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

                                    FORM 10-Q

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

               For the nine months period ended September 30, 2008

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


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

           Delaware                                          13-4070586
 ------------------------------                 -------------------------------
(State or other jurisdiction of                (IRS Employer Identification No.)
 incorporation or organization)

                          Euro Group of Companies Inc.
                    10 Midland 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 large  accelerated  filer, a
non-accelerated filer, or a smaller reporting company.

   Large accelerated filer [ ]                Accelerated filer  [ ]

   Non-accelerated filer   [ ]                Smaller reporting company [x]

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,
116,154,292 shares outstanding as of November 10, 2008

<PAGE>


                          EURO GROUP OF COMPANIES, INC.

                                TABLE OF CONTENTS



                                                                            Page

Part I - Financial Information

Item 1 - Financial Statements

Consolidated Balance Sheets as of September 30, 2008 (unaudited)
    and December 31, 2007 (audited)                                          F-1

Consolidated Statements of Operations for the three and nine months
  ended September 30, 2008 and September 30, 2007 (unaudited)                F-2

Consolidated Statement of Changes in Stockholders' Equity (Deficiency)
    for the nine months ended September 30, 2008 (unaudited)                 F-3

Consolidated Statements of Cash Flows for the nine months
    ended September 30, 2008 and September 30, 2007 (unaudited)              F-4

Notes to Consolidated Financial Statements                                   F-5

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

Item 4T.   Controls and Procedures.....................................        4


PART II - OTHER INFORMATION

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

Item 2.    Unregistered Sales of Equity 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

                                       i

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<CAPTION>


                            EURO GROUP OF COMPANIES, INC. AND SUBSIDIARIES
                                      CONSOLIDATED BALANCE SHEETS




ASSETS                                                                    September 30,   December 31,
                                                                              2008           2007
                                                                           -----------    -----------
                                                                           (Unaudited)
CURRENT ASSETS
<S>                                                                        <C>            <C>
Cash and cash equivalents                                                  $    35,777    $    17,081
Accounts receivable, less allowance for returns and doubtful accounts of
       $95,320 and $45,085, respectively                                     1,879,297         42,398
Inventories                                                                    844,505        175,232
Deposits for future inventory purchases                                        149,792         76,215
Deposit with attorney in connection with contemplated
       property acquisition                                                       --          200,000
Prepaid expenses                                                               123,618         62,969
                                                                           -----------    -----------
       Total current assets                                                  3,032,989        573,895

PROPERTY AND EQUIPMENT, net of
       accumulated depreciation of $46,839 and $29,489, respectively           110,582         48,900
                                                                           -----------    -----------

Security deposit-retail store                                                   25,154           --
                                                                           -----------    -----------
       Total other assets                                                       25,154           --
                                                                           -----------    -----------

       TOTAL ASSETS                                                        $ 3,168,725    $   622,795
                                                                           ===========    ===========

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)

CURRENT LIABILITIES
Bank overdrafts                                                            $    34,293    $    34,293
Bank lines of credit                                                           254,826        254,826
Accounts payable and accrued expenses                                        2,105,383        185,578
Payroll taxes and withholdings                                                 564,195        604,327
Customers' deposits                                                             54,960         54,960
                                                                           -----------    -----------
       Total current liabilities                                             3,013,657      1,133,984

LONG TERM LIABILITIES
Loans payable to related parties                                             1,759,347      1,760,329
                                                                           -----------    -----------
       Total liabilities                                                     4,773,004      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 116,154,292 and 107,883,292 shares, respectively               116,155        107,884
Additional paid-in capital                                                   6,191,194      4,812,465
Subscription receivable                                                        (25,000)       (25,000)
Retained earnings (deficit)                                                 (7,886,628)    (7,166,867)
                                                                           -----------    -----------
       Total stockholders' equity (deficiency)                              (1,604,279)    (2,271,518)
                                                                           -----------    -----------

       TOTAL LIABILITIES AND STOCKHOLDERS'
       EQUITY (DEFICIENCY)                                                 $ 3,168,725    $   622,795
                                                                           ===========    ===========


