to the United States CFR 49 Part 565. In
connection with such license we have been designated the use of motor vehicle
"VIN Numbers" beginning with the digits "1E9." Without this designator, we will
not be able to sell vehicles in the United States and will be adversely
affected.

Sales, Distribution and Marketing


     We have six (6) employees (other than our officers) involved in sales and
marketing. We plan to engage independent distributors under exclusive and non
exclusive distribution arrangements, such as our agreement with Parallel, to
increase the scope of our sales efforts. We do not anticipate that direct sales
through print, internet or other media advertisements will be material as we do
not intend to focus on this market segment. Independent distributor
relationships have been established for the sale of prepaid telephone cards with
27 distributors in 2007. These sales agreements do not have mandatory sales
quotas, however, 14 of these distributors have already placed orders to date. In
addition, we have entered into an exclusive distribution agreement with
Eurospeed USA, Inc., for sale of certain of our Eurospeed brand products through
their dealer network..

     We do not have distribution agreements in place for our Eurokool air
conditioners or television products.

     We plan to handle all the advertising and marketing programs for our
products internally and also rely on our distributors for advertising and
marketing. As we have been concentrating our efforts in introduction of new
products for operations and our Eugro World Sim products, we have not focused on
advertising or marketing since 2005 and 2006 and spent an aggregate of
approximately $19,741 in 2006 for advertising, marketing, trade shows and
related expenses.

--------------------------------------------------------------------------------
                                        6
--------------------------------------------------------------------------------

<PAGE>


Seasonality


     In general, our sales have been too infrequent to ascertain whether any
significant seasonal fluctuations in demand for its products exist. We believe,
however, that sales of motorcycles and scooters will be subject to seasonal
fluctuations with a decrease of sales to distributors generally experienced in
the industry during July, August and September and higher sales during other
months in anticipation of retail sales. We anticipate that sales of our Eurokool
products, if any, will also be seasonal, with highest sales prior to the summer
months.

Employees


     We currently have 13 full-time employees in the United States inclusive of
management. None of the Company's employees are represented by a labor union and
the Company considers its employee relations to be very good. To reduce expenses
the Company intends to utilize consultants and independent contractors paid on a
commission basis.

Government Regulation


     Numerous aspects of our operations and prospective operations are subject
to governmental regulation in the United States and abroad. Various licenses and
approvals are required to be obtained in order for Euro Group of Companies, Inc.
(formerly ICT Technologies) to distribute its products.

Motorcycles and Scooters


     The motorcycles and scooters to be distributed by our Eurospeed subsidiary
are subject to certification by the U.S. Environmental Protection Agency ("EPA")
for compliance with applicable emissions and noise standards, and by California
regulatory authorities with respect to emissions, tailpipe, and evaporative
emissions standards. Our motorcycle products have not yet been certified to
comply with these standards, however, we have applied with the EPA for these
certifications, which certifications must be renewed regularly. We believe that
Eurospeed U.S.A, our exclusive distributor in the United States, is registered
in all states that require registration to distribute motor vehicles, other then
California, Alaska and Hawaii. We have also been granted a "VIN number"
designation by the United States Department of Transportation to manufacture our
motorcycles and scooters for all road use, with a unique Eurospeed "VIN number,"
designated for all products. (See "United States Department of Transportation
VIN Numbers," above.) We will require USEPA certification of our products before
we can sell products of our own manufacture.

     Certain states have minimum product and general liability and casualty
insurance liability requirements prior to granting authorizations or
certifications to distributors, such as Eurospeed U.S.A., to sell motor vehicles
and scooters. Without this insurance neither Eurospeed U.S.A. nor we or any
other distributor are permitted to sell these vehicles to motor vehicle dealers
in certain states. We have secured a policy of $2 Million with umbrella coverage
of up to $8 million through AIG Insurance at a cost of approximately $50,000 per
year. While we believe that these policy limits will be sufficient initially in
order to qualify us to do business, the insurance requirements that are imposed
upon us may vary from state to state, and will increase if and as sales increase
or as the products we offer increase in variety. Additionally, these insurance
limits do not represent the maximum amounts of our actual potential liability
and motor vehicle liability tort claims may exceed these claim amounts
substantially. No assurance can be made that we will be able to satisfy each
state's insurance coverage requirements or that we well be able to maintain the
policy limits necessary from time to time in order to permit sales of our
products in various jurisdictions that require such coverage and, if a liability
arises, no assurance can be made that these insurance limits will be sufficient.

Air Conditioners


     Approvals have been secured by our supplying manufacturers for the sale of
all air conditioners in Europe (CE approval) and the Company has been granted,
as of mid-2007, Underwriter Laboratories (UL Listing) approvals for the sale of
five models of air conditioners in the United States. See also "Environmental
Regulation" below.

--------------------------------------------------------------------------------
                                        7
--------------------------------------------------------------------------------

<PAGE>


Reliance on Third Party Telecommunications Providers


     When we resell long distance telephone capacity, and prepaid mobile
airtime, we rely on third party carriers to comply with applicable laws and
regulations. We have no control over the manner in which these companies
operate. Domestic or foreign regulatory, judicial, legislative or political
entities may raise issues regarding the compliance of these companies with
applicable laws or regulations, or limit their ability to provide the services
Euro Group of Companies (formerly ICT Technologies) resells.

Environmental Regulation


     Federal, state and local authorities have environmental control
requirements relating to air, water and noise pollution that affect the business
and operations of the motorcycle industry. For instance, the EU regulates the
types of refrigerants that are used in air conditioning units. The Company
strives to ensure that its products comply with all applicable environmental
regulations and standards.

     We subcontract manufacturing of both our motorcycle/scooter and electronic
refrigeration and television products to companies in China and Korea. We
believe that these manufacturing facilities are in compliance with applicable
environmental regulations in the countries they are a part. However, it such
entities are not in compliance, or are unable to indemnify us, we may be subject
to liability.

     Environmental contingencies are not expected to have a material adverse
effect on our results of operations.

State and Foreign Laws


     Our products and services are distributed and/or accessible worldwide,
which require compliance with the laws of different jurisdictions. Because
certain of our services are distributed and/or accessible worldwide, many
jurisdictions may claim that we are required to comply with their laws. We
believe that we have taken all appropriate regulatory actions required to
conduct its business to date. Our failure to qualify to do business (or to have
any of our subsidiaries qualify to do business) in a jurisdiction where we are
required to do so could subject us to taxes and penalties and could result in
the inability of Euro Group of Companies (formerly ICT Technologies) to enforce
contracts in such jurisdictions.

Competition


     We face competition from large, well established and well funded companies
in each of our product and service areas. In addition, we must attempt to make
new designs of products in the market that is somewhat saturated with
established business. The following is a description of our principal
competitors and a summary of the competitive factors that are likely to
influence our success in each of these business sectors.

Competition in Telecommunications Business

Prepaid Cellular


     In addition to competition we have from GSM and CDMA mobile service
providers (i.e. conventional wireless companies), we face competition from
numerous prepaid cellular companies. Our largest competitors in the prepaid
cellular business are Virgin Mobile, Inc., Locus Communications, Inc. and
Tracfone Wireless Inc.

     It is anticipated that additional competitors will be attracted to the
prepaid card market, particularly where deregulation results in significant rate
reductions. These additional competitors include Internet-based service
providers and other telecommunications companies. Competition from existing
competitors or new market entrants could materially and adversely affect revenue
prospects.

Sim Chip Cards


     We have developed our "Eugro World Sim" card and intend to begin sales of
this card in the third quarter of 2007. While we do not believe that there are
any major competitors that offer a single chip that can be used throughout the
world at this time, no assurance can be made that competitors will not be able
to develop these types of cards in the future. We have not yet filed with the
U.S.P.T.O. for any Trademark Protection with respect to this "Eugro World" mark,
and no assurance can be made that our right to this mark will be granted or that
it will not conflict with rights of other parties.

--------------------------------------------------------------------------------
                                        8
--------------------------------------------------------------------------------

<PAGE>


     We compete with many of the largest telecommunications providers, including
Cingular, Verizon and Sprint. We compete with them for both cellular time and
prepaid calling services. We also compete with Virgin Mobile, Inc., Locus
Communications, Inc. and Tracfone Wireless Inc. and many others with substantial
resources, for sales of prepaid cellular telephone time. We believe that our sim
chip card business is also subject to competition from other providers of long
distance services, such as calling cards. These companies are substantially
larger and have greater financial, technical, engineering, personnel and
marketing resources, longer operating histories, greater brand recognition and
larger customer bases than we do. We may also compete with large operators in
other countries. We believe that our long distance and ISP services are
competitive based on price and are benefited by customer support provided by the
carriers. A general decrease in telecommunication rates charged by major
carriers could have a negative effect on our competitive position.

Mobile Telephones


     The mobile telephone market is filled with large, established competitors
such as Kyocera, LG, Motorola, Nokia, and other well-known brand names. These
companies offer a variety of telephones tailored to the unique needs of their
users. Quite often, price, quality, styling, portability, efficiency, available
services, and product features determine the competitive market factors.

Competition Relating to Motorcycle and Scooter Business


     Our scooter and motorcycle products will be a new and untried name in the
market. With respect to motorcycles and scooters, the Company competes with
Honda, Suzuki, Kawasaki, Piaggio (a/k/a Vespa) and other similar competitors. We
believe that market penetration in this segment is difficult and, among other
things, requires significant marketing and distribution expenditures.
Competition in this market is based upon a number of factors, including price,
quality, reliability, styling, product features, customer preference, and
warranties. We do not have a maintenance or safety track record. We intend to
compete based on price, with our final sales prices anticipated at roughly 50%
of the retail prices currently charged by major competitors for comparable
products. We also intend to compete on the basis of quality, service and
styling. We offer a one-year warranty on our motorcycles and scooters. We do not
have an active market supply of spare parts at this time or original equipment
manufacturers of these parts, however, our manufacturers are willing to produce
spare parts as our sales grow. We have not yet investigated the availability or
compatibility levels of parts from other manufacturers.

Competition Relating to Home Appliance Business

Air Conditioners


     With respect to air conditioners, we compete with numerous consumer
products companies such as General Electric Company, Whirlpool, LG, and other
similar competitors. We believe that in order for us to be successful we must be
able to compete effectively based on price. In addition, we believe that our air
conditioning systems are amongst the first systems to utilize ecological code
refrigerant for the European market, which is necessary for sales in Europe.

     The competitors in each of our product markets generally have financial and
marketing resources that are substantially greater than those of our own. They
also have long standing relationships with major distributors that have an
established market presence. As a result, these competitors enjoy larger
worldwide sales volumes and offer a more diverse product offering. We cannot be
certain that we will be able to compete successfully against current and future
competitors. As a strategic response to changes in the competitive environment,
pricing, service, or marketing decisions may be exercised that could have a
material adverse effect on the business, financial condition, and operating
results of the Company. Our competitors may have larger, more established
customer bases and other competitive advantages. To date we have failed to
succeed in its attempts to compete in all of our existing and planned markets.

Intellectual Property and Other Proprietary Rights


     We (or our respective subsidiaries, as the case may be) own registered
 trademarks for our Eurokool and Eurospeed and Europhone brands. Our "Eugro"
 mark has been in use by our Europhone subsidiary since 2006 and is owned by Mr.
 Koutsobinas, our CEO, however, we have not filed for trademark protection for
 this or similar brand names. Our success depends in part upon our ability to
 protect our trademarks, service mark, and trade secrets. Effective trademark,

--------------------------------------------------------------------------------
                                        9
--------------------------------------------------------------------------------

<PAGE>


service mark, and trade secret protection may not be available in every country
in which the our products and services are made available, and thus, the steps
that we take may be inadequate to protect our rights. In addition, no assurance
can be made that our marks will not conflict with marks already used by others.
If we are unable to use our marks we will be adversely affected.

