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, 2009

     [ ] 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,
113,626,793 shares outstanding as of November 18, 2009.

<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, 2009 (unaudited)
    and December 31, 2008 (audited)                                          F-1

Consolidated Statements of Operations for the three and nine months
  ended September 30, 2009 and September 30, 2008 (unaudited)                F-2

Consolidated Statements of Cash Flows for the nine months
    ended September 30, 2009 and September 30, 2008 (unaudited)              F-3

Notes to Consolidated Financial Statements                                   F-4

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

<PAGE>


NOTE:

The enclosed financial statements have not been reviewed by the Company's
Independent Certifying Public Accounting firm.


                                       ii

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




            ASSETS                                                             September 30,   December 31,
                                                                                   2009           2008
                                                                                -----------    -----------
                                                                                (Unaudited)
<S>                                                                             <C>            <C>
CURRENT ASSETS
Cash and cash equivalents                                                       $       414    $     1,849
Accounts receivable, less allowance for returns and doubtful accounts of
       $147,597 and $147,597, respectively                                          117,590        139,478
Inventories                                                                         581,341        677,121
Deposits for future inventory purchases                                             104,994
                                                                                                   104,993
Prepaid expenses                                                                    103,179         57,828
                                                                                -----------    -----------
       Total current assets                                                         907,518        981,269

PROPERTY AND EQUIPMENT, net of
       accumulated depreciation of $134,913 and $117,215, respectively               92,002        111,700
                                                                                -----------    -----------

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

       TOTAL ASSETS                                                             $ 1,024,674    $ 1,118,122
                                                                                ===========    ===========

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)

CURRENT LIABILITIES
Bank overdrafts                                                                 $    34,293    $    34,293
Bank lines of credit                                                                210,422        210,422
Accounts payable and accrued expenses                                             1,142,414        879,812
Payroll taxes and withholdings                                                      691,266        485,612
Customers' deposits                                                                       0              0
                                                                                -----------    -----------
       Total current liabilities                                                  2,078,395      1,610,139

LONG TERM LIABILITIES
Loans payable to related parties                                                  2,180,480      2,065,314
                                                                                -----------    -----------
       Total liabilities                                                        $ 4,258,875    $ 3,675,453
                                                                                -----------    -----------

Common stock subject to put feature                                             $   248,000    $   248,000
                                                                                -----------    -----------


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 113,566,793 and 111,828,292 shares, respectively                    113,121        111,332
Additional paid-in capital                                                        5,953,728      5,716,517
Subscription receivable                                                             (25,000)       (25,000)
Retained earnings (deficit)                                                      (9,524,050)    (8,608,180)
                                                                                -----------    -----------
       Total stockholders' equity (deficiency)                                   (3,482,201)    (2,805,331)
                                                                                -----------    -----------

       TOTAL LIABILITIES AND STOCKHOLDERS'
       EQUITY (DEFICIENCY)                                                      $ 1,024,674    $ 1,118,122
                                                                                ===========    ===========


                               See notes to consolidated financial statements

                                                    F - 1
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                               EURO GROUP OF COMPANIES, INC. AND SUBSIDIARIES
                                    CONSOLIDATED STATEMENTS OF OPERATIONS
                                                 (UNAUDITED)



                                            Three Months Ended                   Nine Months Ended
                                               September 30,                       September 30,
                                      --------------------------------    --------------------------------
                                           2009              2008              2009              2008
                                      --------------    --------------    --------------    --------------
<S>                                   <C>               <C>               <C>               <C>
Sales                                 $        4,378    $    1,413,564    $      219,768    $    3,263,893

Cost of  sales                                 8,159         1,059,309           208,314         2,167,958
                                      --------------    --------------    --------------    --------------

Gross profit                                  (3,781)          354,255            11,454         1,095,935

Selling, general and
administrative expenses                      230,946           610,132           884,726         1,780,460
                                      --------------    --------------    --------------    --------------

Income (loss) from operations               (234,727)         (255,877)         (873,272)         (684,525)

Other Income                                    --                --                --                --
Other Expense                                   (332)             --                (332)             --
Interest expense                             (14,539)           (7,493)           (7,493)          (35,236)
                                      --------------    --------------    --------------    --------------

Net income (loss)                     $     (249,598)   $     (263,370)   $     (915,871)   $     (719,761)
                                      --------------    --------------    --------------    --------------

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

Weighted average shares outstanding
basic and diluted                        112,710,959       115,113,792       112,460,521       112,486,487