                            See notes to consolidated financial statements

                                                 F - 1
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<CAPTION>



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



                                            Three Months Ended              Nine Months Ended
                                               September 30,                    September 30,
                                      ------------------------------    ------------------------------
                                          2008              2007            2008             2007
                                      -------------    -------------    -------------    -------------

<S>                                   <C>              <C>              <C>              <C>
Sales                                 $   1,413,564    $      22,770    $   3,263,893    $      74,286

Cost of  sales                            1,059,309           16,893        2,167,958           51,980
                                      -------------    -------------    -------------    -------------

Gross profit                                354,255            5,877        1,095,935           22,306

Selling, general and
administrative expenses                     610,132          227,079        1,780,460          779,101
                                      -------------    -------------    -------------    -------------

Income (loss) from operations              (255,877)        (221,202)        (684,525)        (756,795)

Interest expense                             (7,493)         (17,052)         (35,236)         (41,888)
                                      -------------    -------------    -------------    -------------

Net income (loss)                     $    (263,370)   $    (238,254)   $    (719,761)   $    (798,683)
                                      -------------    -------------    -------------    -------------

Basic and diluted earnings (loss)
per common share                      $       (0.00)   $       (0.00)   $       (0.01)   $       (0.01)

Weighted average shares outstanding
basic and diluted                       115,113,792      103,284,324      112,486,487      100,976,384


                             See notes to consolidated financial statements

                                                  F - 2
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<CAPTION>


                                   EURO GROUP OF COMPANIES, INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY)
                                    FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2008
                                                     (UNAUDITED)



                                                             Additional                    Retained
                                  Common                      Paid in     Subscription     Earnings
                                  Shares       Par Value      Capital      Receivable      Deficit)       Total
                                -----------   -----------   -----------   -----------    -----------    -----------
<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)

Sales of common stock             3,271,000         3,271     1,008,729          --             --        1,012,000

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

Net loss for the nine months
 ended September 30, 2008              --            --            --            --         (719,761)      (719,761)
                                -----------   -----------   -----------   -----------    -----------    -----------

Balance at September 30, 2008   116,154,292   $   116,155   $ 6,191,194   $   (25,000)   $(7,886,628)   $(1,604,279)
                                ===========   ===========   ===========   ===========    ===========    ===========


                                   See notes to consolidated financial statements

                                                        F - 3
</TABLE>

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<CAPTION>


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



                                                                           Nine Months Ended
                                                                              September 30,
                                                                        --------------------------
                                                                           2008           2007
                                                                        -----------    -----------

Operating Activities:
       <S>                                                              <C>            <C>
       Net (loss)                                                       $  (719,761)   $  (798,683)
       Adjusments to reconcile net income (loss) to net cash
       povided by (used for) operating activities:
            Depreciation and amortization                                    17,350         10,465
            Stock-based compensation                                        290,625           --
            Provision for returns and allowance for doubtful accounts        50,235           --
       Changes in operating assets and liabilities:
            Receivables                                                  (1,887,134)       121,521
            Inventories                                                    (669,273)      (230,711)
            Deposits for future inventory purchases                         (73,577)         3,283
            Deposit and prepaid expenses                                    223,726           --
            Accounts payable and accrued expenses                         1,919,805       (105,661)
            Payroll taxes and withholdings                                  (40,132)        (1,106)
            Customers' deposits                                                --            2,821
            Security deposits                                               (25,154)          --
                                                                        -----------    -----------
       Net cash (used for) operating activities                            (913,290)      (998,071)
                                                                        -----------    -----------

Investing Activities:
       Property and equipment additions                                     (79,032)          --

                                                                        -----------    -----------
       Net cash (used for) financing activities                             (79,032)          --
                                                                        -----------    -----------

Financing Activities:
       Increase (decrease) in loans payable to related parties                 (982)        32,790
       Proceeds from sale of common stock                                 1,012,000        904,605

                                                                        -----------    -----------
       Net cash provided by financing activities                          1,011,018        937,395
                                                                        -----------    -----------

Net increase in cash                                                         18,696        (60,676)
       Cash and cash equivalents at beginning of period                      17,081         72,829
                                                                        -----------    -----------

       Cash at end of period                                            $    35,777    $    12,153
                                                                        ===========    ===========


Supplemental disclosures of cash flow information:
       Interest paid                                                    $      --      $      --
                                                                        -----------    -----------

       Income taxes paid                                                $      --      $      --
                                                                        -----------    -----------

                           See notes to consolidated financial statements

                                                F - 4
</TABLE>

<PAGE>


                 EURO GROUP OF COMPANIES, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2008
                                   (UNAUDITED)


NOTE 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.