     We currently hold the Internet domain names "www.icttechnologies.com", "
www.EurophoneUSA.com ", " www.GoEurospeed.com " and " www.Eurokool.com ". We
also have the rights to use the " www.Eugro.com " domain name which is owned by
our current C.E.O. Vasilios Koutsobinas.

     We may be unable to prevent third parties from acquiring domain names that
are similar to, infringe upon, or otherwise decrease the value of its trademarks
and other proprietary rights. In addition, no assurance can be made that we will
be granted trademark or trade name rights to the "Eugro World Sim" marks or,
that such mark does not conflict with existing marks of other persons, if any.

     We have entered into confidentiality and assignment agreements with its
employees and contractors, and non-disclosure agreements with parties with whom
the Company conducts business. In addition, we negotiate confidentiality and
non-circumvent provisions in our distribution agreements to the extent possible.
We do this in order to limit access to and prevent disclosure of our proprietary
information or to prevent overlap of rights among our distributors and future
distributors and with ourselves. There can be no assurance that these
contractual arrangements or the other steps taken by us to protect our
intellectual property will prove sufficient.

Item 2. Description of Property


     We occupy 2,840 square feet of office space at 181 Westchester Avenue, Port
Chester, New York 10573 which we sublease on a pass-through basis from Olympic
Telecom, Inc., an entity owned by Mr. Vasilios Koutsobinas, our Chief Executive
Officer and majority stockholder. The annual rental is $41,448 for 2006 and
increased to $44,278 for 2007. The lease is a five year lease, with a five year
option to extend with 3% per annum rate increases and initially expires January
31, 2009. We do not currently have renters or casualty insurance on this
property, but do not believe that it is necessary as we do not maintain valuable
assets at this location and do not own the property itself. We have no present
plans to lease additional space unless and until, our operations increase.

Item 3. Legal Proceedings


     The company recently obtained dismissals from certain claims and releases
terminating all active litigation with the company, as follows.

     On or about May 30, 2006, an action was commenced against certain officers
of the Company entitled Robert P. Rowe, Jr. against Vasilios Koutsobinas and
Andrew Eracleous, New York County Index No. 601899/06. The action asserted
causes of action for breach of contract in connection with a consulting
contract, negligence, corporate waste and other claims. On motion by the
defendants, the Court dismissed all claims as against Eracleous and all claims
against Koutsobinas except the claim for breach of contract. Thereafter, the
case was settled by the remaining parties without any admission of liability or
wrongdoing, in consideration for $7,867 on or about June 29, 2007. The action
has been discontinued with prejudice.

     On or about May 30, 2006, an action was commenced against certain officers
of the Company entitled Joshua Shainberg on his own behalf and on behalf of all
others similarly situated against Vasilios Koutsobinas and Andrew Eracleous, New
York County Index No. 601898/06. The action purported to be a shareholders
derivative class action by former shareholders of the Company and alleged causes
of action for negligence, dereliction of duty and conflict of interest in. After
the action was commenced, Mr. Shainberg removed himself as the named plaintiff
and William Gent was substituted in his place. This action has also been
dismissed by the Court in its entirety with prejudice.

     In addition, Joshua Shainberg and William Gent executed releases of all
potential other claims against the Company, its principals, agents, employee,
representatives, etc., including, but not limited to, Vasilios Koutsobinas,
Andrew Eracleous and Anna Aspras on June 29, 2007 for $29,267.

     On or about June 13, 2006, an action was commenced against the Company and
certain of its officers entitled Virtual Resources, Inc. and Dennis C. Hayes
against ICT Technologies, Vasilios Koutsobinas and Andrew Eracleous, New York
County Index No. 602073/06. The action asserted causes of action for breach of
contract, negligence, corporate waste and other claims. The Court dismissed all
claims as against Koutsobinas and Eracleous, as well as all claims against the
Company except breach of contract. Thereafter, this case was settled by the
remaining parties without any admission of liability or wrongdoing, and the
action has been discontinued with prejudice on June 29, 2007 in consideration
for $7,866.

--------------------------------------------------------------------------------
                                       10
--------------------------------------------------------------------------------

<PAGE>


     Crossroad Management, LLC filed a suit against our subsidiary, Europhone
USA, Inc., in the Municipal Court of Elmsford, New York for unpaid rent,
interest and real estate tax escalations in 2004 in the amount of $56,347 which
amount is included in the accounts payable and accrued expenses in the
accompanying consolidated balance sheet as of December 31, 2006. We have not
received any pleadings on this matter since initiation of this suit.

     In May 2007, EGCO (formerly ICTT) and Eurospeed, Inc. satisfied our
previous outstanding New York State Payroll Tax obligations. We are also
attempting to settle certain outstanding tax liabilities with the United States
Internal Revenue Service relating to payroll withholding taxes. The IRS claims
that total liabilities equal $334,787 as of December 31, 2006. $75,000 has been
paid to the IRS in 2006.

     There are no other material legal proceedings pending or, to its knowledge,
threatened against Euro Group of Companies, Inc.

Item 4. Submission of Matters to a Vote of Security Holders


     During 2006, no matters were submitted to a vote of the shareholders.

--------------------------------------------------------------------------------
                                       11
--------------------------------------------------------------------------------

<PAGE>


                                     PART II

Item 5. Market for Common Equity and Related Stockholder Matters


     Euro Group of Companies (formerly ICT Technologies) common stock trades on
the "Pink Sheets" under the symbol "EGCO (formerly ICTT)". Our securities are
thinly traded and previous prices are not necessarily indicative of future
prices or reflect future sales. Trading in the common stock in the pink sheets
has been limited and sporadic and the quotations set forth below are not
necessarily indicative of actual broker bids or offer prices and market
conditions. Further, these prices reflect inter-dealer prices without retail
mark-up, mark-down, or commission, and may not necessarily reflect actual
transactions. Accordingly, a public market for these securities may not be
deemed to exist at all times. The following table sets forth the per share range
of high and low sales prices of our Common Stock for the periods indicated:

Fiscal Years:




                                                  High           Low
                                              ------------- --------------
2007
June 30, 2007                                 $      0.20   $       0.06
March 31, 2007                                $      0.14   $       0.05

2006
December 31, 2006                             $      0.24   $       0.02
September 30, 2006                            $      0.07   $       0.03
June 30, 2006                                 $      0.07   $       0.02
March 31, 2006                                $      0.07   $       0.02

2005
December 31, 2005                             $      1.00   $       0.48
September 30, 2005                            $      0.28   $       0.22
June 30, 2005                                 $      1.10   $       0.38
March 31, 2005                                $      1.00   $       0.48

     As of June 30, 2007, there were approximately 271 record owners of our
common stock.

                                 DIVIDEND POLICY


     We have never paid cash dividends on our common stock and management
anticipates that the Company will retain its earnings, if any, to finance the
growth of our business.

     Shares eligible for future sale could depress the price of our common
stock, thus lowering the value of a buyer's investment. Sales of substantial
amounts of common stock, or the perception that such sales could occur, could
adversely affect prevailing market prices for shares of our common stock.

     Our revenues and operating results may fluctuate significantly from quarter
to quarter, which can lead to significant volatility in the price and volume of
our stock. In addition, stock markets have experienced extreme price and volume
volatility in recent years. This volatility has had a substantial effect on the
market prices of securities of many smaller public companies for reasons
unrelated or disproportionate to the operating performance of the specific
companies. These broad market fluctuations may adversely affect the market price
of our common stock.

--------------------------------------------------------------------------------
                                       12
--------------------------------------------------------------------------------

<PAGE>
<TABLE>
<CAPTION>
                                               EQUITY COMPENSATION PLAN INFORMATION
                                                                                (a)                 (b)                (c)
                                                                         -----------------   -----------------  -----------------
<S>                                                                      <C>                 <C>                <C>
Plan Category                                                                Number of       Weighted-Average       Number of
                                                                             Securities       Exercise Price        Securities
                                                                               to Be                of               Remaining
                                                                            Issued upon         Outstanding        Available for
                                                                             Exercise of         Options,         Future Issuance
                                                                            Outstanding          Warrants          Under Equity
                                                                         Options, Warrants         and             Compensation
                                                                             and Rights           Rights         Plans (Excluding
                                                                                                                    Securities
                                                                                                                   Reflected in
                                                                                                                    Column (a))
                                                                         -----------------   -----------------  -----------------
Equity compensation plans approved by security holders (1)                      -0-                n/a                 -0-
                                                                         -----------------   -----------------  -----------------
Equity compensation plans not approved by security holders (2)                  -0-                n/a                 -0-
                                                                         -----------------   -----------------  -----------------

Total                                                                           -0-                n/a                 -0-
                                                                         =================   =================  =================

(1)We do not have any equity compensation plans approved by the security holders.
(2)We do not have any equity compensation plans not approved by the security holders.

Recent Sales of Unregistered Securities


     Between July and September of 2006, we sold an aggregate of 9,773,000
shares of unregistered, restricted common stock, to an aggregate of 14
accredited investors that have a pre-existing business relationship with the
company and its executives, at a price of $.05 per share for aggregate gross
proceeds of $488,650.

     In December of 2006 the Company sold an aggregate of 770,000 shares of
unregistered, restricted common stock to 3 investors at a purchase price of $.12
per share for aggregate sales proceeds of $92,000.

     Management believes that these sales were exempt from registration
requirements of the Securities Act of 1933, as amended, pursuant to Section 4(2)
and Regulation D. No sales commissions or finders fees were paid in connection
with such sales.

Item 6. Management's Discussion and Analysis or Plan of Operations


     This Annual Report on Form 10-KSB/A contains forward-looking statements
made as of the date hereof. We assume no obligation to update the
forward-looking statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements. Investors should
consult all of the information set forth in this report and the other
information set forth from time to time in our Reports filed with the Securities
and Exchange Commission pursuant to the Securities Exchange Act of 1934,
including our reports on Forms 10-QSB and Current Reports on Form 8-K, each as
amended. See "Forward Looking Statements" in the forepart of this Report for a
non-exclusive list of risks and uncertainties that relate to the forward looking
statements herein.

     The following discussion relates to the results of our operations to date,
and our financial condition:

General


     The Company is in the process of reorganizing its operations and 2006 makes
the first year of revenues from those operations relating to our new business
sectors. We will need substantial additional capital in order to expand our
operations and implement our business plan and we have no commitments for
capital.

     In 2002, we entered into an agreement for the purchase of the assets and
the business of Europhone USA, Inc. and Europhone, Inc., Eurokool, and
Eurospeed, resulting in our assumption of manufacturing and distribution
agreements for long distance calling cards and related activities, air
conditioning and scooters. We have since expanded and shifted the scope of our
business and prospective business to include prepaid calling cards and sim chips
as well as cell phones, motorcycles as well as scooters and flat panel
televisions in addition to air conditioners. Moreover, we have begun deliveries
of scooters and of prepaid calling cards. Our goal has been and continues to be,
manufacture of products and maintenance of our "Eugro" and "Euro" brand names.

--------------------------------------------------------------------------------
                                       13
--------------------------------------------------------------------------------
</TABLE>
<PAGE>


     We are currently located in Port Chester, New York. We are a holding
company and our subsidiaries operate or will operate our three core businesses,
which include our Europhone business and Eurospeed business and our Eurokool
electronics business. Additional information on these businesses can be found in
the "Business" section of the report.

     We have shifted our focus during 2006 and early 2007 towards rolling out
our prepaid mobile plan services and wireless hardware to be placed in the
market in 2007. We have entered into various distribution agreements pursuant to
which orders of approximately $1.5 Million, have been made by an aggregate of 14
distributors. We are placing additional resources into the marketing of this
part of our business as well as our planned sales of flat screen televisions,
air conditioners and motorcycles.

