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

                                   FORM 10-QSB

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934

                For the three months period ended March 31, 2008

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

          For the transition period from January 1, to March, 31 2008

                          Euro Group of Companies, Inc.
        ---------------------------------------------------------------
       (Exact name of small business issuer as specified in its charter)

           Delaware                                              31--4070586
 ------------------------------                               -----------------
(State or other jurisdiction of                              (IRS Employer
 incorporation or organization)                              Identification No.)

                          Euro Group of Companies Inc.
                 181 Westchester Avenue, Port Chester, NY 10573
                                 (914) 937-3900
  ----------------------------------------------------------------------------
 (Address and telephone number of principal executive offices, principal place
              of business, and name, address and telephone number)

                             ICT Technologies, Inc.
                                  -----------
                                 (former name)

Indicate by check mark whether registrant (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b.2 of the Exchange Act) Yes [ ] No[X]

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date. Common Stock, par value $0.001,
114,073,292 shares outstanding as of March 31, 2008

Transitional Small Business Disclosure Format (check one): Yes [ ] No [X]

<PAGE>


                          EURO GROUP OF COMPANIES, INC.

                                TABLE OF CONTENTS




PART I - FINANCIAL INFORMATION

                                                                            Page

Item 1 - Financial Statements

Consolidated Balance Sheet as of March 31, 2008 (unaudited)
    and December 31, 2007 (audited)                                          F-1

Consolidated Statements of Operations for the three months
  ended March 31, 2008 and March 31, 2007 (unaudited)                        F-2

Consolidated Statements of Changes in Stockholders' Equity
    for the three months ended March 31, 2008 (unaudited)                    F-3

Consolidated Statements of Cash Flows for the three months
    ended March 31, 2008 and March 31, 2007 (unaudited) F-4

Notes to Consolidated Financial Statements                                   F-5

Item 2. Management's Discussion and Analysis of Financial Condition and
       Plan of Operations...................................................  2


Item 3. Controls and Procedures............................................   4



PART II - OTHER INFORMATION



Item 1. Legal Proceedings.................................................    5

Item  2.   Changes in Securities  and Use of Proceeds.....................    5


Item 3. Defaults Upon Senior Securities...................................    5


Item 4. Submission of Matters to a Vote of Security Holders...............    5


Item 5. Other Information.................................................    5


Item 6. Exhibits and Reports on Form 8-K..................................    5

SIGNATURES...............................................................     6





<PAGE>


                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)



                  EURO GROUP OF COMPANIES INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS



                                                      March 31,     December 31,
                                                         2008            2007
ASSETS                                               (Unaudited)      (Audited)

CURRENT ASSETS
Cash in banks                                       $     5,875     $    17,081
Accounts receivable, less allowance
 for doubtful accounts of $ 45,085                      962,707          42,398
 and $45,085, respectively
Inventories                                             803,063         175,232
Deposits for future inventory purchases                  74,892          76,215
Deposit with attorney in connection with
Contemplated property acquisition                          --           200,000
Prepaid expenses                                        317,070          62,969

    Total current assets                              2,163,607         573,895

PROPERTY AND EQUIPMENT, net of
  accumulated depreciation of
  $ 31,835 and $ 29,489, respectively                    46,554          48,900
Security deposit-retail store                            10,824            --


       TOTAL ASSETS                                 $ 2,220,985     $   622,795

LIABILITIES AND STOCKHOLDERS EQUITY

CURRENT LIABILITIES
   Bank overdrafts                                  $    34,293     $    34,293
   Bank lines of credit                                 254,826         254,826
   Accounts payable and accrued expenses              1,147,612         185,578
   Payroll taxes and withholdings                       608,004         604,327
   Customers' deposit                                    54,960          54,960
    Total current liabilities                         2,099,695       1,133,984

LONG TERM LIABILITIES
     Loans payable to related parties                 1,775,249       1,760,329


    Total liabilities                                 3,874,944       2,894,313

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
114,073,292 and 107,883,292 shares,
  respectively                                          114,074         107,884
Additional paid-in capital                            5,367,275       4,812,465
Subscription receivable                                 (25,000)        (25,000)
Retained earnings (deficit)                          (7,110,308)     (7,166,867)

    Total stockholders' equity
       (deficiency)                                  (1,653,959)     (2,271,518)

    TOTAL LIABILITIES AND STOCKHOLDERS'
       EQUITY (DEFICIENCY)                          $ 2,220,985     $   622,795


See notes to consolidated financial statements.