NOTE 2- Interim Financial Statements

The unaudited financial statements for the three and nine months ended September
30, 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-Q.  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
September  30,  2008 and the results of  operations  and cash flows for the nine
months ended  September 30,  2008..  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 and nine month  periods ended
September 30, 2008 are not necessarily  indicative of the results to be expected
for 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.

NOTE 3- Inventories

Inventory as of September  30, 2008 was  $844,505,  comprised of World Sim cards
and other  telecommunications  related  products  carried at $770,866,  consumer
electronics carried at $20,840, and transportation products carried at $52,799.

NOTE 4-Bank Overdrafts

At September 30, 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% per  annum.
Repayment  is past due and the bank has orally  agreed to suspend the accrual of
interest on the balance  through  December  31, 2008.  The loans are  personally
guaranteed by EGCO's chief executive officer.

NOTE 5-Bank Lines of Credit

At September 30, 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 - 5

<PAGE>


The lines of credit provide for interest at a rate of 9% per annum. Repayment is
past due and the bank has orally  agreed to suspend  the  accrual of interest on
the  agreed  balances  through  December  31,  2008.  The loans  are  personally
guaranteed by EGCO's chief executive officer.

NOTE 6-Property and Equipment

      Property and equipment consisted of the following:

                                                      September 30, December 31,
                                                         2008         2007
                                                       ---------    ---------
                Computer equipment and software        $  82,790    $  53,516
                Furniture and Fixtures                    49,758         --
                Leasehold Improvements                    24,873       24,873
                                                       ---------    ---------

                                                         157,421       78,389
                Less accumulated depreciation            (46,839)     (29,489)
                                                       ---------    ---------
                Property and equipment, net
                of accumulated depreciation            $ 110,582    $  48,900
                                                       =========    =========

Depreciation  expense for the nine months ended  September 30, 2008 and 2007 was
$17,350 and $13.372, respectively.

NOTE 7- Income Taxes

EGCO files consolidated income tax returns with its subsidiaries for federal and
state reporting purposes. For the nine months ended September 30, 2008 and 2007,
the provision for (benefit from) income taxes consisted of:

                                                 Nine Months Ended
                                                    September 30,
                                              ------------------------
                                              2008                  2007
                                        -----------------      ----------------
     Current
                                        -----------------      ----------------

              Federal
                                        $       --             $       --
              State                             --                     --
                                        -----------------      ----------------
     Total current provision                    --                     --
                                        -----------------      ----------------
     Deferred
              Federal                           --                     --
              State                             --                     --
                                        -----------------      ----------------

     Total deferred provision                   --                     --


     Total income tax expense           $       --             $       --
                                        =================      ================

Deferred income taxes arise from temporary differences resulting from income and
expense items  reported in different  periods for financial  accounting  and tax
purposes.  The  sources of deferred  income  taxes and their tax effects are the
result of  nondeductible  provisions  for returns and doubtful  accounts and net
operating loss carryforwards. The benefit resulting from deferred taxes has been
fully reserved.

A reconciliation of the expected income tax expense (benefit) to reported income
tax follows:

                                                   Nine Months Ended
                                                     September 30,
                                                   2008         2007
                                                 ---------    ---------
       Federal income tax (benefit) at 35%       $(251,916)   $(279,539)
       statutory income tax rate




       Nondeductible increase in allowance for
       returns and doubtful accounts                17,582        1,043
       Change in valuation allowance               234,334      278,496
                                                 ---------    ---------
       Provision for income taxes                $    --      $    --
                                                 =========    =========

                                       F-6

<PAGE>



At December 31, 2007 and 2006, the deferred income tax asset consisted of:

                                                      December 31,
                                                      ------------
                                                  2007             2006
                                                  ----             ----
     Net operating loss carry-forward          $2,238,054       $1,710,162
     Valuation allowance                       (2,238,054)      (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 $2,238,054
attributable to the future  utilization of the net operating loss  carry-forward
of  $5,546,317  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 $1,115,296 in 2022;
$1,734,552 in 2023;  $834,731 in 2024;  $108,711 in 2025;  $426,330 in 2026; and
$1,326,697  in 2027.  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.