     In 2007 we ordered flat screen televisions of various sizes and qualities,
including high definition televisions . The cost of this order, including all
shipping and insurance charges was $1,500,000. We expect to receive these
televisions beginning in September 2007. We do not have any commitments as to
the sales or distribution of these televisions. The purchase price of these
televisions will be funded from orders for distribution.

     We plan to purchase the air conditioners and motorcycles from manufacturers
that we have contracted with to produce these products which are located in the
Peoples Republic of China ("PRC") and South Korea if sales materialize.

     We are purchasing for the U.S. our mobile telephones and for larger cities.
We have entered into agreements with cellular phone manufacturers in China to
produce these phones for us.

Business Activities


     Our revenues in 2006 were $161,348 from the sale of scooters and
telecommunications products and services, of which $144,630 was from the sale of
motorcycles and scooters and $16,718 was from telecommunications. Our scooters
and motorcycles were sold only in Greece, however, we intend to sell these
products in the United States and Israel going forward through Eurospeed USA,
Inc., an affiliate of Healey Ford of Ansonia, Inc., our exclusive distributor.
See our "Business" section, above, for a more detailed description of this
business and our related manufacture and distribution agreements.

     In 2006, our revenues from telecommunications, cellular phones and air time
services produced $16,718 of revenues. Any profits from these sales were
reinvested into additional product and inventory.

     As a result of our obtaining Eurospeed VIN # from the National Highway
Traffic Safety Administration, we plan on assembling our motorcycles and
scooters in the U.S.A.

     We have reorganized our distribution business into three segments:
telecommunications, scooters and motorcycles and electronics.

     While we have focused on marketing our Eugro Mobile related products in
2006, we plan on expanding our marketing efforts towards our electronics and
motorcycle/scooter brand naming efforts in the United States. Our
telecommunications business includes, but is not limited to, the sale of prepaid
cellular services, cellular telephones, and long distance telephone service. We
have attempted to engage in the direct sale of long distance telephone service
to customers as an agent for PowerNet Global. To date, we have not generated any
revenue from this source.

     We market prepaid wireless services for both residential and corporate
users that allow users to purchase a designated amount of long distance minutes
to make calls from virtually any telephone or country worldwide. The phone card
can be used until air time charges and other charges equal the total value of
the card. Revenue for these prepaid phone cards is recognized upon receipt of
payment for a prepaid card regardless of whether all the time is used as prepaid
cards are non-returnable. Management believes that once the card is activated
the face amount of the card is consumed within 30 to 60 days through usage and
fees.

Prepaid Cellular Phone and Sim Chip Manufacturing


     Europhone has, as of July 3, 2007, entered into a contract with Hisense
Communications Limited of Quindao, China for the purchase by Europhone of dual
sim card tri-band cellular phones for our prepaid cellular business, to be sold
in the United States, Greece, Cyprus, Spain, the United Kingdom, Bulgaria and
Dominican Republic. Our right to sell duel mode cellular phones in these

--------------------------------------------------------------------------------
                                       14
--------------------------------------------------------------------------------

<PAGE>


territories becomes exclusive if we are able to sell 20,000 units within 3
months after delivery of our first samples in these countries. This agreement
provides that the supplier will provide us with an additional two percent of the
total quantity of phones acquired, free of charge, to cover replacement costs
and warranties. While we have not begun tests or sales of these products, we
believe that these extra phones will be sufficient to cover warranty returns.
Under this agreement, we are required to make a 30% down payment for all
purchase orders and maintain an irrevocable transferable letter of credit to
secure payment of the remaining amount upon receipt. We intend to focus on
production of prepaid cellular phones as opposed to standard "carrier" cellular
phones.

     We acquire our sim chips with our logo on it directly from the long
distance cariers, located in Europe which manufactures such chips. Sim chips are
difficult to manufacture, requiring specialized plants and skills. If we lose
our relationships with these long distance carriers, in addition to the loss of
a supplier of calling time, we will lose the chips upon which they are
programmed.

Television and Air Conditioning Manufacturing


     We have also entered into agreements for the distribution of air
conditioners manufactured by two major suppliers in the PRC: Guangdong Chigo Air
Conditioning, Co. Ltd. ("Chigo") and Guangdong Richvast Company, Limited
("Richvast"). Our distribution agreement with Chigo covers the period through
January 31, 2007. We are the sole agent for the distribution of Chigo products
bearing the "Chigo" and "Eurokool" brand names in North, South and Central
America, and parts of Europe, except that distribution is only permitted under
the "Eurokool" brand name in countries or regions where sales of "Chigo" branded
products have already taken place. We have not satisfied purchase order minimums
of 300,000 and 80,000 air conditioners from each of Chigo and Richvast
respectively, in the years ending December 31, 2004, 2005 and 2006, however,
Euro Group of Companies (formerly ICT Technologies) has received verbal
assurance from Chigo and Richvast that the minimum purchase requirements will
not be enforced for past periods. With regard to the Chigo agreement, we must
increase our unit purchases by 50% in each contract year after the first for the
duration of the contract. In 2003, we shipped an order of approximately 1,000
units to one additional customer in Greece aggregating $136,000. In 2004 through
2006, no air conditioners were sold, as we had not concentrated our business
efforts in this segment. While we intend to begin marketing Eurokool products
there can be no assurance that any future sales will occur. We believe that we
will have to establish a strong distribution network in order to penetrate the
"main stream" electronics retail chains and that we will not be able to compete
if we do not do so. We also anticipate that the weakening dollar may cause our
prices to increase.

Scooter Manufacturing


     Our scooters are manufactured at two factories in China: Qianjian
Motorcycle Group, Ltd. and Zhejiang Lingtian Motorcycle Co., Ltd. In 2006
scooter sales into Greece were responsible for approximately 90% of annual
revenues. In 2007, we had been expanding our efforts to sell scooters in the
USA, South America and Central America, while expanding our European presence
through distributor relationships such as our relationship with Eurospeed
U.S.A., Inc., our exclusive distributor of Eurospeed Inc. products in the USA.

     We have continued to finance our activities through the resources of
management and have devoted the majority of our efforts to initiating our market
plans for telecommunications products, plasma televisions, air conditioners and
motorcycles, developing sources of supply, developing and testing marketing
strategy, expanding the management team and conducting further marketing
research and development for our products.

     At December 31, 2006, loans payable to related parties were $1,914,842, as
compared to loans payable to related parties in 2005 of $1,758,366. This
increase in loans in 2005 reflects additional operating capital loaned by
affiliates of Mr. Vasilios Koutsobinas, our Chief Executive Officer. These loans
are payable on demand.

     We have also established lines of credit with the Ponce De Leon Federal
 Bank. As of December 31, 2006, the balance due on these lines of credit was
 $254,826. The lines of credit have the personal guarantee of Mr. Koutsobinas,
 our Chief Executive Officer. The Company has generated sufficient revenues to
 fund its ongoing operating expenses, or to fund its marketing plans and product
 development activities.

--------------------------------------------------------------------------------
                                       15
--------------------------------------------------------------------------------

<PAGE>


                          CRITICAL ACCOUNTING POLICIES


     The SEC recently issued disclosure guidance for "critical accounting
policies." The SEC defines critical accounting policies as those accounting
policies that require application of management's most difficult, subjective or
complex judgments, often as a result of the need to make estimates about the
effect of matters that are inherently uncertain and may change in subsequent
periods. Our significant accounting policies are described in Note 2 in the
consolidated financial statements.

Operations for Years Ended December 31, 2006 compared with December 31, 2005


     For the year ended December 31, 2006, the Company generated net sales of
$161,348 as compared to $-0- for the year ended December 31, 2005. Revenues
increased by $161,348 because of our sales of motor scooters ($144,630) and cell
phones ($16,718) in 2006. We intend to expand our focus in these two businesses
and have developed multiple distributor relationships for resale of pre-paid
mobile hardware and services, as well as establishing a distribution
relationship with Eurospeed, U.S.A., for the sale of motorcycles and scooters.

     In 2006, motorcycle cost of sales was $135,309 (or approximately 93.6% of
motorcycle sales) and cell phone cost of sales was $16,400 (or approximately
98.1% of cell phone sales). We expect cost of sales to increase but to reflect a
lower percentage of such sales, if and as sales increase.

     Our gross profit for the years ended December 31, 2006 and 2005 aggregated
$9,639 and $ 0, respectively, for all categories of revenues. There were no
sales of air conditioners in 2006 and 2005.

     Our gross profit from the revenues generated from the sale of motor
scooters for the year ended December 31, 2006 was $9,321 or 6.4% of motor
scooter sales. Our gross profit from the sale of cell phones in 2006 was $318 or
1.9% of cell phone sales.

     The Company's selling, general and administrative costs aggregated $370,392
for the year ended December 31, 2006, as compared to $67,643 for the year ended
December 31, 2005, representing an increase of $302,749. The increase in
expenses was due primarily to increase in the number of employees. We expect our
selling, general and administrative expenses to increase substantially if and as
our operations grow.

Standby Letter of Credit


     On November 2, 2006, Eurospeed received a $250,000 irrevocable standby
letter of credit from Naugatuck Valley Savings and Loan, which was posted by
Eurospeed U.S.A. The letter of credit expires on November 2, 2007 and is
expected to be used by EUROSPEED to finance the purchase of motorcycles and
other transportation vehicles. Nothing has been drawn on this letter of credit
yet.

Loans from Executive Officers


     To date, our operations have been primarily funded from small capital
raises and from loans from our C.E.O. and majority stockholder. Through December
31, 2006, the CEO has loaned $1,467,376 to the Company to fund its operations.
This loan is payable on demand and does not bear interest. We also funded our
operations in 2006 from the private placement of common stock (see above).


                         OFF-BALANCE SHEET ARRANGEMENTS


     The Company has no off-balance sheet arrangements that have a current or
future effect on the Company's financial condition, changes in financial
condition, revenues or expenses, results of operations, liquidity, capital
expenditures or capital resources. See "Item 2. Description of Property," above.

     The Company subleases its office space in White Plains, New York, from
Olympic Telecom, Inc. an entity owned by our Chief Executive Officer, pursuant
to net lease arrangement.

     The Chief Executive Officer has funded our operations and loaned to us
$1,467,376 through 2006. This loan is payable on demand and does not bear
interest. See "Certain Transactions" below, and "Loans from Executive Officers,"
above.

--------------------------------------------------------------------------------
                                       16
--------------------------------------------------------------------------------

<PAGE>


                                  RISK FACTORS


     You should carefully consider the risks described below in conjunction with
our forward looking statement related risks as set forth in the beginning of
this report, as well as the other information in this report, when evaluating
our business and future prospects. Should any of the following risks actually
occur, our business, financial condition and results of operations could be
seriously harmed. In that event, the market price of our common stock could
decline and investors could lose all or a portion of the value of their
investment in our common stock.

                          Risks Relating to Our Company

We are not current with our financial reporting obligations under the Securities
Exchange Act of 1934, as amended, which will cause us to have difficulty raising
money and we will not be able to apply for listing on the OTC Bulletin Board or
any other exchange until we become current on such financial reporting
obligations.


     We are dependent upon our ability to raise capital to complete our business
plan. Our ability to raise capital would be greatly hindered if we are not able
to become and remain current with our reporting obligations. Remaining current
will depend on our ability to prepare timely file reports. If we do not raise
capital, or if we are unable to become listed or remain listed on a United
States trading exchange or quotation system, our business will be adversely
affected.

Our auditors have expressed doubt as to our ability to continue as a going
concern.


     Our auditors have expressed serious doubt about our ability to continue
operations through 2007 without additional financing. Our revenues are not
sufficient to support our operations. To date, we have been able to obtain
funding and have met our obligations as a result of stock sales and the
contribution of funds by our principal stockholder on an as-needed basis. There
is no obligation for the principal stockholder to make any such contribution of
funds and there can be no assurance that any funds will be available from such
principal stockholder in the future. If in the future we are unsuccessful in
attracting new sources of funding, then we will be unable to continue our
business. There is no guarantee that we will be able to attract additional
necessary equity and/or debt investors. If we are unable to obtain additional
funding, we may not be able to continue operations.