                               See notes to consolidated financial statements

                                                    F - 2
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<CAPTION>


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



                                                                            Nine Months Ended
                                                                               September 30,
                                                                        --------------------------
                                                                            2009           2008
                                                                        -----------    -----------
<S>                                                                     <C>            <C>
Operating Activities:
       Net (loss)                                                       $  (915,871)   $  (719,761)
       Adjusments to reconcile net income (loss) to net cash
       povided by (used for) operating activities:
            Depreciation and amortization                                    19,698         17,350
            Stock-based compensation                                         13,750        290,625
            Provision for returns and allowance for doubtful accounts          --           50,235
       Changes in operating assets and liabilities:
            Receivables                                                      21,888     (1,887,134)
            Inventories                                                      95,780       (669,273)
            Deposits for future inventory purchases                            --          (73,577)
            Deposit and prepaid expenses                                    (55,351)       223,726
            Accounts payable and accrued expenses                           262,602      1,919,805
            Payroll taxes and withholdings                                  265,654        (40,132)
            Customers' deposits                                                --             --
            Security deposits                                                  --          (25,154)
                                                                        -----------    -----------
       Net cash (used for) operating activities                            (351,850)      (913,290)
                                                                        -----------    -----------

Investing Activities:
       Property and equipment additions                                        --          (79,031)

                                                                        -----------    -----------
       Net cash (used for) financing activities                                --          (79,031)
                                                                        -----------    -----------

Financing Activities:
       Increase (decrease) in loans payable to related parties              115,166           (982)
       Proceeds from sale of common stock                                   235,250      1,012,000
                                                                                       -----------
                                                                                       -----------
       Net cash provided by financing activities                            350,416      1,011,018
                                                                        -----------    -----------


Net increase in cash                                                         (1,434)        18,696
       Cash and cash equivalents at beginning of period                       1,948         17,081
                                                                        -----------    -----------

       Cash at end of period                                            $       414              $
                                                                                            35,777
                                                                        -----------    -----------

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

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


                           See notes to consolidated financial statements

                                                F - 3
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<PAGE>



                 EURO GROUP OF COMPANIES, INC. AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2009
                                   (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, 2009 and 2008 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, 2009. 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, 2009 are not necessarily indicative of the results to be expected
for the entire year ending December 31, 2009. The balance sheet at December 31,
2008 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, 2008 as included in our report
on Form 10-K.

NOTE 3- Inventories

Inventory as of September 30, 2009 was $581,341, comprised of World Sim cards
and other telecommunications related products carried at $151,822, consumer
electronics carried at $12,310, and transportation products carried at $417,209.

NOTE 4-Bank Overdrafts

At September 30, 2009, 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, 2010. The loans are personally
guaranteed by the Company's chief executive officer.

NOTE 5-Bank Lines of Credit

At September 30, 2009, bank lines of credit (inactive status) consisted of:

                        ICTT line of credit account            $    -
                        ICTT line of credit account                 -
                        FONE1 line of credit
                        account                                 210,422
                        FONE1 line of credit
                        account                                     -
                                                               --------
                        Total                                  $210,422
                                                               ========

                                      F - 4

<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, 2010. The loans are personally
guaranteed by the Company's chief executive officer.

NOTE 6-Property and Equipment

Property and equipment consisted of the following:

                                                    September 30, December 31,
                                                       2009         2008
                                                     ---------    ---------
              Computer equipment and software        $  82,790    $  82,290
              Furniture and Fixtures                    49,758       79,247
              Leasehold Improvements                    24,873       66,878
                                                     ---------    ---------

                                                       228,915      228,915
              Less accumulated depreciation           (136,913)    (117,215)
                                                     ---------    ---------
              Property and equipment, net
              of accumulated depreciation            $  92,002    $ 111,700
                                                     =========    =========


Depreciation expense for the nine months ended September 30, 2009 and 2008 was
$19,868 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, 2009 and 2008,
the provision for (benefit from) income taxes consisted of:

                                                Nine Months Ended
                                                    September 30,
                                              ------------------------
                                              2009                  2008
                                        -----------------      ----------------
     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 carry-forwards. 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,
                                                     2009         2008
                                                   ---------    ---------
         Federal income tax (benefit) at 35%       $(320,555)   $(279,539)
         statutory income tax rate


Nondeductible increase in allowance for

         returns and doubtful accounts                     0        1,043
         Change in valuation allowance               320,555      278,496
                                                   ---------    ---------
         Provision for income taxes                $    --      $    --
                                                   =========    =========

                                       F-5

<PAGE>


At December 31, 2008 and 2007, the deferred income tax asset consisted of:

                                                       December 31,
                                                       ------------
                                                   2008             2007
                                                   ----             ----
     Net operating loss carry-forward          $ 2,781,077       $ 2,238,054
     Valuation allowance                        (2,781,077)       (2,238,054)
     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; $1,326,697 in 2027; and
$1,441,313 in 2028. 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, 2009 payroll taxes and withholdings consisted of:

              Federal social security and income tax       $597,145
              New York State Income Tax                      72,278
              New York State Department of Labor              5,810
              New Jersey State Income Tax                       197
              New York State Workers' Compensation Board     15,786
                                                           --------
              Total                                        $691,266
                                                           ========


The balances represent unpaid payroll taxes and withholdings for certain periods
from October 2002 to September 30, 2009. 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, 2009, net loans payable to related parties consisted of:

Due to chief executive officer and affiliates:                   $ 2,180,480

                                                           Total $ 2,180,480

===========================

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.-Common Stock Subject to Put Feature

     Six shareholders who purchased 496,000 shares of common stock in the fourth
quarter 2008 have the right to "put" those shares of common stock back to the
Company, at a price per share of $0.50, at any time six months after the date of
purchase. Accordingly, the Company has classified the proceeds from these sales
as "temporary equity" separate and apart from stockholder's equity.

NOTE 10-Commitments and Contingencies

Lease agreements
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
August2008. The annual rent for year one of the lease was $26,292 with annual
increases of 3% thereafter for the term of the lease. The Company is also
responsible for paying, on a monthly basis, its pro-rata share of real estate
taxes, operating expenses and electric charges.

                                       F-6

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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 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, 2009 and 2008 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, 2009
    Total revenues                                   $     4,378                --                --            $     4,378
    Income (loss) from Operations                       (123,245)            (15,691)          (95,791)            (234,727)
    Depreciation expense                                   6,566                --                --                  6,566
    Total assets                                         354,896             509,122           160,656            1,024,674

    Three Months Ended September 30, 2008
    Total revenues                                   $    56,005         $ 1,357,559              --            $ 1,413,564
    Income (loss) from Operations                       (259,312)            100,301           (96,875)            (255,977)
    Depreciation expense                                   9,482                --                --                  9,482
    Total assets                                       1,844,903           1,180,046           143,776            3,168,725



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

    Nine Months Ended September 30, 2009
    Total revenues                                   $   125,129         $    94,639              --            $   219,768
    Income (loss) from Operations                       (601,843)            (53,089)         (260,939)            (915,871)
    Depreciation expense                                  19,698                --                --                 19,698
    Total assets                                         354,896             509,122           160,656            1,024,674

    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


                                                             F-7
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<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 at some time in the future. Additional information
on these businesses can be found in the "Business" section of the 10-K 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 been terminated
for his failure to meet the minimum unit sales requirements in the distribution
agreement. The parties are in negotiation to replace the terminated agreement
with a non-exclusive distribution agreement. The Company is currently
considering alternative strategies for the marketing of transportation products
in the United States, Canada, Puerto Rico, and worldwide

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, 2009 totaled $
219,768 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, 2009 we recorded no sales of Eurospeed
products. 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, 2009 the Company's Europhone subsidiary
sold international calling cards and services aggregating $4,378.

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 As previously
disclosed in our annual report on Form 10-K and in our quarterly filing for the
period ended June 30, 2009, our exclusive distributor for transportation
products in the United States, Canada and Puerto Rico failed to meet the minimum
unit sales requirements for the initial twelve month term of the Agreement and

================================================================================

                                       2

<PAGE>

the additional three months provided to "cure" the deficiency and the exclusive
distribution agreement was terminated by Eurospeed Inc. in July 2009. The
Company is currently considering alternative strategies for the marketing of
transportation products in the United States and Canada,and worldwide.

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 upgrading the
management team. Responding to the softness in the general economy, the Company
instituted a rigorous cost reduction program in the first quarter of 2009
including staffing reductions, reduced work hours for corporate staff and
rigorous expense controls.

Results of operations for the nine months ended September 30, 2009, as compared
with September 30, 2008 are as follows:

For the nine months ended September 30, 2009, revenue was $219,768 compared to
revenue of $3,263,893 for nine months ended September 30, 2008. The decrease in
revenue was attributable to; 1) the failure of Eurospeed's exclusive distributor
to place any orders for transportation products in 2009, compared to revenue
from the sale of Eurospeed products of $2,034,447 in the first nine months of
2008, including approximately $1,935,000 from our distributor in the United
States, and 2) a reduction in 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 $125,129, a
decrease of approximately $1,104,317 from the nine months ended September 30,
2008.