NOTE 8- Payroll Taxes and Withholdings

At  September 30, 2008 payroll taxes and withholdings consisted of:

             Federal social security and income tax       $494,548
             New York State income tax                      51,682
             Connecticut State Income Tax                      880
             New Jersey State Income Tax                       858
             New York State Workers' Compensation Board     16,227
                                                          --------
             Total                                        $564,195
                                                          ========

The balances represent unpaid payroll taxes and withholdings for certain periods
from  October 2002 to  September  30,  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.


NOTE 9- Loans Payable to Related Parties

At  September 30, 2008, net loans payable to related parties consisted of:

          Due to chief executive officer, chief financial
          officer and affiliates                            $1,759,347
                                                            ----------
          Total                                             $1,759,347
                                                            ==========


The loans  payable  to  related  parties  do not bear  interest  and were due on
demand.  In November 2008, the related parties agreed not to demand repayment of
these loans without 370 days notice,  and accordingly  the Company  continues to
classify these loans as long term liabilities.

NOTE 10-Commitments and Contingencies

Lease agreements

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.

In April,  2008 Euro Group  entered into a five year lease  agreement for office
space at 10  Midland  Avenue,  Port  Chester,  New  York,  with the  lease  term
commencing in May 2008 and expiring in May 2013. As part of the  negotiation the
Company  received  three months free rent and commenced  rent payments in August
2008. The annual rent for year one of the lease is $26,292 with annual increases
of 3% for the term of the lease.

                                       F-7

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<TABLE>
<CAPTION>


In April 2008 the Company's Europhone  subsidiary entered into a five year lease
for a retail store located in Astoria, New York. The lease term is April 1, 2008
through March 31, 2013,  with annual rent in year one of $43,296,  increasing at
the rate of 4.6% per annum for the life of the lease.


NOTE 11- Segment Information

     The  determination of the company's  business  segments is based on how the
company  monitors and manages the performance of its  operations.  The company's
operating  segments are strategic  business units that offer different  products
and  services.  They are managed  separately  because  each  requires  different
marketing strategies, personnel skill sets and technology.

     The  Company  allocates  revenues,  expenses,  assets  and  liabilities  to
segments  only  where   directly   attributable.   The   unallocated   corporate
administration   amounts   are   costs   attributed   to   finance,    corporate
administration, human resources, legal and corporate services. Reconciling items
represent  elimination  of  inter-segment  income  and  expense  items,  and are
included to reconcile segment data to the consolidated financial statements.

     A summary of the  Company's  segments for the three and nine month  periods
ended September 30, 2008 and 2007 was as follows:



                                                  Telephone
                                                products and        Transportation       Unallocated
                                                  services             products           Corporate
                                                 (Europhone)         (Eurospeed)        Administration         Total
                                                   Segment              Segment            Amounts             Amount
                                                 -----------         -----------         -----------        -----------
<S>                                              <C>                   <C>                <C>               <C>
Three Months Ended September 30, 2008
Total revenues                                   $    56,005           1,357,559              --              1,413,564
Income (loss) from Operations                       (259,312)            100,301           (96,866)            (255,877)
Depreciation expense                                   9,482                --                --                  9,482
Total assets                                       1,844,903           1,180,046           143,776          $ 3,168,725
Three Months Ended September 30, 2007
Total revenues                                   $    22,770                --                --            $    22,770
Income (loss) from Operations                       (216,167)               --              (5,035)            (221,202)
Depreciation expense                                   3,096                --                --                  3,096
Total assets                                         378,534              50,785             14,817         $   444,136



                                                  Telephone
                                                products and        Transportation      Unallocated
                                                  services            products           Corporate
                                                 (Europhone)        (Eurospeed)        Administration          Total
                                                   Segment             Segment             Amounts             Amount
                                                 -----------         -----------         -----------        -----------