We have a history of losses, which may continue and need substantial additional
capital in order to develop operations.


     The Company incurred net losses from operations of $371,219 for the
calendar year ended December 31, 2006. Euro Group of Companies, Inc. (formerly
ICT Technologies) is a holding company for various distribution subsidiaries.
There can be no assurance that Euro Group can achieve or sustain profitability
on a quarterly or annual basis in the future. If revenues grow slower than the
Company anticipates, or if operating expenses exceed Euro Group of Companies
expectations or cannot be adjusted accordingly, Euro Group of Companies, Inc.
will continue to incur losses. We will require substantial additional funding to
conduct our product development, marketing and manufacturing activities. We may
seek to raise further funds through additional debt, convertible debt or equity
financings. We have not made arrangements to obtain additional financing and
there can be no assurance that we will be able to obtain adequate additional
financing, in the future, on acceptable terms, or that any such additional
financing would not result in significant dilution of stockholders' interests.
If additional financing is not otherwise available, we will be required to
modify our business development plans to reduce, or cease certain, or all, of
our operations. We estimate that we will need to raise at least $6,000,000 in
order to complete our business plan. We intend to allocate capital raised in the
following order:

     o    $1.5 million towards our telecommunications business and Eugro mobile;
     o    $2 million towards marketing, manufacture and sales of flat panel
          televisions and air conditioners under our Eurokool business; and
     o    $2.5 million towards marketing, manufacture and sale of scooters and
          motorcycles.

--------------------------------------------------------------------------------
                                       17
--------------------------------------------------------------------------------

<PAGE>


     Our revenues may not continue to grow or even remain at their current
level. We will need to increase our revenues significantly to become profitable.
If our revenues do not increase as much as we expect, or if our expenses
increase at a greater pace than revenues, we will not achieve profitability. If
we do become profitable, we may not be able to sustain or increase profitability
on a quarterly or annual basis. We expect to incur additional costs and expenses
in 2007 related to:

     o    Marketing and advertising related to brand development;
     o    Development and improvement of additional products and services; and
     o    The hiring of additional personnel.

We owe back payroll taxes and are subject to collection action.


     We owe the U.S. Treasury the amount of $334,787 representing unpaid payroll
and unemployment taxes and related interest and penalties as of December 31,
2006. These taxes are subject to the collection powers of the Internal Revenue
Service and may result in liens and levies against our bank accounts.

     In 2006, the Company entered into an installment agreement with the
Internal Revenue Service to pay $15,000 a month for Euro Group of Companies,
Inc. (formerly ICT Technologies) tax liabilities, and $10,000 a month for
Eurospeed Inc. tax liabilities that started in the third quarter of 2006.

We have a limited operating history with which to judge our performance


     We are in a number of different businesses and have modified our business
plan and focus several times since 2002. We have a limited operating history on
which to base an evaluation of our business and prospects. Our prospects must be
considered in light of the risks, uncertainties, expenses, and difficulties
frequently encountered by companies in their early stages of development,
particularly companies in new and rapidly evolving markets. To address these
risks and uncertainties we must, among other things, raise substantial capital,
implement and execute our business strategy successfully, respond to competitive
developments, and attract, integrate, retain, and motivate qualified personnel.
There can be no assurance that we will be successful in accomplishing all of
these things, and the failure to do so could have a material adverse effect on
our business, results of operations, and financial condition. We have attempted
to engage in various businesses in the past, but have not been successful in
seeing any of those enterprises to a state of profitability.

The success of our business is dependent on our ability to retain our existing
key employees and to add and retain senior officers to our management.


     We depend on the services of our existing key employees, in particular, our
Chief Executive Officer. Our success will largely depend on our ability to
retain these key employees and to attract and retain qualified senior and middle
level managers to our management team. We cannot be certain that we will be able
to hire and retain sufficient personnel to support our business. The loss of any
of our key employees would significantly harm our business. We do not maintain
key person life insurance on any of our employees.

Failure to achieve and maintain effective internal controls could have a
material adverse effect on the trading price of our common stock and our ability
to raise capital and could prevent us from being listed in the OTC Bulletin
Board or any other exchange or cause our delisting.


     We are subject to the reporting obligations of the United States securities
laws. The Securities and Exchange Commission, as required by the Sarbanes-Oxley
Act of 2002, has adopted rules requiring public companies to include a report of
management on such companies' internal control over financial reporting in its
annual report that contains an assessment by management of the effectiveness of
such company's internal control over financial reporting.

     Management may conclude that our internal control over our financial
reporting is defective. Because of various business segments and lack of
internal accounting staff, it is possible our internal control will be lacking.
If we fail to achieve and maintain the adequacy of our internal controls, we may
not be able to ensure that we can conclude on an ongoing basis that we have
effective internal controls over financial reporting in accordance with the
Sarbanes-Oxley Act. As a result, any failure to achieve and maintain effective
internal controls over financial reporting could result in the loss of investor
confidence in the reliability of our financial statements, could negatively
impact the trading price of our common stock or cause the delisting of our
shares from any trading market in which they are on.

--------------------------------------------------------------------------------
                                       18
--------------------------------------------------------------------------------

<PAGE>


We rely on third party relationships for our operations and termination of these
relationships will have a materially adverse impact on operations


     Our success depends, in part, on the Company's ability to maintain its
relationships with manufacturers and distributors of its products. Specifically,
our Eurokool and Eurospeed products are manufactured for us economically in
China and Korea and our Europhone hardware are manufactured in China. If we lose
any of our relationships or if these parties are unable to provide these
services, it would cause a disruption of the Company's business. Some of the
contracts under which we have obtained distribution rights are subject to
termination on short notice, and if cancelled will increase our cost of goods
and cause us to be unable to fulfill our warranty and supply obligations.

     There can be no assurance that suitable replacements could be established
for any supply or distribution contract that is terminated, and the loss of any
such relationship could materially and adversely affect our business.
Additionally, there can be no assurance that any relationship between us and any
third party will continue to be beneficial to us. There can also be no guarantee
that third parties will continue to produce products in the future that will
retain their current level of market acceptance, that the products will continue
to be available in adequate quantities at the times required by the Company, or
that such third party products will not contain defects or errors. We also may
experience lost revenues due to a third party's delay in correcting defects in
their products or delay in delivering an adequate supply of their products. A
resulting loss of market share could also ensue.

     Our distribution agreements generally include requirements that we order
minimum quantities of products. These minimum order requirements have not been
satisfied to date, and although the relevant suppliers have agreed verbally not
to enforce such requirements based on past order shortfalls (in some cases, in
recognition of the fact that regulatory approvals have not been obtained), there
is no assurance that these suppliers will not seek to enforce the minimum
purchase requirements in the future. These minimum quantities are substantial,
and we have not in the past and do not currently, have the financial resources
to satisfy the minimum ordering requirements to which we were subject. Moreover,
our distribution agreements generally do not establish any price at which the
goods to be supplied there under are to be purchased, and we must negotiate
prices for each shipment of goods we order. There is no guarantee that an
attractive price negotiated with respect to one shipment will be offered on any
subsequent shipment. Our limited financial resources and the price risk inherent
in its distribution agreements may prevent it from meeting minimum ordering
obligations. If that were to occur, we could lose any exclusivity it enjoys
under those agreements and could also be subject to claims for contract damages.

Our auditors have expressed substantial doubt in their report on our financial
statements about our ability to continue as a going concern.


     Our auditors have included an explanatory paragraph in their report on our
consolidated financial statements for the year ended December 31, 2006,
indicating that there is substantial doubt regarding our ability to continue as
a going concern. The financial statements included elsewhere in this current
report do not include any adjustments to asset values or recorded liability
amounts that might be necessary in the event we are unable to continue as a
going concern. If we are in fact unable to continue as a going concern, you may
lose your entire investment in our company. We will therefore need immediate
additional substantial capital in order to continue to operate. You should
carefully consider the risks and uncertainties described below and the other
information in this Form 10-KSB.

The markets in which we operate are highly competitive.


     We compete with a number of competitors in each of our product lines. By
comparison, we are an insignificant participant in each product line. There are
a number of established companies within these product lines, virtually all of
which are larger and better capitalized and/or have greater personnel resources,
and technical expertise than we do. In view of our limited financial and
personnel resources, our management believes that it will continue to be at a
significant competitive disadvantage compared to some competitors for the
foreseeable future. No single competitor dominates the market for any of our
products.

--------------------------------------------------------------------------------
                                       19
--------------------------------------------------------------------------------

<PAGE>


     Many of the Company's competitors are substantially larger and have greater
financial, technical, engineering, personnel and marketing resources, longer
operating histories, greater brand recognition, and larger customer bases than
we do. Hence, competition from existing or new competitors could reduce our
revenues from the sale of its products and services.

We have no insurance coverage. We may be subjected to products liability claims
relating to the products we distribute.


     We face an inherent risk of exposure to personal injury claims, including
product liability claims in the event that the failure of its products results,
or is alleged to result, in bodily injury or property damage. We maintain no
insurance coverage. There can be no assurance that the Company will not
experience any material product liability losses in the future or that it will
not incur significant costs to defend such claims. We are not covered by
insurance against product liability claims, or other claims and hence we may be
liable for any damage caused by products that it distributes. Moreover, such
insurance may not be available in the future on terms that are acceptable to us.
A successful claim brought against us in excess of any insurance coverage we may
have at the time of such a claim may have a material adverse effect on its
business.

We Do Not Have A Service Department Or Parts Inventory And Cannot Service Or
Manufacture On Our Own


     We do not have a service department to service any of the products we
distribute, nor do we maintain an inventory of parts. All service and repairs
must be provided through the manufacturer's warranty. The manufacturers of all
goods sold by us are in foreign countries, namely China and South Korea. As a
result, we will need to sub-contract service to service centers in the United
States. We do not have service arrangements at this time. If we are unable to
service parts or develop service agreements, we will not be able to compete with
other manufacturers and our sales will be impeded.

The failure to grow our operations and hire additional qualified employees could
have a material adverse effect on our business.


     Our efforts at developing, brand naming and creating product lines and
 distribution networks for our three core business lines places a significant
 strain on our current management resources. To manage this expected growth, we
 will need to improve our:

     --     Transaction processing methods;
     --     Operations and financial systems; and
     --     Training and management of employees.

     Additionally, we do not currently have an internal accounting staff. The
failure to attract and retain the necessary personnel or to effectively manage
its employee and operations growth could have a material adverse effect on its
business and financial condition.

                        Risks Relating to Our Securities

Our shares are very thinly traded and we do not anticipate this to change unless
we are able to complete our consolidated additional financial statements in
accordance with U.S. GAAP and remain current with our reports and succeed in
implementing our business plan.


     Our common stock is thinly traded on the "Pink Sheet" market system. There
can be no assurance that there will be an active market for our shares either
now or in the future. The market liquidity will be dependant, among other
things, on our ability to complete our consolidated financial statements in
accordance with U.S. GAAP, our ability to remain current with our financial
reporting requirements under the Securities and Exchange Act of 1934, as
amended, and the perception of our operating business and any steps that our
management might take to bring us to the awareness of investors. Also, no
assurances can be made that there will be any awareness generated. Consequently,
investors may not be able to liquidate their investment or liquidate it at a
price that reflects the value of the business. If a more active market should
develop, the price may be highly volatile. Because there may be a low price for

--------------------------------------------------------------------------------
                                       20
--------------------------------------------------------------------------------

<PAGE>



our stock, many brokerage firms may not be willing to effect transactions in the
securities. Even if an investor finds a broker willing to effect a transaction
in the common stock, the combination of brokerage commissions, transfer fees,
taxes, if any, and any other selling costs may exceed the selling price.
Further, many lending institutions will not permit the use of such common stock
as collateral for any loans.


