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

                                  FORM 10-QSB/A

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

                 For the six months period ended June 30, 2007

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

           For the transition period from January 1, to June 30, 2007

                         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
 incorporation or organization)                              Identification No.)

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

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

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

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

Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date. Common Stock, par value $0.001,
102,697,384 shares outstanding as of June 30, 2007

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

<PAGE>


                            EURO GROUP OF COMPANIES, INC.

                                  TABLE OF CONTENTS



PART I - FINANCIAL INFORMATION


                                                                            Page

Item 1 - Financial Statements

         Consolidated Balance Sheet as of June 30, 2007 (unaudited)
              and December 31, 2006 (audited)                                F-1

         Consolidated Statements of Operations for the six months
              ended June 30, 2007 and June 30, 2006 (unaudited)              F-2

         Consolidated Statements of Changes in Stockholders' Equity
              for the six months ended June 30, 2007 (unaudited)             F-3

         Consolidated Statements of Cash Flows for the six months
              ended June 30, 2007 and June 30, 2006 (unaudited)              F-4

         Notes to Consolidated Financial Statements                          F-5

Item 2. Management's Discussion and Analysis of Financial Condition and
        Results of Operations.............................................     3

Item 3. Controls and Procedures...........................................     6


PART II - OTHER INFORMATION


Item 1. Legal Proceedings.................................................     7

Item 2. Unregistered Sales of Equity Securities and
Use of Proceeds...........................................................     8

Item 3. Defaults Upon Senior Securities...................................     8

Item 4. Submission of Matters to a Vote of Security Holders...............     8

Item 5. Other Information.................................................     8

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

SIGNATURES................................................................     9

                                       2

<PAGE>


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



                                                       June 30,     December 31,
                                                        2007            2006
ASSETS                                               (Unaudited)     (Audited)

CURRENT ASSETS
Cash in banks                                        $    51,836    $    72,829
Accounts receivable, less allowance                         --
  for doubtful accounts of $ 30,057                       41,008        172,688
  and $30,057, respectively
Inventories                                              269,884         46,623
Deposits - Sim cards                                      40,661         76,500
         - Portal software                                20,000           --
         - Chinapack Ningbo motorcycles                   12,556           --

     Total current assets                                435,945        368,640

PROPERTY AND EQUIPMENT, net of
   accumulated depreciation of
   $ 37,771 and $ 27,495, respectively                    34,361         40,680


        TOTAL ASSETS                                 $   470,306    $   409,320

LIABILITIES AND STOCKHOLDERS EQUITY

CURRENT LIABILITIES
    Bank overdrafts                                  $    34,293    $    34,293
    Bank lines of credit                                 254,826        254,826
    Accounts payable and accrued expenses                122,815        194,825
    Payroll taxes and withholdings                       396,876        416,400
    Customers' deposit                                    61,516         66,560
    Loans payable to related parties                   1,904,335      1,914,842

     Total current liabilities                         2,774,661      2,881,746

     Total liabilities                                 2,774,661      2,881,746

STOCKHOLDERS' EQUITY (DEFICIENCY)
 Preferred stock, $.001 par value; authorized
10,000,000 shares, issued and outstanding
0 shares
Common stock, $.001 par value; authorized
200,000,000 shares, issued and outstanding
102,697,384 and 97,197,384 shares,
   respectively                                          102,698         97,198
Additional paid-in capital                             3,993,546      3,270,546
Retained earnings (deficit)                           (6,400,599)    (5,840,170)

     Total stockholders' equity
        (deficiency)                                  (2,304,355)    (2,472,426)

     TOTAL LIABILITIES AND STOCKHOLDERS'
        EQUITY (DEFICIENCY)                          $   470,306    $   409,320


See notes to consolidated financial statements

                                      F-1

<PAGE>
<TABLE>
<CAPTION>


                                           ICT TECHNOLOGIES, INC. AND SUBSIDIARIES
                                            CONSOLIDATED STATEMENTS OF OPERATIONS



                                               For the three       For the three        For the six           For the six
                                               months ended        months ended         months ended          months ended
                                               June 30, 2007       June 30, 2006        June 30, 2007        June 30, 2006
                                                (Unaudited)         (Unaudited)          (Unaudited)          (Unaudited)

Revenue:

<S>                                            <C>                  <C>                  <C>                  <C>
Commissions-prepaid cards activations          $     13,617                 --           $     13,617         $       --