Nine Months Ended September 30, 2008
Total revenues                                   $ 1,229,446         $ 2,034,447              --              3,263,893
Income (loss) from Operations                       (210,206)           (183,694)         (290,625)            (684,525)

Depreciation expense                                  17,350                --                --                 17,350
Total assets                                       1,844,903           1,180,046           143,776          $ 3,168,725

Nine Months Ended September 30, 2007
Total revenues                                   $    74,286                --                --                 74,286
Income (loss) from Operations                       (750,036)             (6,759)             --               (756,795)

Depreciation expense                                  10,456                --                --                 10,465
Total assets                                         378,534              50,785            14,817          $   444,136


                                                           F-8
</TABLE>

<PAGE>


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

General

The Company is actively  marketing  its  telephone  products and  services,  and
transportation  products  and will  commence  marketing  of consumer  electronic
products in 2009..  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 sells the "Euro" and
"Eugro"  families of  products.  The  Company  operates  in three  separate  and
distinct business areas - we are currently marketing telecommunications products
and services and  transportation  products,  and plans to commence  marketing of
consumer  electronics  products  in  2009.   Additional   information  on  these
businesses can be found in the "Business" section of the 10-KSB report.

To  satisfy  future  sales  of  transportation  products  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 relies upon the continued ability of the
Chinese  manufacturers to provide such pricing,  payment terms, product quality,
and certification with USDOT and EPA to remain competitive.

The Company's  exclusive  distributor of Eurospeed  Inc.  products in the United
States,  Canada and Puerto Rico,  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

The  Company's  revenue  during the nine  months  ended  September  30,  totaled
$3,263,893  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  manufacturer  and distribution
agreements.

In the quarter ended September 30, 2008 we recorded sales of Eurospeed  products
aggregating  $1,357,559  to  Eurospeed's  dealer  network.  Sales  of  Eurospeed
products in the first nine months of 2008 totaled $2,034,447.

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.
During the quarter ended September 30, 2008 the Company's  Europhone  subsidiary
sold international calling cards and services aggregating $56,005.

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 the  marketing of Verizon FiOS  services  along with its Eugro Full HD
LCD flat screen  televisions  and laptop  computers at its first  retail  store,
which opened in October, 2008.

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

                                        2
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<PAGE>


Results of operations for the nine months ended  September 30, 2008, as compared
with September 30, 2007 are as follows:

For the nine months ended  September 30, 2008,  revenue  increased to $3,263,993
from $74,286 for nine months ended  September 30, 2007.  The increase in revenue
was  attributable  to; 1) the launch in 2008,  of the  Company's  Transportation
Products subsidiary, Eurospeed, Inc., which recorded sales of $2,034,447, and 2)
increased  sales  generated  from the sale of  telephone  products  and services
including,  sales of world sim and prepaid  calling cards,  cell phones,  mobile
activations   and   commissions,   aggregating   $1,229,446,   an   increase  of
approximately $1,155,000 over the nine months ended September 30, 2007.

Cost of sales  increased to $2,167,958  for the nine months ended  September 30,
2008 from $51,980 for the nine months  ended  September  30, 2007.  Gross profit
increased to $1,095,935 for the nine months ended September 30, 2008 compared to
$22,306 for the mine months ended September 30, 2007, an increase of $1,073,629.
As a percentage  of revenue,  gross profit  increased to 34% for the nine months
ended  September  30, 2008 from 30% during the nine months ended  September  30,
2007. The increase in gross profit percentage was primarily  attributable to the
Company's  ability to sell its world sim card, a new product with higher margins
introduced  in 2008.  The Company is uncertain  that it will be able to maintain
its profit margin on this product in the future.