                                       F-1

<PAGE>


                   EURO GROUP OF COMPANIES AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF OPERATIONS



                                      For the three months ended March 31st

                                              2008           2007
                                           (unaudited)    (unaudited)

Sales                                     $    950,407   $     19,446

Cost of sales                                  434,514         17,734
                                          ------------   ------------

Gross profit (loss)                            515,893          1,712

Selling, general and
administrative expenses                        460,363        224,190

Income (loss) from operations                   55,530       (222,478)

Interest expense                                 1,029        (12,213)
                                          ------------   ------------

Net income (loss)                         $     56,559   $   (234,691)

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

Weighted average shares outstanding
basic and diluted                          109,803,182     98,447,384


See notes to consolidated financial statements.

                                       F-2

<PAGE>
<TABLE>
<CAPTION>


                               EURO GROUP OF COMPANIES, INC. AND SUBSIDIARIES

                   CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY)
                                  FOR THE THREE MONTHS ENDED MARCH 31, 2008
                                                 (Unaudited)



                                                                                 Retained
                         Common                    Additional    Subscription    Earnings         Total
                         Shares       Par Value     Paid-in        Capital      Receivable      (Deficit)
                       -----------   -----------   -----------   -----------    -----------    -----------
<S>                    <C>           <C>           <C>           <C>             <C>           <C>
Balance at December
31, 2007               107,883,292   $   107,884   $ 4,812,465   $   (25,000)    (7,166,867)   $(2,271,518)


Sale of Common Stock     1,190,000         1,190       184,810          --             --          186,000

Shares issued for
Services                 5,000,000         5,000       370,000          --             --          375,000

Net  Income for the
quarter ended                 --            --            --            --      $    56,559    $    56,559

March 31, 2008
Balance at March.
31, 2007               114,073,292   $   114,074   $ 5,367,275       (25,000)    (7,110,308)   $(1,653,959)


See notes to consolidated financial statements.

                                                     F-3
</TABLE>

<PAGE>
<TABLE>
<CAPTION>


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



                                                        For the three months ended
                                                           March 31,   March 31,
                                                              2008       2007
                                                          (Unaudited) (Unaudited)

OPERATING ACTIVITIES
<S>                                                        <C>          <C>
Net income(loss)                                           $  56,559    $(234,691)
Adjustments to reconcile net income (loss)
  to net cash provided by (used in)
  operating activities:
Depreciation                                                   2,346        5,138
Stock-based compensation                                      96,875         --

Changes in operating assets and liabilities:

Receivables                                                 (920,309)      18,248
Inventories                                                 (627,831)     175,232
Deposit for future inventory purchases                         1,323         --
Deposits and prepaid expenses                                213,200      (17,985)
Accounts payable and accrued expenses                        962,034       37,110
Payroll taxes and withholdings                                 3,677      (26,826)

Net cash provided by (used in) by operating
  activities                                                (212,126)    (295,730)

INVESTING ACTIVITIES
Property and equipment additions                                --         (1,279)

Net cash provided by (used in) investing
   activities                                                   --         (1,279)

FINANCING ACTIVITIES
Increase in loans payable to related parties                  14,920      (16,354)
Proceeds from sale of common stock                           186,000      487,004

Net cash provided by (used in) financing
  activities                                                 200,920      470,650

NET INCREASE(DECREASE) IN CASH                               (11,206)     173,641

CASH, BEGINNING OF PERIOD                                     17,081         --

CASH, END OF PERIOD                                        $   5,875    $ 173,641


See notes to consolidated financial statements.

                                       F-5
</TABLE>

<PAGE>



                 EURO GROUP OF COMPANIES, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             March 31, 2008
                               (UNAUDITED)


1. Organization and Business Operations

Euro Group of Companies, Inc.(EGCO, formerly ICT Technologies, Inc., ("ICTT")
was incorporated in Delaware on May 27, 1999. EGCO 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.

EGCO and its subsidiaries (collectively, the "Company") operate from leased
offices in Port Chester, New York. EGCO acts as a holding company and its
subsidiaries were formed to engage in the distribution of various products
manufactured by unrelated third parties.