Prepaid cards                                        14,688                 --                 14,688                 --

Cell Phones                                             104                 --                 18,100                 --

Sim cards                                               800                 --                  2,200                 --

Televisions                                           2,400                 --                  2,400                 --

Olive Oil                                               461                 --                    511                 --

                             Total Revenue           32,070                 --                 51,516                 --


Cost and Expenses: Cost of Sales                     17,353                 --                 35,087                 --

Selling, general and administrative                 322,694               12,276              541,746               26,742

Depreciation                                          5,138                 --                 10,276                 --

                  Total costs and expenses          345,185               12,276              587,109               26,742


Income (loss) from operations                      (313,115)             (12,276)            (535,593)             (26,742)

Interest expense                                    (12,263)             (11,545)             (24,836)             (23,341)

                         Net Income (loss)     $   (325,738)        $    (23,821)        $   (560,429)        $    (50,083)


Basic and diluted earnings (loss) per
common share                                          (0.00)               (0.00)               (0.00)               (0.00)
Weighted average shares outstanding,
basic and diluted                              $ 99,947,384         $ 86,552,634         $ 99,947,384         $ 86,552,634


See notes to consolidated financial statements.

                                                             F-2
</TABLE>

<PAGE>
<TABLE>
<CAPTION>


                             EURO GROUP OF COMPANIES, INC. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY)
                                               (UNAUDITED)



                                                          Additional       Retained
                                Common Stock               Paid-in          Earning
                          Shares           Amount          Capital         (Deficit)           Total
<S>                     <C>            <C>              <C>              <C>               <C>
Balance at
January 1, 2007         97,197,384     $     97,198     $  3,270,546     $ (5,840,170)     $ (2,472,426)

Sale of common
stock                    5,500,000            5,500          723,000                            728,500
2472
Net loss for the
six months
ended June 30, 2007                                                        (  560,429)       (  560,429)
Balance at
June 30, 2007          102,697,384     $    102,698     $  3,993,546     $ (6,400,599)     $ (2,304,355)


See notes to consolidated financial statements.

                                                   F-3
</TABLE>

<PAGE>


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



                                                    For the six months ended
                                                 June 30, 2007     June 30, 2006
                                                  (Unaudited)       (Unaudited)

OPERATING ACTIVITIES
Net income(loss)                                $ (   560,429)    $ (    50,083)
Adjustments to reconcile net income (loss)
   to net cash provided by (used in)
   operating activities:
Depreciation                                           10,276              --

Changes in operating assets and liabilities:

Accounts receivable, net                              132,736              --
Inventories                                       (   140,445)             --
Deposit                                                45,412              --
Accounts payable and accrued expenses             (   159,526)       (   37,110)
Payroll taxes and withholdings                    (    24,896)           23,341
Customers' deposit                                (    18,156)             --

Net cash provided by (used in) by operating
   activities                                     (   715,028)       (   63,852)

INVESTING ACTIVITIES
Property and equipment additions                  (    23,958)             --

Net cash provided by (used in) investing
    activities                                    (    23,958)             --

FINANCING ACTIVITIES
Increase (decrease) in bank overdraft                    --                 123
Decrease in loans payable to related parties      (    10,507)           63,729
Proceeds from sale of common stock                    728,500              --

Net cash provided by (used in) financing
   activities                                         717,993              --

NET INCREASE(DECREASE) IN CASH                     (   20,993)             --

CASH, BEGINNING OF PERIOD                              72,829              --

CASH, END OF PERIOD                             $      51,836     $        --


See notes to consolidated financial statements.

                                       F-4

<PAGE>


                 EURO GROUP OF COMPANIES, INC. AND SUBSIDIARIES
                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2007
                                   (UNAUDITED)


1. Organization and Business Operations

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

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

2. Interim Financial Statements

The unaudited financial statements for the six months ended June 30, 2007 and
2006 have been prepared in accordance with accounting principles generally
accepted in the United States for interim financial information and with
instructions to Form 10-QSB. In the opinion of management, the unaudited
financial statements have been prepared on the same basis as the annual
financial statements and reflected all adjustments, which include only normal
recurring adjustments, necessary to present fairly the financial position as of
June 30, 2007 and the results of operations and cash flows for the six months
ended June 30, 2007 and 2006. 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 six month period ended June 30, 2007 are not
necessarily indicative of the results to be expected for any subsequent quarter
of the entire year ending December 31, 2007. The balance sheet at December 31,
2006 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, 2006 as included in our
reports on Form 10-KSB and 10-KSB/A.