Potential adverse effect of shares eligible for future sale.


     The Company has outstanding approximately 98,697,384 shares of Common
Stock. Approximately 78,000,000 such shares are subject to an agreement
restricting their resale prior to December 2007, but that agreement permits the
sale by the parties thereto of an aggregate of 4 million shares per calendar
year. No prediction can be made as to the effect, if any, that the availability
of such shares for sale will have on the market prices that may be traded on the
Pink Sheets (or, if we obtain such listing, the OTC Bulletin Board) or any
securities exchange or inter-dealer quotation system on which the Common Stock
may be listed. The possibility that substantial amounts of our Common Stock may
be sold in the public market may adversely effect the prevailing market prices
of our Common Stock and could impair our ability to raise capital in the future
through the sale of equity securities. Actual sales or the prospect of future
sales of shares of our Common Stock under Rule 144 or otherwise may have a
depressive effect upon the price of our Common Stock and the market therefor.

Investors will have no control over activities of the company.


     One of our shareholders and Chief Executive Officer, Vasilios Koutsobinas,
beneficially owns approximately 78.5% of our common stock. As a practical
matter, this person has control of the Company and all of our subsidiaries and
will be able to assert significant influence over the election of directors and
other matters presented for a vote of stockholders. Investors will not have a
voice in management decisions and will exercise very little control.

Our board of directors may issue blank check preferred stock with rights and
privileges greater than those of the shares of Common Stock.


     Our articles of incorporation authorize the issuance of shares of "blank
check" preferred stock, the rights, preferences, designations and limitations of
which may be set by the board of directors. While no preferred stock is
currently outstanding or subject to be issued, the articles of incorporation
have authorized issuance of up to 10,000,000 shares of preferred stock
("Preferred Stock") in the discretion of the board of directors. Such Preferred
Stock may be issued upon filing of amended Articles of Incorporation and the
payment of required fees; no further shareholder action is required. If issued,
the rights, preferences, designations and limitations of such Preferred Stock
would be set by the board of directors and could operate to the disadvantage of
the outstanding common stock. Such terms could include, among others,
preferences as to dividends and distributions on liquidation.

There is no established public trading market for our securities and one may
never develop. This could adversely affect the ability of investors in our
Company to sell their securities in the public market.


     We are currently listed on the Pink Sheets and are not eligible for listing
on the OTC Bulletin Board market system until we become current with all of our
reports and remain current for a period of time. Even if we do eventually list
our securities on the OTC Bulletin Board, we cannot predict the extent to which
a trading market will develop or how liquid that market might become.
Accordingly, holders of our common stock may be required to retain their shares
for an indefinite period of time.

     The OTCBB is an inter-dealer, over-the-counter market that provides
significantly less liquidity than stock exchanges. Quotes for stocks included on
the OTCBB are not listed in the financial sections of newspapers, as are those
for the exchanges. Therefore, prices for securities traded solely on the OTCBB
may be difficult to obtain and holders of common stock may be unable to resell
their securities at or near their original acquisition price or at any price.
Market prices for our common stock will be influenced by a number of factors,
including:

     o    the issuance of new equity securities pursuant to future offerings;
          changes in interest rates; competitive developments,
     o    announcements by our competitors; new services or significant
          contracts and acquisitions;

--------------------------------------------------------------------------------
                                       21
--------------------------------------------------------------------------------

<PAGE>


     o    strategic partnerships, joint ventures or capital commitments;
          variations in quarterly operating results;
     o    change in financial estimates by securities analysts; the depth and
          liquidity of the market for our common stock; and
     o    general economic and other national and international conditions.


Our common stock is considered a "penny stock" and may be difficult to sell.


     Our common stock is currently quoted on the Pink Sheets, and trades below
$5.00 per share; therefore, our common stock is considered to be a "penny stock"
and, as such, the market for our common stock may be further limited by certain
SEC rules applicable to penny stocks. To the extent the price of our common
stock remains below $5.00 per share and we have net tangible assets of
$2,000,000 or less, our common shares will be subject to certain "penny stock"
rules promulgated by the SEC. Those rules impose certain sales practice
requirements on brokers who sell penny stock to persons other than established
customers and accredited investors. For transactions covered by the penny stock
rules, the broker must make a special suitability determination for the
purchaser and receive the purchaser's written consent to the transaction prior
to the sale. Furthermore, the penny stock rules generally require, among other
things, that brokers engaged in secondary trading of penny stocks provide
customers with written disclosure documents, monthly statements of the market
value of penny stocks, disclosure of the bid and asked prices, disclosure of the
compensation to the brokerage firm and disclosure of the sales person working
for the brokerage firm. These rules and regulations adversely affect the ability
of brokers to sell our common shares and limit the liquidity of our securities.

We do not intend to pay dividends in the near future, if at all.


     We do not intend to pay any dividends and we do not foresee making any cash
distributions in the manner of a dividend or otherwise. Our board of directors
presently intends to follow a policy of retaining earnings, if any.

Our anticipated cash requirements are significant and we may attempt to raise
capital through the issuance of common stock, a series of preferred stock or we
may incur debt or issue other securities convertible or exercisable into our
stock resulting in dilution of our existing shareholders ' ownership of the
Company.


     Because we anticipate our current cash on hand and revenue from operations
may not be sufficient to fund our anticipated needs, we may attempt to raise
capital through a private offering of securities. The issuance of significant
amounts of equity or instruments convertible or exercisable into equity will
dilute the ownership interest of our existing stockholders.

Anti-Takeover Effects of Provisions of The Certificate Of Incorporation And
Delaware General Corporation Law ("DGCL")


     Euro Group of Companies, Inc. (formerly ICT Technologies) is subject to
Section 203 of the DGCL which, subject to certain exceptions, prohibits a
Delaware corporation from engaging in any business combination with any
interested stockholder for a period of three years following the date that such
stockholder became an interested stockholder. In general, Section 203 defines an
interested stockholder as any entity or person beneficially owning 15% or more
of the outstanding voting stock of the corporation and any entity or person
affiliated with, or controlling, or controlled by such entity or person.

Item 7. Financial Statements


     The financial statements required by this item begin at Page F-1 hereof.

     The consolidated financial statements included herein have been prepared by
the Company, pursuant to the rules and regulations of the Securities and
Exchange Commission.

     In the opinion of the Company, all adjustments, consisting of only normal
 recurring adjustments, necessary to present fairly the financial position of
 the Company as of December 31, 2006, and the results of its operations and
 changes in its financial position from January 1, 2006, through December 31,
 2006, have been made.

--------------------------------------------------------------------------------
                                       22
--------------------------------------------------------------------------------

<PAGE>


                          EURO GROUP OF COMPANIES, INC.


                          INDEX TO FINANCIAL STATEMENTS


Financial Statements
   Report of Independent Registered Public Accounting Firm                  F-1

   Consolidated Balance Sheet as of December 31, 2006                       F-2

   Consolidated Statements of Operations for the years ended
     December 31, 2006 and 2005                                             F-3

   Consolidated Statements of Changes in Stockholders' Equity
     (Deficiency) for the years ended December 31, 2006 and
     2005                                                                   F-4

   Consolidated Statements of Cash Flows for the years ended
     December 31, 2006 and 2005                                             F-5

   Notes to Consolidated Financial Statements                               F-6


--------------------------------------------------------------------------------
                                       23
--------------------------------------------------------------------------------





                           MICHAEL T. STUDER CPA P.C.
                             18 East Sunrise Highway
                               Freeport, NY 11520
                                  516-378-1000


             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


 To the Board of Directors and Stockholders of
 ICT Technologies, Inc.

 I have audited the accompanying consolidated balance sheet of ICT Technologies,
 Inc. and subsidiaries (the "Company") as of December 31, 2006 and the related
 consolidated statements of operations, changes in stockholders' equity
 (deficiency), and cash flows for the years ended December 31, 2006 and 2005.
 These financial statements are the responsibility of the Company's management.
 My responsibility is to express an opinion on these financial statements based
 on my audit.

 I conducted my audit in accordance with the standards of the Public Company
 Accounting Oversight Board (United States). Those standards require that I plan
 and perform the audit to obtain reasonable assurance about whether the
 financial statements are free of material misstatement. An audit includes
 examining, on a test basis, evidence supporting the amounts and disclosures in
 the financial statements. An audit also includes assessing the accounting
 principles used and significant estimates made by management, as well as
 evaluating the overall financial statement presentation. I believe that my
 audit provides a reasonable basis for my opinion.

 In my opinion, the consolidated financial statements referred to above present
 fairly, in all material respects, the financial position of the Company as of
 December 31, 2006 and the results of its operations and cash flows for the
 years ended December 31, 2006 and 2005 in conformity with accounting principles
 generally accepted in the United States.

 The accompanying financial statements referred to above have been prepared
 assuming that the company will continue as a going concern. As discussed in
 Note 2 to the consolidated financial statements, conditions exist which raise
 substantial doubt about the Company's ability to continue as a going concern.
 Management's plans in regard to this matter are also described in Note 2. The
 financial statements do not include any adjustments that might result from the
 outcome of this uncertainty.

                                            /s/  Michael T. Studer CPA P.C.
                                            -----------------------------------
                                                 Michael T. Studer CPA P.C.


 June 1, 2007 (except as to the second paragraph of Note 10, which is as of July
24, 2007)

--------------------------------------------------------------------------------
                                       F-1
--------------------------------------------------------------------------------

<PAGE>
<TABLE>
<CAPTION>


                   EURO GROUP OF COMPANIES, INC. AND SUBSIDIARIES

                             CONSOLIDATED BALANCE SHEET
                                  December 31, 2006



                                       ASSETS


CURRENT ASSETS

<S>                                                                     <C>
Cash in banks                                                           $    72,829
Accounts receivable, less allowance for doubtful accounts of $30,057        172,688
Inventory - Cell phones & Sim cards                                          46,623
Deposit - Sim cards                                                          76,500
   Total current assets                                                     368,640
Property and equipment, less accumulated depreciation of $27,495             40,680
   TOTAL ASSETS                                                         $   409,320


                    LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)


CURRENT LIABILITIES

Bank overdrafts                                                         $    34,293
Bank lines of credit                                                        254,826
Accounts payable and accrued expenses                                       194,825
Payroll taxes and withholdings                                              416,400
Customers' deposit                                                           66,560
Loans payable to related parties                                          1,914,842
   Total current liabilities                                              2,881,746
   Total Liabilities                                                      2,881,746

STOCKHOLDERS' EQUITY (DEFICIENCY)

Preferred stock, $.001 par value; authorized 10,000,000
  shares, issued and outstanding 0 shares
Common stock, $.001 par value; authorized 200,000,000 shares; issued
  and outstanding  97,197,384 shares respectively                            97,198
Additional paid-in capital                                                3,270,546
                                                                         (5,840,170)
Retained earnings (deficit)
   Total stockholders' equity (deficiency)                               (2,472,426)
   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY               $   409,320


                 See notes to consolidated financial statements.