2. Interim Financial Statements

The unaudited financial statements for the three months ended March 31, 2008 and
2007 have been prepared in accordance with accounting principles generally
accepted in the United States for interim financial information and with
instructions to Form 10-QSB. In the opinion of management, the unaudited
financial statements have been prepared on the same basis as the annual
financial statements and reflected all adjustments, which include only normal
recurring adjustments, necessary to present fairly the financial position as of
March 31, 2008 and the results of operations and cash flows for the three months
ended March 31, 2008 and 2007. The financial data and other information
disclosed in these notes to the interim financial statements related to these
periods are unaudited. The results for the three month period ended March 31,
2008 are not necessarily indicative of the results to be expected for any
subsequent quarter of the entire year ending December 31, 2008. The balance
sheet at December 31, 2007 has been derived from the audited financial
statements at that date.

Certain information and footnote disclosures normally included in financial
statements prepared in accordance with accounting principles generally accepted
in the United States have been condensed or omitted pursuant to the Securities
and Exchange Commission's rules and regulations. These unaudited financial
statements should be read in conjunction with the audited financial statements
and notes thereto for the year ended December 31, 2007 as included in our report
on Form 10-KSB.

3. Inventories

Inventory as of March 31, 2008 was comprised of World Sim cards and other
telecommunications related products valued at $803,263 compared to inventory of
$228,594 at March 31, 2007, which included $183,882 of telecommunication product
and $44,594 of olive oil.

4. Bank Overdrafts

At March 31, 2008, 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 CEO has negotiated the suspension of interest on the balances. The
loans are personally guaranteed by EGCO's chief executive officer.

5. Bank Lines of Credit

At March 31, 2008, 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

                                       F-6

<PAGE>


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

6. Payroll Taxes and Withholdings

At March 31, 2008, payroll taxes and withholdings consisted of:

Federal social security and income tax                                 $539,837
New York State income tax                                                46,856
Connecticut State Income Tax                                                944
New Jersey State Income Tax                                                 575
New York State Workers' Compensation Board                               17,992
                                                                       --------
Total                                                                  $608,004

The balances represent unpaid payroll taxes and withholdings for certain periods
from October 2002 to March 31, 2008. The Company has asked the Internal Revenue
Service to Consider a revised installment schedule to pay its Federal liability
but has not reached such an agreement.

In October 2007 the Company reached a negotiated payment plan with the IRS for
payment of all Eurospeed Inc. federal tax liabilities. The settlement calls for
sixteen monthly payments of $7,000, and all monthly payments required under the
settlement agreement have been made to date.


7. Loans Payable to Related Parties

At March 31, 2008, net loans payable to related parties consisted of:

 Due to chief executive officer and affiliates    $ 1,760,329
                                                  -----------
Total                                             $ 1,760,329


The loans payable to related parties do not bear interest and were due on
demand. During the Third Quarter 2007, the related parties agreed not to demand
repayment of these loans until year 2009, and accordingly the Company
reclassified these loans from current liabilities to long term liabilities.

8. Commitments and Contingencies

Lease

EGCO rents its office facilities in Port Chester, New York under a sub lease
agreement with OTI, a corporation controlled by EGCO's chief executive officer.
The term of the sub lease agreement is February 1, 2005 to January 31, 2009, and
as amended, provides for monthly rents ranging from $3,160 to $3,886. The rents
being charged have been determined to be consistent with current market rates in
the area.

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.


9. Segment Information

In the three months ended March 31, 2008, 79% of the total revenue was derived
from one customer.

10. Subsequent Events

In April 2008 the Company raised $75,000 through the sale of 500,000 restricted
shares of common stock. The proceeds were used for general corporate purposes.

                                      F-7

<PAGE>


Item 2. Management's Discussion and Analysis of Financial Condition and
         Results of Operations

General

The Company is actively marketing its wireless products, motorcycles and
scooters and consumer electronic products. We will require additional capital in
order to expand our operations and implement our business plan and we have no
firm commitments for capital at this time.