Cost of sales decreased to $208,314 for the nine months ended September 30, 2009
from $2,167,958 for the nine months ended September 30, 2008. Gross profit
decreased to $11,454 for the nine months ended September 30, 2009 compared to
$1,095,935 for the mine months ended September 30, 2008, a decrease of
$1,084,481.

Selling, general and administrative expenses decreased to $884,726 through the
third quarter of 2008, from $1,780,460 through the third quarter of 2008, a 50%
decrease. The decrease in selling, general and administrative expenses through
the third quarter is attributable to the continuing effect of the cost reduction
programs implemented by the Company in the first quarter of 2009, including
reductions in salaries and related expenses of $505,968, consulting fees of
$269,580, travel and entertainment expense of $114,744, and bad debt expense of
$50,235, respectively, offset in part by increases in rent and office expenses
of $20,263 and printing expense of $10,982, respectively.

The net loss for the nine months ended September 30, 2009 was $915,871 compared
to a net loss of $719,761 for the nine-month period ended September 30, 2008.

Results of operations for the three months ended September 30, 2009, as compared
with September 30, 2008 are as follows:

For the three months ended September 30, 2009, the Company generated net sales
of $4,378 as compared to $1,413,564 for the same period last year, a decrease of
$1,409,186. The decrease was primarily attributable to the Company's lack of
transportation product sales in the three months ended September 30, 2009,
compared to sales of transportation products of $1,357,559 in the third quarter
of 2008.

Cost of sales for the three months ended September 30, 2009 decreased to $8,159
from $1,059,309 for the three months ended September 30, 2007. The Company
reported a gross loss of $3,781 for the 2009 quarter compared to a gross profit
of $354,255 for the three months ended September 30, 2008.

The Company's selling, general and administrative costs aggregated $230,946 for
the three months ended September 30, 2009, as compared to $610,132 for the same
period last year, representing a decrease of $379,186. The decrease in expenses
was due primarily to the continuing impact of cost reduction measures taken by
the Company in first quarter 2009. These measures included staffing reductions,
reduction in hours worked by the headquarters staff, and tight controls over
expenditures. The selling, general and administrative expense for the quarter
ended September 30, 2009 reflects decreases in salaries and related expenses of
$284,381; consulting fees of $82,730; travel and entertainment expenses of
$55,092; and director fees of $16,000 respectively, offset in part by higher
professional fees and commissions of $54,329 and $11,494 respectively.

The net loss for the three months ended September 30, 2009 was $249,598 compared
to a net loss of $263,370 for the period ended September 30, 2008.

                                        3

================================================================================

<PAGE>


Liquidity and Capital Resources

At September 30, 2009 the Company had a working capital deficit of approximately
$1,170,877 as compared to a working capital deficit of approximately $628,871 at
December 31, 2008. The ratio of current assets to current liabilities was 0.4:1
at September 30, 2009 and 0.6:1 at December 31, 2008. Cash flow used for
operations for the nine months ended September 30, 2009 was approximately
$352,000 compared to the cash flow used for operations of approximately
$1,288,000 for the nine months ended September 30, 2008. The company has
experienced losses in the past, and has an accumulated deficit of approximately
$9,524,000. 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, 2009, loans payable to related parties were $2,140,480. These
loans have been reclassified to Long-term liabilities, and repayment will not be
demanded before November 2010. As of September 30, 2009, the Company is in
default on the balance due on bank lines of credit of $210,422. The bank has
orally agreed to suspend the accrual of interest on balances through December
31, 2010. 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, 2009 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, 2010. The bank
overdraft facilities are personally guaranteed by the Chief Executive Officer.

In the third quarter 2009 the Company sold 50,000 restricted shares of common
stock at an average price of $0.20 per share for gross proceeds of $10,000. In
the nine months ended September 30, 2009 the Company sold 688,501 restricted
shares of common stock for gross proceeds of $124,045. In the nine months ended
September 30, 2008 the Company raised $1,012,000 through the sale of 2,471,000
restricted shares of common stock.

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, 2009 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, 2009 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, 2009, the Company raised $ 10,000
through the sale of 50,000 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.


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



          November 25, 2009
                                            /s/  Andrew Eracleous
                                            -----------------------------------
                                                 Andrew Eracleous
                                                 Chief Financial Officer
                                                 Director
                                                 (Principal Financial and
                                                 Accounting Officer)
          November 25, 2009

                                        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