3. Inventories consisted of:

                                             June 30, 2007    December 31, 2006
                                              (Unaudited)

        Cell phones                          $   163,971        $   44,523
        Sim cards                                 61,750             2,100
        Olive oil                                 44,163                 -

                Total                        $   269,884        $   46,623

4. Bank Overdrafts

At June 30, 2007, bank overdrafts (inactive status) consisted of:

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

        Total                                           $      34,293

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

                                      F-5

<PAGE>


5. Bank Lines of Credit

At June 30, 2007, bank lines of credit (inactive status) consisted of:

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

        Total                                   $      254,826

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

6. Payroll Taxes and Withholdings

At June 30, 2007, payroll taxes and withholdings consisted of:

                                          ICTT            EUROSPEED       Total

Federal                                $ 231,518          $ 137,627    $ 369,145
New York State unemployment insurance      3,862              2,249        6,111
Workers' Compensation Board                7,911             13,709       21,620

Total                                  $ 243,291          $ 153,585    $ 396,876

The balances represent unpaid payroll taxes and withholdings for periods from
October 2002 to December 2004 and estimated interest and penalties to June 30,
2007.

7. Loans Payable to Related Parties

At June 30, 2007, net loans payable to related parties consisted of:

Due chief executive officer                          $ 1,433,966
Due chief financial officer                              241,446
Due Olympic Telecom, Inc. ("OTI"), a corporation
  controlled by the chief executive officer              236,887
Receivable from son of chief executive officer        (    7,964)

Total                                                $ 1,904,335

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

8. Commitments and Contingencies

Lease

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

Manufacturing and Distribution Agreement

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

                                      F-6

<PAGE>


Exclusive Distribution Agreement

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

Litigation

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

9. Segment Information

In the six months ended June 30 2007, 62% of the total revenue was derived from
ten customers.

10. Subsequent Events

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

                                      F-7

<PAGE>


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

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

General

While we focused on the marketing of Eugro Mobile products during 2006, during
2007 we have expanded our marketing efforts towards our electronics and
motorcycle/scooter brand naming efforts in the United States.

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

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

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

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

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

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

Business Activities

Our revenues during the six months of 2007 were $ 51,516 from the sale of
telecommunications products and services. We expect to sell through Europseed
USA, Inc. an affiliate of Healey Ford of Ansonia, Inc., scooters, motorcycles
and accessories in the United States and Israel. See our "Business" section,
above, for a more detailed description of this business and our related
manufacture and distribution agreements.

As a result of our obtaining Eurospeed VIN # from the National Highway Traffic
Safety Administration, we plan on assembling our motorcycles and scooters in the
U.S.A. by early 2008.

                                       3

<PAGE>


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

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

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

Prepaid Cellular Phone and Sim Chip Manufacturing

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

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

Television and Air Conditioning Manufacturing

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

                                       4

<PAGE>


Scooter Manufacturing

Our scooters are manufactured at two factories in China: Qianjian
Motorcycle Group, Ltd. and Zhejiang Lingtian Motorcycle Co., Ltd.
In 2007, we had been expanding our efforts to sell scooters in the
USA, South America and Central America, while expanding our European
presence through distributor relationships such as our relationship
with Eurospeed U.S.A., Inc.

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

"EugroGold" Extra Virgin Olive Oil

In early 2007, through existing relationships, the Company acquired the Right to
import a limited quantity of "EugroGold" Extra Virgin Olive Oil that had been
produced and bottled in Crete, Greece. The management believes that sales of
this product will augment sales volume from its core products.

                          CRITICAL ACCOUNTING POLICIES

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

Results of operations for the three months ended June 30, 2007, as compared with
June 30, 2006 are as follows.

For the three months ended June 30, 2007, the Company generated net sales of
$32,070 as compared to $-0- for the same period last year. We intend to expand
our focus in all business activities.

Our gross profit for the three months ended June 30, 2007 is $32.070 generated
from sales of prepaid cards, cell phones, sim cards, televisions and olive oil.

The Company's selling, general and administrative costs aggregated $322,694 for
the three months ended June 30, 2007, as compared to $12,276 for the same period
last year, representing an increase of $310,418. The increase in expenses was
due primarily to increase in the number of employees. We expect our selling,
general and administrative expenses to increase substantially if and as our
operations grow.