In 2002, the Company entered into an agreement for the purchase of the assets
and the business of Europhone USA, Inc., Europhone, Inc., Eurokool and Eurospeed
resulting in our assumption of manufacturing and distribution agreements for
long distance calling cards and related activities, air conditioners and
scooters. The Company has since expanded and modified the scope of its business
and prospective business to include prepaid calling cards, e-pins and sim chips
as well as cell phones, motorcycles as well as scooters and flat panel
televisions. Moreover, the Company has begun deliveries of scooters and of
prepaid calling cards. The goal has been and continues to be, the manufacture or
assembly, and marketing of products under the "Eugro" and "Euro" brand names.

We are currently located in Port Chester, New York. Euro Group of Companies is
an operating company whose subsidiary companies market and sell the "Euro" and
"Eugro" families of products. The Company operates in three separate and
distinct business areas - telecommunications products and services,
transportation products, and consumer electronics. Additional information on
these businesses can be found in the "Business" section of the 10-KSB report.

To satisfy future sales of motorcycles and scooters we plan to purchase
motorcycles and scooters from contract manufacturers located in the Peoples'
Republic of China ("PRC") with whom we have contracted to produce
Eurospeed-branded products. The Company's exclusive distributor of Eurospeed
Inc. products, American Motor Sports, LLC, has negotiated dealer agreements to
date with select dealer franchises in different states.

We have entered into agreements with manufacturers in China, Taiwan and Korea to
produce our mobile phone and consumer electronics products .

Business Activities

Our revenues during the three months ended March 31, 2008 were $ 950,407 from
the sale of telecommunications products and services and transportation
products. See our "Business" section, above, for a more detailed description of
these businesses and our related manufacture and distribution agreements.

In January 2008 the Company's Eurospeed subsidiary completed the sale of motor
Scooters with a sales value of $99,220 to a customer in Europe.

In 2008 the Company has resumed marketing Eurokool air-conditioner products to
prospective accounts in Europe, and in second quarter completed a sale of
air-conditioners with an aggregate value of over $425,000. The revenue from this
sale will be recognized in the second quarter, 2008.

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

The Company's primary focus has been, and continues to be, on the
telecommunications segment of its business.

Europhone USA LLC markets prepaid wireless services for both residential and
Corporate users that allow users to purchase either unlimited calling services
for a set period of time (a week or a month, for instance), or a designated
amount of long distance minutes (the "minute plan") to make calls from virtually
any telephone worldwide. These phone cards can be used either until the time
period lapses, in the case of the international unlimited card, or until the
prepaid minute air time charges and other charges equal the total value of the
card. Revenue for these prepaid minute cards is recognized upon activation of
prepaid cards regardless of whether all the time is used as prepaid minute 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

In the quarter ended March 31, 2008 the Company's Europhone subsidiary delivered
$750,000 of Eugro World Sim cards to a single customer in the United States
against a total order of $2,500,000.

The Company acquires sim chips with it's logo on them directly from long
distance carriers located in Europe that manufacture such chips. Sim chips are
difficult to manufacture, requiring specialized manufacturing facilities and
skills.

                                       2

<PAGE>


On September 24, 2007 the Company's Europhone USA LLC subsidiary announced the
signing of a three year agreement with Verizon Communications as an authorized
agent of Verizon's FIOS TV and FIOS Internet services, and Verizon's High Speed
Internet and voice services. Verizon FIOS is the brand name for the new services
offered over Verizon's advanced fiber-optic broadband network. Europhone USA,
LLC commenced marketing Verizon's FIOS services alongside Euro Group's
state-of-the-art Eugro Full HD LCD Flat Screen TVs at selected highly trafficked
mall locations in New Jersey in April, 2008 and plans to operate its first
retail store later in the second quarter, 2008..

Television and Air Conditioning Manufacturing

The Company has negotiated agreements with select manufacturers of
air-conditioners in China, and believes that there will be sufficient supply
available to satisfy future orders. We believe that we will have to establish a
strong distribution network It will be difficult to compete if we do not do so.
We also anticipate that the weakening dollar may cause our prices to increase.

Scooter Manufacturing

The Company's transportation products are manufactured under contract by select
manufacturers in The Peoples' Republic of China.

We have continued to finance our activities through the sale of equity through
private placements and the resources of management and have devoted the majority
of our efforts to implementing our marketing plans for telecommunications
products, transportation products, and consumer electronic products and
appliances; developing sources of supply; further developing our product
offering; developing and testing marketing strategy; and expanding the
management team


                          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 of the 10-KSB for the period ended December 31, 2006 and
have not changed.