------------------------------------------------------------------------------------
                                       F-2
------------------------------------------------------------------------------------
</TABLE>

<PAGE>
<TABLE>
<CAPTION>


                                     EURO GROUP OF COMPANIES, INC. AND SUBSIDIARIES
                                          CONSOLIDATED STATEMENTS OF OPERATIONS



                                             For the three       For the three      For the twelve       For the twelve
                                              months ended        months ended        months ended         months ended
                                             Dec. 31, 2006       Dec. 31, 2005       Dec. 31, 2006        Dec. 31, 2005
                                               (Unaudited)         (Unaudited)         (Audited)            (Audited)

Revenue:

<S>                                          <C>                 <C>                 <C>                  <C>
Motor scooter sales                          $    144,630        $       -           $    144,630         $       -

Cell Phones                                        16,718                -                 16,718                 -

                          Total Revenue           161,348                -                161,348                 -


Cost and Expenses: Cost of Sales                  151,709                -                151,709                 -


Selling, general and administrative               285,728              44,775             370,392               67,643

Depreciation                                       10,466                -                 10,466                1,944

               Total costs and expenses           447,903              44,775             532,567               69,587

Income (loss) from operations                    (286,555)            (44,775)           (371,219)             (69,587)


Interest expense                                   (7,851)            (24,750)            (43,025)             (24,750)

                      Net Income (loss)      $   (294,406)       $    (69,525)       $   (414,244)        $    (94,337)

Basic and diluted earnings (loss) per
common share                                        (0.00)              (0.00)              (0.00)               (0.00)

Weighted average shares outstanding,
basic and diluted                              91,926,500          86,552,634          91,926,500           86,552,634


                                       See notes to consolidated financial statements.

-----------------------------------------------------------------------------------------------------------------------
                                                            F-3
-----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>
<TABLE>
<CAPTION>


                                                CONSOLIDATED STATEMENTS OF CHANGES IN
                                                  STOCKHOLDERS' EQUITY (DEFICIENCY)
                                               YEARS ENDED DECEMBER 31, 2005 AND 2006



                                                                         Common       Additional        Retained
                                          Common         Stock           Stock          Paid-in          Earning
                                          Shares         Amount        Subscribed       Capital         (Deficit)          Total
                                       ---------------------------------------------------------------------------------------------
<S>                                    <C>           <C>             <C>             <C>             <C>              <C>
Balance at January 1, 2005              86,450,884    $     86,451    $      3,906    $  2,645,462    $ (5,331,589)    $ (2,595,770)
Common stock                                                                (3,906)          3,906
Sale of common stock                        57,000              57                          14,193                           14,250
Shares issued in settlement                 60,000              60                          14,940                           15,000
 settlement of liability
Shares issued for services                  86,500              87                          21,538                           21,625
Net loss for year ended Dec. 31, 2005                                                                     (94,337)          (94,337)
Balance at December 31, 2005            86,654,384          86,655                       2,700,039     (5,425,926)       (2,639,232)
Sale of common stock                    10,543,000          10,543                         570,507                          581,050
Net loss for the year ended Dec. 31,
  2006                                                                                                   (414,244)         (414,244)
Balance at December 31, 2006            97,197,384    $     97,198                    $  3,270,546    $(5,840,170)     $ (2,472,426)


                                           See notes to consolidated financial statements.

------------------------------------------------------------------------------------------------------------------------------------
                                                                 F-4
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>
<TABLE>
<CAPTION>


                                       EURO GROUP OF COMPANIES, INC. AND SUBSIDIARIES
                                            CONSOLIDATED STATEMENTS OF CASH FLOWS



                                                                                                     Year Ended December 31,
                                                                                                     ----------------------
                                                                                                       2006         2005
                                                                                                     ---------    ---------
OPERATING ACTIVITIES

<S>                                                                                                  <C>          <C>
Net income (loss)                                                                                    $(414,244)   $ (94,337)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization                                                                           10,466        1,944
Common stock for services                                                                                 --         21,625
Changes in operating assets and liabilities:

Receivables                                                                                           (142,630)      30,057
Inventory                                                                                              (15,487)        --
Deposit                                                                                                (64,900)        --
Bank overdraft                                                                                             (63)         293
Accounts payable and accrued expenses                                                                   72,719      (76,401)
Payroll taxes and withholdings                                                                         (59,412)     (44,573)
Net cash provided by (used in) operating activities                                                   (613,551)    (161,392)
INVESTING ACTIVITIES

Capital expenditures                                                                                   (51,146)        --
Net cash used in investing activities                                                                  (51,146)        --
FINANCING ACTIVITIES

Proceeds from sale of common stock                                                                     581,050       14,250
Loans payable to related parties                                                                       156,476      141,710
Bank lines of credit                                                                                      --            852
Net cash provided by financing activities                                                              737,526      156,812
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                                        72,829       (4,580)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR                                                              --          4,580
CASH AND CASH EQUIVALENTS, END OF YEAR                                                               $  72,829    $    --
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

Interest paid                                                                                        $    --      $    --
Income taxes paid                                                                                    $    --      $    --
SCHEDULE OF NON-CASH FINANCING ACTIVITIES:

Shares issued in settlement of liability                                                             $    --      $  15,000
Shares issued for services                                                                           $    --      $  21,625



                                       See notes to consolidated financial statements.
----------------------------------------------------------------------------------------------------------------------------
                                                             F-5
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>


                 EURO GROUP OF COMPANIES, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 2006


1. Organization and Business Operations


     Euro Group of Companies, Inc., (EGCO), (formerly ICT Technologies, Inc.
("ICTT") was incorporated in Delaware on May 27, 1999. Euro Group has five
wholly owned subsidiaries; Europhone USA, Inc. ("FONE1"), a New York corporation
incorporated on March 17, 2000; Europhone Inc. ("FONE2"), a New York corporation
incorporated on May 24, 2001; Eurospeed, Inc. ("EUROSPEED"), a New York
corporation incorporated on November 19, 2001, Eurokool, Inc. ("EUROKOOL"), a
New York corporation incorporated on February 21, 2002; and Europhone USA, LLC
("EUROFONE"), a New York limited liability company formed on August 2, 2002.

     Euro Group of Companies, Inc. (formerly ICT Technologies, Inc.) and its
subsidiaries (collectively, the "Company") operate from their offices in Port
Chester, New York. Euro Group of Companies acts as a holding company and its
subsidiaries were formed to engage in the distribution of various products
manufactured by unrelated third parties. In 2005, the Company had no business
operations. In 2006, there were sales of motor scooters and cell phones.

2. Summary of Significant Accounting Policies


     Principles of consolidation -- The consolidated financial statements
include the accounts of its wholly owned subsidiaries. All intercompany balances
and transactions have been eliminated in consolidation.

     Basis of presentation -- The consolidated Financial statements have been
prepared assuming that the Company will continue as a going concern. However,
the Company has experienced net losses since inception of $5,840,170 and at
December 31, 2006, the Company had a working capital deficiency of $2,513,106
and a stockholders' deficiency of $2,472,426. These factors raise substantial
doubt about the Company's ability to continue as a going concern. The Company is
seeking additional financing through sales of its common stock and has entered
into certain supply and distribution agreements (see note 8) to generate
profitable operations. However, there is no assurance that the Company will be
successful in achieving these objectives. The financial statements do not
include any adjustments that might result from the outcome of this uncertainty.

     Use of estimates -- The preparation of financial statements in conformity
with accounting principles generally accepted in the United States requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates. In 2005, selling, general and administrative expenses were reduced by
$136,419 for adjustments to certain liability account balances resulting from
vendor settlements and changes in estimated amounts due.

     Revenue recognition -- The Company recognizes revenues in the period in
which products are shipped to customers under a fixed and determinable amount
arrangement with collectability reasonably assured.

     Fair value of financial instruments -- The carrying value of the Company's
financial instruments, consisting of cash in banks, accounts receivable, bank
overdrafts, bank lines of credit, accounts payable and accrued expenses, payroll
taxes and withholdings, and loans payable to related parties, approximate their
fair values considering their short term nature and respective interest rates.

     Cash and cash equivalents -- The Company considers all highly liquid debt
instruments purchased with a maturity of three months or less to be cash
equivalents.

     Inventories -- Inventories are carried at the lower of cost (first-in,
first-out method) or market. Property and equipment -- Property and equipment
are stated at cost and consist of computers and equipment, computer software,
furniture and fixtures, and leasehold improvements. These assets are depreciated
on a straight-line basis over the estimated useful lives of the assets, ranging
up to five years. Leasehold improvements are amortized over the estimated useful
life of the assets or the term of the lease, whichever is shorter. Maintenance
and repairs are expensed as incurred, Expenditures for major renewals,

--------------------------------------------------------------------------------
                                       F-6
--------------------------------------------------------------------------------

<PAGE>


                 EURO GROUP OF COMPANIES, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 2006


2. Summary of Significant Accounting Policies  - (continued)


replacements and improvements are capitalized. When assets are sold or otherwise
disposed of, the cost and related accumulated depreciation or amortization are
removed from the respective accounts and any resulting gain or loss is
recognized.

     Impairment of long-lived assets -- The Company reviews its long-lived
assets for impairment whenever events or circumstances indicate that the
carrying amount of an asset may not be recoverable. If this review indicates
that the assets will not be recoverable based on the expected undiscounted net
cash flows of the related asset, an impairment loss is recognized and the
asset's carrying value is reduced.

     Stock-based compensation -- Shares issued for services are expensed at the
estimated fair value of the shares issued at the date of issuance. No stock
options have been issued or are outstanding.

     Income taxes -- Income taxes are accounted for under the assets and
liability method. Deferred tax assets and liabilities are recognized for the
estimated future tax consequences attributable to differences between the
financial statement carrying amounts of existing assets and liabilities and
their respective tax bases and operating loss and tax credit carry-forwards.
Deferred tax assets and liabilities are measured using enacted tax rates in
effect for the year in which those temporary differences are expected to be
recovered or settled. Valuation allowances are established to reduce deferred
income tax assets when management has not yet determined that future realization
is more likely than not.

     Earnings (loss) per common share -- Basic and diluted earnings (loss) per
common share is calculated based upon the weighted average number of common
shares outstanding. The Company did not have any common stock equivalents (such
as stock options or convertible securities) outstanding during the periods
presented.

3. Bank Overdrafts


     At December 31, 2006, bank overdrafts (inactive status) consisted of:

ICTT bank account overdraft facility              $         1,698
FONE1 bank account overdraft facility                      32,595
Total                                             $        34,293

     The overdraft facilities provide for interest at a rate of 9%. Repayment is
 past due and the bank has ceased accruing interest on the balances. The loans
 are personally guaranteed by the Company's chief executive officer.

4. Bank Lines of Credit


     At December 31, 2006, bank lines of credit (inactive status) consisted of:

ICTT line of credit account                      $        17,069
ICTT line of credit account                               16,279
FONE1 line of credit account                             210,422
FONE1 line of credit account                              11,056
Total                                            $       254,826

     The lines of credit provide for interest at a rate of 9%. Repayment is past
due and the bank has ceased accruing interest on the balances. The loans are
personally guaranteed by the Company's chief executive officer.

--------------------------------------------------------------------------------
                                       F-7
--------------------------------------------------------------------------------

<PAGE>


                 EURO GROUP OF COMPANIES, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 2006

5. Payroll Taxes and Withholdings


     At December 31, 2006, payroll taxes and withholdings consisted of:

                                            ICTT       EUROSPEED     Total
                                          ---------    ---------   ---------
Federal                                   $ 203,779    $ 131,008   $ 334,787
New York State                               10,924       29,052      39,976
New York State unemployment insurance         5,746       11,033      16,779
Workers' Compensation Board                   8,509       16,349      24,858
Total                                     $ 228,958    $ 187,442   $ 416,400

     The balances represent unpaid payroll taxes and withholdings for periods
from October 2002 to December 2004 and estimated interest and penalties to
December 31, 2006.

     On August 14, 2006, the Internal Revenue Service advised EGCO (formerly
ICTT)) that its federal liability was $225,065 and approved the Company's
request to pay this liability in monthly installments of $15,000 commencing on
September 20, 2006. On August 15, 2006, the Internal Revenue Service advised
EUROSPEED, Inc. that its federal liability was $84,557 and approved EUROSPEED
Inc.'s request to pay this liability in monthly installments of $10,000
commencing on September 20, 2006. In September 2006, October 2006, and November
2006, monthly installments totaling $75,000 were paid by the Company. From
December 2005 to June 1, 2007, EGCO (formerly ICTT)) and EUROSPEED, Inc. failed
to pay any additional required monthly installments.