The selling, general and administration expenses of $322,694 in 2007 consists of
salaries and wages of $151,423, legal settlement of $ 45,000 (Notes 10
subsequent events) payroll and franchise taxes of $17,680, rent of $11,898,
travel of $11,061, entertainment of $12,140, professional fees of $35,454,
directors' fees of $6,000, show expenses and advertising of $12,156, dues of
$327, car and automobile expenses of $3,144, website maintenance of $701,
telephone of $1,078, insurance of $6,264, office expenses and supplies of
$3,153, consulting of $2,500 and miscellaneous of $2,715. The Company's selling,
general and administrative expenses for the three months ended June 30, 2006 was
$12,276 consists of rent of $10,996 travel and entertainment of $242, filing fee
of $843, office expense of $137 and bank charges of $58.



LIQUIDITY AND CAPITAL RESOURCES

At June 30, 2007 the Company had a working capital deficiency of $2,338,776 In
addition the Company continues to suffer recurring losses from operations and
has an accumulated deficit of approximately $6,400,600. The accompanying
financial statements have been prepared assuming that the Company will continue
as a growing concern. These conditions raise substantial 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 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.

                                       5

<PAGE>


At June 30, 2007, loans payable to related parties were $1,904,335 This decrease
in loans in 2007 reflects operating capital loaned by affiliates of our Chief
Executive Officer. These loans are payable on demand. We have also established
lines of credit with the Ponce De Leon Federal Bank.
 As of June 30, 2007, the balance due on these lines of credit was $254,826. The
lines of credit have the personal guarantee of our Chief Executive Officer.

During the six months ended June 30, 2007 the Company raised $728,500 with the
issuance of 5,500,000 shares of common stock. The funds generated from the sale
of stock were used for general corporate purposes.

Item 3. Controls and Procedures

(a)      Evaluation of Disclosure Controls and Procedures

As of the end of the fiscal quarter ended June 30, 2007, an evaluation was
performed under the supervision of, and with the participation of the Company's
Principal Executive Officer, and the Company's Principal Financial Officer, of
the effectiveness of the design and operation of the Company's disclosure
controls and procedures.

Based on an evaluation of our disclosure controls and procedures (as defined in
Rules 13a-15(e) and 15d-e of the Securities Exchange Act of 1934, as amended)
required by paragraph (b) of Rule 13-a-15 or Rule 15d-15e as of June 30, 2007,
our Principal Executive Officer and Principal Financial Officer have concluded
that our financial controls and procedures are effective in ensuring that
information required to be disclosed by us in the reports that we file or submit
under the Exchange Act is recorded, processed, summarized and reported. Our
Principal Executive Officer and Principal Financial Officer also concluded that
as of June 30, 2007, our disclosure controls and procedures were effective in
ensuring that information required to be disclosed by us in the reports that we
file or submit under the Exchange Act is accumulated and communicated to our
management, including our Principal Executive Officer and Principal Financial
Officer, to allow timely decisions regarding disclosure.

(b)      Changes in Internal Controls

         During the period ended June 30, 2007 management corrected a previously
identified deficiency with the addition of a full-time internal financial
reporting staff. There was no other change that occurred during our last fiscal
quarter in our internal control over financial reporting identified in
connection with the evaluation required by paragraph (d) of rule 13a-15 or Rule
15d-15e that has materially affected, or is reasonably likely to materially
affect, our internal controls over financial reporting.

      (c) Limitations on the Effectiveness of Controls

         A control system, no matter how well conceived and operated, can
provide only reasonable, not absolute, assurance that the objectives of the
control system are met. Because of the inherent limitations in all control
systems, no evaluation of controls can provide absolute assurance that all
control issues and instances of fraud, if any, within a company have been
detected. The Company's disclosure controls and procedures are designed to
provide reasonable assurance of achieving its objectives. The Company's
principal executive officer and principal financial officer concluded that the
Company's disclosure controls and procedures are effective at that reasonable
assurance level.