Results of operations for the three months ended March 31, 2008, as compared
with March 31, 2007 are as follows.

For the three months ended March 31, 2008, the Company generated net sales of
$950,407 from sales of the Eugro World Sim card, prepaid calling cards, cell
phones, mobile commissions and activations, and transportation products as
compared to $19,446 for the same period last year, an increase of $930,961.

Cost of sales for the three months ended March 31, 2008 was $434,514 compared to
$17,734 for the three months ended March 31, 2007.

Gross profit for the three months ended March 31, 2008 was $515,893, compared to
$1,712 for the three months ended March 31, 2007, an increase of $514,181.

The Company's selling, general and administrative costs aggregated $460,363 for
the three months ended March 31, 2008, as compared to $224,190 for the same
period last year, representing an increase of $236,173. The increase in expenses
was due primarily to increased salary related costs, professional fees,
stock-based compensation expense and marketing expenses.

The net profit for the three months ended March 31, 2008 was $56,559 compared to
a net loss of $234,691 for the period ended March 31, 2007.

Liquidity and Capital Resources

At March 31, 2008 the Company had a working capital surplus of $63,912 In
addition the Company recognized net income for the quarter of $56,559. The
Company reduced its stockholders' deficiency to $1,653,959. The company has
experienced losses in the past, and has an accumulated deficit of approximately
$7,110,308. The accompanying financial statements have been prepared assuming
that the Company will continue as a growing concern. These conditions continue
to raise doubt about the Company's ability to continue as a going concern.
Management's plans with respect to these matters include restructuring its
existing debt, raising additional capital through future issuances of stock
and/or other equity, and finding profitable markets for its products to generate

                                       3

<PAGE>


sufficient cash to meet its business obligations. However, there can be no
assurance that the Company will be able to obtain sufficient funds to continue
the development of its product marketing plan and distribution network. The
accompanying financial statements do not include any adjustments that might be
necessary should the Company be unable to continue as a going concern.

At March 31, 2008, loans payable to related parties were $1,775,249. These loans
have been reclassified to Long-term liabilities, and repayment will not be
demanded before year 2009.We have also established lines of credit with the
Ponce De Leon Federal Bank. As of March 31, 2008, the balance due on these lines
of credit was $254,826. The CEO has negotiated a suspension of interest on the
outstanding amounts due. The lines of credit are personally guaranteed by the
Chief Executive Officer.

As of March 31, 2008 the Company was in default of the payment terms of bank
overdraft facilities aggregating $34,293. The CEO has negotiated a suspension of
interest on the amounts due. The bank overdraft facilities are personally
guaranteed by the Chief Executive Officer


Item 3. Controls and Procedures

 Evaluation of Disclosure Controls and Procedures

         As of the end of the fiscal quarter ended March 31, 2008 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-15e of the Securities Exchange Act of 1934,
as amended) and as required by paragraph (b) of Rule 13-a-15 or Rule 15d-15e as
of March 31, 2008, our Principal Executive Officer and Principal Financial
Officer have concluded that our disclosure controls and procedures are effective
to ensure that information we are required to disclose in the reports that we
file or submit under the Securities Exchange Act of 1934 (i) is recorded,
processed, summarized and reported within the time periods specified in
Securities and Exchange Commissions rules and forms. Our Principal Executive
Officer and Principal Financial Officer also concluded that as of March 31, 2008
our disclosure controls and procedures are 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. Our disclosure controls
are designed to provide reasonable assurance that such information is
accumulated and communicated to our management. Our disclosure controls and
procedures include components of our internal control over financial reporting.
Management's assessment of the effectiveness of our internal control over
financial reporting is expressed at the level of reasonable assurance because a
control system, no matter how well conceived and operated, can provide only
reasonable, but not absolute, assurance that the objectives of the control
system will be met.

Management Report on Internal Control over Financial Reporting

         Company management is responsible for establishing and maintaining
adequate internal control over financial reporting to provide reasonable
assurance regarding the reliability of our financial reporting and the
preparation of financial statements for external purposes in accordance with
generally accepted accounting principles. Internal control over financial
reporting includes those policies and procedures that (i) pertain to the
maintenance of records that in reasonable detail accurately and fairly reflect
the transactions and dispositions of the assets of the Company; (ii) provide
reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the Company are
being made only in accordance with the authorization of the management and Board
of Directors of the Company; and (iii) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use or disposition
of the Company's assets that could have a material effect on the financial
statements.