     In September 2006, the New York State Tax Compliance Division verbally
approved ICTT and EUROSPEED Inc's request to pay their New York State liability
$5,000 each in September 2006 and $1,000 per month each commencing in October
2006. On March 9, 2007, EGCO (formerly ITCC) and EUROSPEED, Inc. paid off the
then entire outstanding balance due.

     On October 4, 2006, the New York State Department of Labor advised EGCO
(formerly ICTT) and EUROSPEED Inc. that their New York State unemployment
insurance liability was $12,941 and $10,280 respectively, and approved their
deferred payment plan requests to pay their liabilities in monthly installments
of $941 and $750 respectively, commencing on October 25, 2006 after down
payments of $2,824 and $2,249 respectively.

     On October 6, 2006, the Workers' Compensation Board advised EUROSPEED Inc.
that its liability was $17,680 and approved its request to pay this liability in
monthly installments of $491 commencing on October 20, 2006.

6. Loans Payable to Related Parties


     At December 31, 2006, loans payable to related parties consisted of:

Due chief executive officer                                        $ 1,467,376
Due chief financial officer                                            241,446
Due Olympic Telecom, Inc. ("OTI"), a corporation controlled by
   the chief executive officer                                         185,656
Due son of chief executive officer                                      20,364
Total                                                              $ 1,914,842

     The loans payable to related parties do not bear interest and are due on
demand.

--------------------------------------------------------------------------------
                                       F-8
--------------------------------------------------------------------------------

<PAGE>


                 EURO GROUP OF COMPANIES, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 2006

7. Income Taxes


     EGCO (FORMERLY ICTT) files consolidated income tax returns with its
subsidiaries for federal and state reporting purposes.

     For the years ended December 31, 2006 and 2005, the provision for (benefit
from) income taxes consisted of:

                                                     2006           2005
                                                  ----------     ----------
Current:

   Federal                                        $     --       $     --
   State                                                --             --
   Total current                                        --             --

Deferred:

   Federal                                          (128,484)       (29,260)
   State                                             (36,350)        (8,278)
   Valuation allowance                               164,834         37,538
Total                                             $     --       $     --

     A reconciliation of the U.S. federal statutory tax rate to the effective
 rates reported for the years ended December 31, 2006 and 2005 follows:


                                                     2006           2005
                                                  ----------     ----------
Federal statutory tax rate                           34.0%          34.0%
State income taxes, net of federal benefit            5.8            5.8
Change in valuation allowance                       (39.9)         (39.8)
Effective income tax rate                             0.0%           0.0%

     At December 31, 2006, the deferred income tax asset consisted of:

Net operating loss carry-forward                             $  1,710,162
Valuation allowance                                            (1,710,162)
Deferred tax asset                                           $       --

     Based on management's present assessment, the Company has not yet
determined it to be more likely than not that a deferred tax asset of $1,710,162
attributable to the future utilization of the net operating loss carry-forward
of $4,297,753 will be realized. Accordingly, the Company has provided a 100%
allowance against the deferred tax asset in the financial statements. The
Company will continue to review this valuation allowance and make adjustments as
appropriate. The net operating loss carry-forward expires $49,162 in 2020;
$55,431 in 2021, $1,115,296 in 2022; $1,734,552 in 2023; $834,731 in 2024;
$94,337 in 2025; and, $414,244 in 2026.

     Current tax laws limit the amount of loss available to be offset against
future taxable income when a substantial change in ownership occurs. Therefore,
the amount available to offset future taxable income may be limited.

--------------------------------------------------------------------------------
                                       F-9
--------------------------------------------------------------------------------

<PAGE>


                 EURO GROUP OF COMPSANIES, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 2006


8. Commitments and Contingencies

Lease


     EGCO (formerly ICTT) rents its office facilities in Port Chester, New York
under a sub lease agreement with OTI, a corporation controlled by it's chief
executive officer. The term of the sub lease agreement, which as amended
provides for monthly rents ranging from $ 3,360 to $3,886, is February 1, 2005
to January 31, 2009. Rent expense for the years ended December 31, 2006 and 2005
was $41,448 and $34,419, respectively. At December 31, 2006, future minimum
lease payments under non-cancellable operating leases are:

2007                                 $  44,278
2008                                    46,450
2009                                     3,886
Total                                $  94,614

Manufacturing and Distribution Agreement


     Pursuant to an agreement effective October 18, 2006 between a Chinese
corporation (the "OEM Manufacturer"), a New Jersey corporation (the "Worldwide
Importer and Distributor"), and EUROSPEED, Inc. (the "USA Distributor"),
EUROSPEED was appointed exclusive distributor in North America of motorcycles
and other transportation vehicles manufactured and sold by the Manufacturer and
the Importer under trade names "EuroSpeed" and EuroStrada." The term of the
agreement is five years from October 18, 2006 to October 17, 2011. The agreement
is automatically renewed for an additional five years to October 17, 2016 unless
either party gives 90 days prior written notice at the end of any two year
period. If EUROSPEED purchases less than the minimum purchase quantities (25,000
units in year 1, 30,000 units in year 2, and an amount to be determined in year
3), Manufacturer and Importer have the right to terminate the agreement.

Exclusive Distribution Agreement


     Pursuant to an agreement dated May 19, 2006, EUROSPEED appointed an
Exclusive Distributor in North America and Israel of motorcycles and other
transportation vehicles under the trade names "EuroSpeed" and "EuroStrada." The
term of the agreement is five years from May 19, 2006 to May 18, 2011. The
agreement is automatically renewed for an additional five years to May 18, 2016
unless either party gives 90 days prior written notice of election to terminate
the agreement. If the Distributor purchases less than the minimum purchase
quantities (25,000 vehicles in the first 18 months, 30,000 vehicles in year 2,
and 50,000 vehicles in year 3), EUROSPEED has the right to terminate the
agreement.

Standby Letter of Credit


     On November 2, 2006, EUROSPEED, Inc. received a $250,000 irrevocable
standby letter of credit from a bank. The letter of credit expires on November
2, 2007 and is expected to be used by EUROSPEED Inc. to finance the purchase of
motorcycles and other transportation vehicles.

Litigation


     On June 13, 2006, an action was commenced against EGCO (formerly ICTT) and
certain of its officers by an alleged former consultant to the Company. The
complaint alleged non-payment of consulting fees and sought compensatory damages
of $192,500 and exemplary and punitive damages of $5,000,000. At December 31,
2006, the outcome of the litigation was uncertain and no loss accrual was
recorded. On June 29, 2007 (see Note 10), this litigation was settled.

--------------------------------------------------------------------------------
                                      F-10
--------------------------------------------------------------------------------

<PAGE>


                 EURO GROUP OF COMPANIES, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 2006

9. Segment Information


     In 2006, approximately 81% of the total revenue was derived from one motor
scooter customer located in Greece.

10. Subsequent Events


     On January 12, 2007, the Company sold a total of 1,500,000 shares of common
stock to two investors at a price of $0.10 per share and received gross proceeds
of $150,000.

     On June 29, 2007, the litigation described in Note 8 was settled in
accordance with a settlement agreement, pursuant to which the Company paid
$45,000 to the plaintiffs in exchange for full releases. The $45,000 will be
expensed in the three months ended June 30, 2007.

                      [End of Audited Financial Statements]

--------------------------------------------------------------------------------
                                      F-11
--------------------------------------------------------------------------------

<PAGE>


Item 8. Changes in and Disagreements with Accountants on Accounting and
        Financial Disclosure


     None

Item 8A. Control and Procedures

(a) Evaluation of Disclosure Controls and Procedures


     At the end of the fiscal quarter ended December 31, 2006, an evaluation was
performed under the supervision of and with the participation of the Company's
Principal Executive Officer and the Company's Principal Financial Officer of the
effectiveness of the design and operation of the Company's disclosure controls
and procedures

     Based on an evaluation of our disclosure controls and procedures (as
defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934,
as amended) required by paragraph (b) of Rule 13a-15 or Rule 15d-15, as of
December 31, 2006, our Principal Executive Officer and our Principal Financial
Officer have concluded that our disclosure controls and procedures were not
effective in ensuring that information required to be disclosed by us in the
reports that we file or submit under the Exchange Act is recorded, processed,
summarized and reported. Our Principal Executive Officer and our Principal
Financial Officer also concluded that, as of December 31, 2006, our disclosure
controls and procedures were not effective in ensuring that information required
to be disclosed by us in the reports that we file or submit under the Exchange
Act is accumulated and communicated to our management, including our Principal
Executive Officer and Principal Financial Officer, to allow timely decisions
regarding required disclosure.

     The absence of an internal financial reporting function is recognized by
management as a deficiency in our internal controls and procedures, and will be
corrected with the addition of a professional internal financial reporting
function.

(b) Changes in Internal Controls

     During the period ended December 31, 2006, there were no changes that
occurred during our last quarter in our internal control over financial
reporting identified in connection with the evaluation required by paragraph (d)
of Rule 13a-15 or Rule 15d-15 that has materially affected, or is reasonably
likely to materially affect, our internal control over financial reporting.



Item 8B. Other Information


     None

--------------------------------------------------------------------------------
                                       24
--------------------------------------------------------------------------------

<PAGE>


                                    PART III

Item 9. Directors, Executive Officers, Promoters and Control Persons; Compliance
        with Section 16(a) of the Exchange Act


     The names, ages, positions and offices held by each of our officers and
directors are shown on the following table.


Name                      Age                  Position
---------------------    -----    -----------------------------------------
Vasilios Koutsobinas      53      Chairman, Chief Executive Officer
Cheng G. Cheng            57      President, Director (Resigned December 2006)
Aris Constandinidies      61      President (Appointed July 19, 2007)
Andrew Eracleous          78      Chief Financial Officer, Director
Paul Kotrotsios           51      Director
Georgia Dumas             39      Director

     Vasilios Koutsobinas has served as the Chairman and Chief Executive Officer
of Euro Group of Companies, Inc. (formerly ICT Technologies, Inc.) since May
2002. Prior to joining Euro Group of Companies, Inc. (and simultaneously with
his service to Euro Group of Companies), Mr. Koutsobinas had served as chief
executive officer of the Eurogroup of Companies, which included several
subsidiaries contributed to Euro Group of Companies (formerly ICT Technologies)
in the 2002 Transaction as well as Europhone USA, since March 17, 2000. Mr.
Koutsobinas has over 25 years of experience in the import/export field which he
engaged in through private companies of his own. In addition, he served as
President of Uncle Bill's, Inc., a private corporation in the restaurant
business from approximately 1997 to 2001.

     Aris Constandinidies has been appointed is President of the Company on July
19, 2007. Prior to that and since 1985 he had founded and was President of,
Quintex Communications (QC) an Audiovox Corporation subsidiary. QC was a master
Agent for Nynex Mobile. In 2005 with the sale of Audiovox Communications Corp.
(ACC) to UTStarcom Inc., QC was part of the sale and he still was President of
the QC. Between 1974 and 1985 he held various positions, namely a Senior Auditor
for CPC International/Best Foods, in Englewood Cliffs, NJ, and founded and
operated Constant Sound Inc. a mobile electronics distributor located in St.
James, NY. Between 1970 through 1974 Aris Constandinidies was a Senior
Accountant in the audit department of Price Waterhouse's New York office. Mr.
Constandinidies received a B.S. in Accounting from the New York Institute of
Technology in 1970 and an MBA from Pace University in 1985.

     Andrew Eracleous has served as the Chief Financial Officer of Euro Group of
Companies, Inc. (formerly ICT Technologies, Inc.) since November 2002. For the
past 50 years, Mr. Eracleous has been an accountant in private practice.

     Paul Kotrotsios is the founder and publisher of Hellenic News of America, a
monthly Greek-American publication. He holds a Bachelor of Science degree in
Economics from the Graduate Industrial School of Thessaloniki University, Greece
and a Master's Degree in Business Administration from Saint Joseph's University
in Philadelphia, Pennsylvania.