                                       6

<PAGE>



PART II - OTHER INFORMATION


Item 1. Legal Proceedings

The company recently obtained dismissals from certain claims and releases
terminating all active litigation with the company, as follows. On or about May
30, 2006, an action was commenced against certain officers of the Company
entitled Robert P. Rowe, Jr. against Vasilios Koutsobinas and Andrew Eracleous,
New York County Index No. 601899/06. The action asserted causes of action for
breach of contract in connection with a consulting contract, negligence,
corporate waste and other claims. On motion by the defendants, the Court
dismissed all claims as against Eracleous and all claims against Koutsobinas
except the claim for breach of contract. Thereafter, the case was settled by the
remaining parties without any admission of liability or wrongdoing, in
consideration for $7,867 on or about June 29, 2007. The action has been
discontinued with prejudice. On or about May 30, 2006, an action was commenced
against certain officers of the Company entitled Joshua Shainberg on his own
behalf and on behalf of all others similarly situated against Vasilios
Koutsobinas and Andrew Eracleous, New York County Index No. 601898/06. The
action purported to be a shareholders derivative class action by former
shareholders of the Company and alleged causes of action for negligence,
dereliction of duty and conflict of interest in. After the action was commenced,
Mr. Shainberg removed himself as the named plaintiff and William Gent was
substituted in his place. This action has also been dismissed by the Court in
its entirety with prejudice. In addition, Joshua Shainberg and William Gent
general executed releases of all potential other claims against the Company, its
principals, agents, employee, representatives, etc., including, but not limited
to, Vasilios Koutsobinas, Andrew Eracleous and Anna Aspras on June 29, 2007 for
$29,267. On or about June 13, 2006, an action was commenced against the Company
and certain of its officers entitled Virtual Resources, Inc. and Dennis C. Hayes
against ICT Technologies, Vasilios Koutsobinas and Andrew Eracleous, New York
County Index No. 602073/06. The action asserted causes of action for breach of
contract negligence, corporate waste and other claims. The Court dismissed all
claims as against Koutsobinas and Eracleous, as well as all claims against the
Company except breach of contract. Thereafter, this case was settled by the
remaining parties without any admission of liability or wrongdoing, and the
action has been discontinued with prejudice on June 29, 2007 in consideration
for $7,866.

Crossroad Management, LLC filed a suit against our subsidiary, Europhone USA,
Inc., in the Municipal Court of Elmsford, New York for unpaid rent, interest and
real estate tax escalations in 2004 in the amount of $56,347 which amount is
included in the accrued expenses payable in the accompanying consolidated
balance sheet as of June 30, 2007.

In June 2007,Euro Group (formerly ICTT) and Eurospeed Inc. satisfied our
previous outstanding New York State Payroll Tax obligations. We are also
attempting to settle certain outstanding tax liabilities with the United States
Internal Revenue Service relating to payroll withholding taxes. The IRS claims
that total liabilities equal $334,787 as of December 31, 2006. $55,000 was paid
to the IRS in 2006.

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

                                       7

<PAGE>



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

During the six months ended June 30, 2007 the Company raised $728,500 with the
sale of 5,500,000 shares of common stock.

During the three months ended June 30, 2007 the Company raised $578,500 with the
sale of 4,000,000 shares of common stock. The proceeds from the sale of Company
stock were used for general corporate purposes.


Item 3.  Defaults upon Senior Securities

None


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

None


Item 5.  Other information

None


ITEM 6.  Exhibits and Reports on Form 8-K

(a) Exhibits

3.1            Certificate of Amendment of Certificate of Incorporation of ICT
               Technologies, Inc.*

3.2            Bylaws of ICT Technologies, Inc.**

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

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

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

21             List of Subsidiaries.

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

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

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

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

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

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

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

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



                                       8

<PAGE>





SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934,
Euro Group of Companies, Inc. (formerly ICT Technologies, Inc.) has duly caused
this financial report on Form 10-QSB/A for the second quarter ended on June 30,
2007, to be signed on its behalf by the undersigned, thereunto duly authorized.

EURO GROUP OF COMPANIES INC.

January 9, 2008
                                            /s/  Vasilios Koutsobinas
                                            -----------------------------------
                                                 Vasilios Koutsobinas
                                                 Chief Executive Officer,
                                                 Director
                                                 (Principal Executive Officer)


January 9, 2008
                                            /s/  Andrew Eracleous
                                            -----------------------------------
                                                 Andrew Eracleous
                                                 Chief Financial Officer
                                                 Director
                                                 (Principal Financial and
                                                 Accounting Officer)

                                       9

<PAGE>


Exhibits


Number         Description of Exhibits

3.1            Certificate of Amendment of Certificate of Incorporation of ICT
               Technologies, Inc.*

3.2            Bylaws of ICT Technologies, Inc.**

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

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

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

21             List of Subsidiaries.


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

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


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


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

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

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

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

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

                                       10