         Management assessed our internal control over financial reporting as of
March 31, 2008, which was the end of our fiscal year. Management based its
assessment on criteria established in Internal Control - Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Management's assessment included evaluation of such elements as the design and
operating effectiveness of key financial reporting controls, segmentation of
responsibilities, process documentation, accounting policies and our overall
control environment. This assessment is supported by testing and monitoring
performed by our finance organization.

                                       4

<PAGE>


         Based on our assessment, management has concluded that our internal
control over financial reporting was effective as of the end of the fiscal year
ended March 31, 2008 to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external
reporting purposes in accordance with generally accepted accounting principles.
We reviewed the results of management's assessment with the Company's Board of
Directors.

Changes in Internal Controls

         During the three month period ended March 31, 2008 there were no
changes that occurred 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-e that has materially affected, or is reasonably likely to
materially affect our internal controls over financial reporting.

                           PART II OTHER INFORMATION

Item 1. Legal Proceedings

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


Item 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

During the three months ended, the Company raised $186,000 through the sale of
1,190,000 restricted shares of common stock. The proceeds of these sales were
used for general corporate purposes, including the purchase of inventory, the
expansion of the management and sales and marketing functions of the Company,
and professional fees.

In April 2008 the Company raised $75,000 through the sale of 500,000 restricted
shares of common stock. The proceeds were used for general corporate purposes.

The Company issued these shares in reliance on the exemption from registration
Afforded by Section 4(2) of the Securities Act of 1933 and Regulation D
promulgated thereunder. These shares were offered to less than 35
"non-accredited" investors and were purchased for investment purposes with no
view to resale.

Item  3. Defaults upon Senior Securities

None

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

None


Item 5.  Other information

In March 2008 the Company received an order for air-conditioners from a customer
in Europe. The order was for a total of $ 425,000 and was secured by a
commercial, transferable letter of credit. The order was shipped from China in
April and the revenue will be recognized in second quarter 2008.



ITEM 6.  Exhibits and Reports on Form 8-K

Exhibit        Description
-------        -----------

10.1           Supply Agreement entered into by and between Europhone USA, LLC
               and Globe Star dated September 6, 2007 *

21             List of Subsidiaries.**

31.1           Certification of Chief Executive Officer pursuant to Section 302
               of the Sarbanes-Oxley Act of 2002 **

32.2           Certification of Chief Financial Officer pursuant to Section 302.
               of the Sarbanes-Oxley Act of 2002 **

32.1           Certification of Chief Executive Officer Pursuant to 8 U.S.C.
               Section 1350, as Adopted Pursuant to Section 906 of the
               Sarbanes-Oxley Act of 2002. **

32.2           Certification of Chief Financial Officer Pursuant to 8 U.S.C.
               Section 1350, as Adopted Pursuant to Section 906 of the
               Sarbanes-Oxley Act of 2002 **

*    Incorporated by reference to the Current Report on Form 8-K, filed
     September 14, 2007

**   Filed herewith

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<PAGE>


                                   SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934,
Euro Group of Companies, Inc has duly caused this financial report on Form
10-QSB for the first quarter ended March 31, 2008, to be signed on its behalf by
the undersigned, thereunto duly authorized.

EURO GROUP OF COMPANIES, INC.

May 15, 2008
                                            /s/  Vasilios Koutsobinas
                                            -----------------------------------
                                                 Vasilios Koutsobinas
                                                 Chief Executive Officer,
                                                 Director
                                                (Principal Executive Officer)



May 15, 2008
                                            /s/  Andrew Eracleous
                                            -----------------------------------
                                                 Andrew Eracleous
                                                 Chief Financial Officer
                                                 Director
                                                 (Principal Financial and
                                                 Accounting Officer)


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.

32.1           Certification of the Company's Chief Executive Officer pursuant
               to Section 906 of Sarbanes Oxley Act.

32.2           Certification of the Company's Chief Financial Officer pursuant
               to Section 906 of Sarbanes Oxley Act.




*    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.

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