Selling, general and administrative expenses increased to $1,780,460 through the
third quarter of 2008,  from $779,101  through the third quarter of 2007, a 129%
increase. The increase in selling,  general and administrative  expenses through
the third  quarter is  attributable  to  increases in salary  related  expenses,
consulting  fees, bad debt expense,  insurance  expense,  freight  expense,  and
travel expenses of approximately $509,000,  $283,450,  $47,000, $59,000, $12,000
and $59,000,  respectively.  The increases in salaries and consulting fees are a
result of the Company's  hiring of new employees  and  consultants.  Included in
salaries  expense for the nine months ended  September 30, 2008, was $290,625 of
stock based  compensation  resulting  from the issuance of  5,000,000  shares of
restricted  common stock to the  Company's  Chief  Executive  Officer  under the
provisions  of a  non-dilution  agreement  pursuant  to  which  he is  not to be
diluted..  The stock was valued at $375,000 after  application of a 50% discount
to the trading price on the grant date,  which discounted the value of the stock
for the restrictions on the shares, and is being expensed at the rate of $93,750
per quarter  through  December  31,  2008.  The  increase in bad debt expense is
attributable  to the increase in sales,  which  required the Company to increase
its  provision  for bad debt.  The increase in insurance  expense is a result of
increased  insurance  carried by the Company to cover  product  liability on its
transportation products, credit insurance and directors and officers' insurance.
The increase in travel expense was primarily  attributable to overseas travel to
the Company's scooter manufacturers in The People's Republic of China.

The net loss for the nine months ended  September 30, 2008 was  $719,761compared
to a net loss of $798,683 for the nine-month period ended September 30, 2007.

Results of operations for the three months ended September 30, 2008, as compared
with September 30, 2007 are as follows:

For the three months ended  September 30, 2008, the Company  generated net sales
of  $1,413,564 as compared to $22,770 for the same period last year, an increase
of $1,390,794.  The increase was primarily attributable to the Company's sale of
scooters totaling approximately $1,357,000 during the third quarter of 2008.

Cost of sales for the  three  months  ended  September  30,  2008  increased  to
$1,059,309  from $16,893 for the three months ended  September  30, 2007.  Gross
profit for the three  months  ended  September  30, 2008  increased to $354,255,
compared to $5,877 for the three months ended September 30, 2007, an increase of
$348,378.  As a  percentage  of revenue,  gross  profit  decreased to 25% due to
discounts provided to Eurospeed dealers for first orders. .

The Company's selling,  general and administrative costs aggregated $610,132 for
the three months ended  September 30, 2008, as compared to $227,079 for the same
period last year, representing an increase of $383,053. The increase in expenses
was due  primarily  to increases in salaries,  consulting  fees,  rent  expense,
insurance expense and travel costs of approximately $201,000,  $68,000, $30,000,
$24,000 and $35,000,  respectively.  . The increases in salaries and  consulting
fees are a result of the Company's  hiring of new employees and  consultants  to
help the Company  execute  its growth  strategy.  Included  in salaries  expense
during the third quarter of 2008, was $96,875 of stock based compensation issued
to our chief executive officer s more fully described above.. The increased rent
expense in the third quarter of 2008 was primarily attributable to the Company's
move to new office  space and the  leasing  of a retail  location  in 2008.  The
increase in insurance expense is a result of increased  insurance carried by the
Company  to cover  product  liability  on its  transportation  products,  credit
insurance and directors and officers' insurance.  The increase in travel expense
was  primarily   attributable  to  overseas  travel  to  the  Company's  scooter
manufacturers in The People's Republic of China.

The net loss for the three months ended September 30, 2008 was $263,370 compared
to a net loss of $238,254 for the period ended September 30, 2007.

                                        3
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<PAGE>


Liquidity and Capital Resources

At September 30, 2008 the Company had working capital of  approximately  $19,000
as compared to working capital of approximately $(560,000) at December 31, 2007.
The ratio of current assets to current liabilities was 1:1 at September 30, 2008
and 0.5:1 at  December  31,  2007.  Cash flow used for  operations  for the nine
months ended September 30, 2008 was approximately  $913,000 compared to the cash
flow used for  operations  of  approximately  $998,000 for the nine months ended
September 30, 2007. The company has  experienced  losses in the past, and has an
accumulated  deficit of approximately  $7,887,000.  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  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  operations  and/or 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 September 30, 2008, loans payable to related parties were  $1,759,347.  These
loans have been reclassified to Long-term liabilities, and repayment will not be
demanded  before  November  2009.  As of September  30, 2008,  the Company is in
default on the  balance  due on bank lines of credit of  $254,826.  The bank has
orally  agreed to suspend the accrual of interest on balances  through  December
31, 2008. The lines of credit are personally  guaranteed by the Chief  Executive
Officer. We cannot currently repay these bank lines of credit nor are we able to
draw any further funds on the credit lines.