     Georgia Dumas is presently the Director of Operations of Global Star LLC of
Hasbrouck Heights in New Jersey for eight years. She manages all functions
related to business development, operations, production, marketing and
distribution of Greek television and radio services. She has had extensive
experience in the media and publication industries. She studied in New York
University and obtained her Bachelor of Science degree in International
Marketing and Economics from William Paterson University of New Jersey.

     Cheng G. Cheng has been the President and a Director of Euro Group of
Companies Inc. (formerly ICT Technologies, Inc.) since September 27, 2005. Mr.
Cheng has had extensive experience in computer hardware and communications
industry having served in various positions with Giga-Byte Communications, A T &
T Corp., Bell Laboratories, etc. Mr. Cheng resigned from all positions with the
Company in December of 2006.

--------------------------------------------------------------------------------
                                       25
--------------------------------------------------------------------------------

<PAGE>


Board of Directors Committee


     We do not currently have a standing audit, nominating or compensation
committee of the Board of Directors, or any committee performing similar
functions. Our Chairman of the Board, Vasilios Koutsobinas and our remaining
directors, perform the functions of audit, nominating and compensation
committees and also participate in the consideration of Director nominees. When
additional members of the Board of Directors are appointed or elected, we will
consider creating audit, compensation and nominating committees. In addition,
because we are not an issuer listed on a national securities exchange or listed
in an automated inter-dealer quotation system of a national securities
association, we are not required to have an audit committee. Although we hope to
have an audit committee established at some time in the near future, we have not
done so yet.

     Since we have not established such a committee, we have not identified any
member of such a committee as a financial expert.

Advisory Board


     We do not currently have an Advisory Board.

Director Independence


     Our current directors are not considered independent directors as defined
by any national securities exchange registered pursuant to Section 6(a) of the
Securities Exchange Act of 1934 or by any national securities association
registered pursuant to Section 15A(a) of the Securities Exchange Act of 1934.

Meetings of Our Board of Directors


     Our Board of Directors took action by written consent in lieu of meeting
four times during the 2006 fiscal year and did not hold regular meetings.

Family Relationships


     There are no family relationships among our executive officers and
directors.

Involvement in Certain Legal Proceedings


     Except as set forth herein, no officer or director of the Company has,
during the last five years: (i) been convicted in or is currently subject to a
pending a criminal proceeding; (ii) been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction and as a result of
such proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to any
federal or state securities or banking laws including, without limitation, in
any way limiting involvement in any business activity, or finding any violation
with respect to such law, nor (iii) has any bankruptcy petition been filed by or
against the business of which such person was an executive officer or a general
partner, whether at the time of the bankruptcy of for the two years prior
thereto.

Code of Ethics


     To date, we have not adopted a Code of Ethics as described in Item 406 of
Regulation S-B. However, we intend to adopt a code of ethics in 2007.

Section 16(a) Beneficial Ownership Reporting Compliance


     Since January 1, 2006, the following reports under Section 16(a) of the
Securities Exchange Act of 1934 (the "Exchange Act") were not filed or were not
timely filed by officers, directors or beneficial owners of more than ten
percent of any class of the Company's equity securities registered pursuant to
Section 12 of the Exchange Act: To the Company's knowledge, no officer, director
or beneficial owner of more than ten percent of any class of the Company's
equity securities registered pursuant to Section 12 of the Exchange Act or any
other person subject to Section 16 of the Exchange Act with respect to the
Company, failed to file on a timely basis reports required by Section 16(a) of
the Exchange Act subsequent to January 1, 2006.

--------------------------------------------------------------------------------
                                       26
--------------------------------------------------------------------------------

<PAGE>
<TABLE>
<CAPTION>


Item 10. Executive Compensation


     The following Summary Compensation Table sets forth, for the three years
ended December 31, 2006, the compensation for services in all capacities earned
by all persons serving as the Company's Chief Executive Officer during 2005 and
each other executive officer whose total annual salary, bonus and other annual
compensation may have exceeded $100,000 in 2006 (the "Named Executive
Officers").


                                         SUMMARY COMPENSATION TABLE

                                                                                               Other
Name and Principal Position       Year          Salary         Bonus       Compensation    Compensation
----------------------------- -------------- -------------- ------------- --------------- ----------------
<S>                                   <C>    <C>                     <C>             <C>              <C>
Vasilios Koutsobinas                  2006   $     25,800           -0-             -0-              -0-
 Chief Executive Officer              2005           $-0-           -0-             -0-              -0-
                                      2004           $-0-           -0-             -0-              -0-

George G. Cheng                       2006   $        -0-           -0-             -0-              -0-
 President

Andrew Eracleous                      2006            -0-           -0-             -0-              -0-
 Chief Financial Officer              2005           $-0-           -0-             -0-              -0-
                                      2004   $    $32,730           -0-             -0-              -0-

     Euro Group of Companies, Inc. (formerly ICT Technologies) does not maintain
a stock option program, has granted no restricted stock awards and maintains no
long-term incentive programs. None of the named Executive Officers has a written
employment contract with Euro Group of Companies, Inc. (formerly ICT
Technologies).

                              DIRECTOR COMPENSATION


     There was a $4,000 payment to two directors in 2006. We do not pay set
salaries to directors.

Item 11. Security Ownership of Certain Beneficial Owners and Management


     The following table sets forth certain information, as of June 30, 2007,
 with respect to the beneficial ownership of shares of Common Stock by (i) each
 person known to the Company to beneficially own more than 5% of the outstanding
 shares of Common Stock, (ii) each director of the Company, (iii) the Named
 Executive Officer and (iv) all executive officers and directors of the Company
 as a group.



Name and Address                 Amount and Nature            Percent of Class
of Beneficial Owner            of Beneficial Ownership(1)    Beneficially Owned
---------------------         -------------------------     --------------------
Vasilios Koutsobinas              77,481,675                        78.5%
Cheng G. Cheng                       225,500                          .2%
Andrew Eracleous                     939,500                         1.0%
Aris Constandinidies                                                  *
Paul Kotrotsios                                                       *
Georgia Dumas                                                         *

     All executive officers and directors as a group:

3 persons                         78,646,675                        79.7%



 (1)Beneficial ownership has been determined pursuant to Rule 13-d under the
Exchange Act.

     Euro Group of Companies, Inc. (formerly ICT Technologies) does not maintain
any equity incentive compensation plans.

--------------------------------------------------------------------------------
                                       27
--------------------------------------------------------------------------------
</TABLE>

<PAGE>


Item 12. Certain Relationships and Related Transactions


     Since the closing of the 2002 Transaction, the working capital requirements
of the Company have been satisfied almost entirely through loans from Mr.
Vasilios Koutsobinas, the chief executive officer and principal stockholder of
Euro Group of Companies, Inc. (formerly ICT Technologies, Inc.) This
indebtedness, which is payable on demand, totaled $1,467,376 at December 31,
2006 and does not bear interest.

     The Company rents its office facilities in Port Chester, New York under a
sub lease agreement with Olympic Telecom, Inc., a corporation controlled by the
Company's chief executive officer. The term of the sub lease agreement, which as
amended provides for monthly rents ranging from $3,360 to $3,886, is February 1,
2005 to January 31, 2009.

     In February, 2005, Joshua Shainberg, then President of the Company,
transferred by gift 4,000,000 shares of the Company's common stock to an
allegedly charitable organization. Mr. Koutsobinas has not, at the date of this
report, chosen to waive the provisions of the agreement between himself and
Shainberg limiting transfers of the Company's stock. ICT Technologies- Joshua
Shainberg received a fax on July 4, 2005 in its corporate office from Adil
Kharzous of Fine Invest United GmbH, Karl-Rudolf-Strasse 174, 40215 Dusseldorf,
Germany that mentioned, among other things, that they worked for ICT
Technologies, Inc or a shareholder in ICT to sell shares to German clients. They
raised Euro 500,000, half of that belongs to our sales agent Mr. Bobby. His
clients "got" shares of ICTT Technologies at the Berlin and Frankfurt Stock
Exchange. They "got" not the total commission of their work. There is a
difference of Euro 33,000 for this sales agent and his sales people. So they are
requesting to send the open amount of their work they have done for the
shareholder in the company. The board of directors had not authorized this
solicitation in Germany.

Item 13. Exhibits and Reports on Form 8-K


     (a) Exhibits are listed on the Index to Exhibits at the end of this Report.
The exhibits required by Item 601 of Regulation S-B, listed on such Index in
response to this Item, are incorporated herein by reference.

     (b) No reports on Form 8-K were filed during the fourth quarter ended
December 31, 2006.

Item 14. Principal Accountant Fees and Services

Audit Fees


     The audit fees relating to years ended December 31, 2006 and 2005 were
$20,000 and $41,332, respectively. All services provided by the principal
accountants were approved by the Board of Directors.

Audit-Related Fees


     The Audit-related fees relating to years ended December 31, 2006 and 2005
were $0 and $0, respectively.

Tax fees


     Fees relating to years ended December 31,2006 and 2005 for tax services
were $0 and $0, respectively.

All other Fees


     There were no other fees for 2006 or 2005.

--------------------------------------------------------------------------------
                                       28
--------------------------------------------------------------------------------




                                   SIGNATURES


     In accordance with Section 13 or 15(d) of the Securities Exchange Act of
1934, ICT Technologies has duly caused this financial report on Form 10-KSB for
the year ended on December 31, 2006, to be signed on its behalf by the
undersigned, thereunto duly authorized.

         EURO GROUP OF COMPANIES, INC. (formerly ICT TECHNOLOGIES, INC.)


January 9, 2007                             /s/  Vasilios Koutsobinas
                                            -----------------------------------
                                                 Vasilios Koutsobinas
                                                 Chief Executive Officer,
                                                 Director
                                                 (Principal Executive Officer)


January 9, 2007                             /s/  Andrew Eracleous
                                            -----------------------------------
                                                 Andrew Eracleous
                                                 Chief Financial Officer,
                                                 Director
                                                 (Principal Financial and
                                                 Accounting Officer)

--------------------------------------------------------------------------------
                                       29
--------------------------------------------------------------------------------

<PAGE>


Exhibits


Number                             Description of Exhibits
------              ------------------------------------------------------------
3.1            Certificate of Amendment of Certificate of Incorporation of ICT
               Technologies, Inc.*

3.2            Bylaws of ICT Technologies, Inc.**

10.1           Amended and Restated Share Acquisition and Voting Agreement dated
               as of May 9, 2002 and executed April 30, 2003 by and among
               Europhone USA, Inc., Vasilios Koutsobinas and Joshua Shainberg***

10.2           Amendment to the Amended and Restated Share Acquisition and
               Voting Agreement***

10.3           Agreement with Parallel No Limit, Inc. ****

21             List of Subsidiaries.

31.1           Certification of the Company's Chief Executive Officer pursuant
               to Section 302 of Sarbanes Oxley Act.

31.2           Certification of the Company's Chief Financial Officer pursuant
               to Section 302 of Sarbanes Oxley Act.

32             Certification of the Company's Chief Executive Officer and Chief
               Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted
               pursuant to Section 906 of the Sarbanes-Oxley Act of 2002



*    Incorporated by reference to Exhibit 3(iii) from the Company's Form 10-KSB
     for the annual period ended December 31, 2001, filed on April 29, 2002.

**   Incorporated by reference from the Company's Form 10-SB12G, filed with the
     Securities and Exchange Commission on March 6, 2000.

***  Incorporated by reference to Exhibit 10.1 from the Company's Form 8-K/A,
     dated May 9, 2002.

**** Incorporated by reference to Exhibit 10.1 from the Company's Form 8-K,
     dated April 23, 2007.


--------------------------------------------------------------------------------