As of September 30, 2008 the Company was in default of the payment terms of bank
overdraft  facilities  aggregating  $34,293.  The bank has agreed to suspend the
accrual of interest on the  balances due through  December  31,  2008.  The bank
overdraft facilities are personally guaranteed by the Chief Executive Officer.

In the third quarter 2008 the Company sold 112,000  restricted  shares of common
stock at an average price of $0.50 per share for gross  proceeds of $56,000.  In
the nine months ended  September 30, 2008 the Company sold 2,471,000  restricted
shares of common  stock for gross  proceeds  of  $1,012,000.  In the nine months
ended  September  30,  2007 the  Company  raised  $904,605  through  the sale of
6,674,240 restricted shares of common stock.

In a meeting of the Euro Group of Companies, Inc. Board of Directors on February
11,  2008 the  members  of the  Board,  with the  Chairman  and CEO  abstaining,
unanimously voted to award "non-dilution rights" to the CEO, which will have the
effect of preserving his ownership  percentage of the Company's  common stock at
72.3% of the outstanding  common stock of the Company,  and unanimously voted to
award to the CEO five million shares of Euro Group common stock, under the terms
of the "non-dilution" agreement.




Item 3. Controls and Procedures

 a. Evaluation of Disclosure Controls and Procedures

Based on an evaluation  under the supervision and with the  participation of the
Company's  management,  the Company's  principal executive officer and principal
financial  officer have  concluded  that the Company's  disclosure  controls and
procedures  as defined in Rules  13a-15(e) and  15d-15(e)  under the  Securities
Exchange  Act of 1934 (the  "Exchange  Act"),  as amended  were  effective as of
September  30, 2008 to ensure that  information  required to be disclosed by the
Company in reports that it files or submits  under the Exchange Act is recorded,
processed,  summarized  and reported  within the time  periods  specified in the
Securities and Exchange  Commission  rules and forms and also designed to ensure
that  information  required to be disclosed in such reports is  accumulated  and
communicated  to the Company's  management,  including  its principal  executive
officer  and  principal  financial  officer,  as  appropriate  to  allow  timely
decisions regarding required disclosure.

b. Changes in Internal Control over Financial Reporting

There  were  no  changes  in the  Company's  internal  controls  over  financial
reporting identified in connection with the evaluation required by paragraph (d)
of Rule 13a-15 or Rule 15d-15 under the Exchange  Act that  occurred  during the
quarter ended September 30, 2008 that have materially affected or are reasonably
likely to materially  affect the  Company's  internal  controls  over  financial
reporting.

                                       4

<PAGE>


PART II.  OTHER INFORMATION



Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended  September 30, 2008,  the Company  raised $ 56,000
through the sale of 112,000  restricted  shares of common stock. The proceeds of
these sales 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.


Item 6. Exhibits and Reports on Form 8-K


21.1 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

                                        5

<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-Q
for the quarter  ended  September  30,  2008,  to be signed on its behalf by the
undersigned, thereunto duly authorized.

EURO GROUP OF COMPANIES, INC.

November 14, 2008
                                            /s/  Vasilios Koutsobinas
                                            -----------------------------------
                                                 Vasilios Koutsobinas
                                                 Chief Executive Officer,
                                                 Director
                                                 (Principal Executive Officer)



November 14, 2008
                                            /s/  Andrew Eracleous
                                            -----------------------------------
                                                 Andrew Eracleous
                                                 Chief Financial Officer
                                                 Director
                                                 (Principal Financial and
                                                 Accounting Officer)

                                       6

<PAGE>


Exhibits
Number    Description of Exhibits
--------- ----------------------------------------------------------------------
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
          18 U.S.C. Section 1350
32.2      Certification of the Company's Chief Financial Officer pursuant to
          18 U. S. C. Section 1350

                                       7