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 six months period ended June 30, 2008

             [ ] 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, 2008

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

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


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

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

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

Indicate by check mark whether the registrant is a large accelerated filer, a
non-accelerated filer, or a smaller reporting company.

Large accelerated filer [ ]                 Accelerated filer  [ ]

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

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


Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date. Common Stock, par value $0.001,
116,042,292 shares outstanding as of August 15, 2008

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

<PAGE>


                          EURO GROUP OF COMPANIES, INC.

                                TABLE OF CONTENTS




                                                                            Page

Part I - Financial Information

Item 1 - Financial Statements

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

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

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

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

Notes to Consolidated Financial Statements                                   F-5

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

Item 3. Controls and Procedures........................................       5


PART II - OTHER INFORMATION

Item 1. Legal Proceedings..............................................       6

Item  2.   Changes in Securities  and Use of Proceeds..................       6

Item 3. Defaults Upon Senior Securities................................       6

Item 4. Submission of Matters to a Vote of Security Holders............       6

Item 5. Other Information..............................................       6

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

SIGNATURES.............................................................       7

                                       i

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



ASSETS
                                                                          June 30,     December 31,
                                                                             2008           2007
                                                                         -----------    -----------
                                                                         (unaudited)
<S>                                                                      <C>            <C>
CURRENT ASSETS
Cash and cash equivalents                                                $    23,484    $    17,081
Accounts receivable, less allowance for returns and
       doubtful accounts of $88,109 and $45,085, respectively              1,660,880         42,398
Inventories                                                                  849,991        175,232
Deposits for future inventory purchases                                      165,492         76,215
Deposit with attorney in connection with contemplated
       property acquisition                                                     --          200,000
Prepaid expenses                                                             199,923         62,969
                                                                         -----------    -----------
       Total current assets                                                2,899,770        573,895

PROPERTY AND EQUIPMENT, net of
       accumulated depreciation of $37,357 and $29,489, respectively         117,948         48,900

Security deposit-retail store                                                 24,804           --
                                                                         -----------    -----------
       Total other assets                                                     24,804           --
                                                                         -----------    -----------

       TOTAL ASSETS                                                      $ 3,042,522    $   622,795
                                                                         ===========    ===========

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)

CURRENT LIABILITIES
Bank overdrafts                                                          $    34,293    $    34,293
Bank lines of credit                                                         254,826        254,826
Accounts payable and accrued expenses                                      1,739,373        185,578
Payoll taxes and withholdings                                                556,018        604,327
Customers' deposits                                                           91,898         54,960
                                                                         -----------    -----------
       Total current liabilities                                           2,676,408      1,133,984

LONG TERM LIABILITIES
Loans payable to related parties                                           1,763,023      1,760,329
                                                                         -----------    -----------
       Total liabilities                                                   4,439,431      2,894,313
                                                                         -----------    -----------

STOCKHOLDERS' EQUITY (DEFICIENCY)

Preferred stock, $.001 par value; authorized 10,000,000 shares, issued
and outstanding 0 shares                                                        --             --
Common stock, $.001 par value; authorized 200,000,000 shares, issued
and outstanding 116,042,292 and 107,883,292 shares, respectively             116,043        107,884
Additional paid-in capital                                                 6,135,306      4,812,465
Subscription receivable                                                      (25,000)       (25,000)
Retained earnings (deficit)                                               (7,623,258)    (7,166,867)
                                                                         -----------    -----------
       Total stockholders' equity (deficiency)                            (1,396,909)    (2,271,518)
                                                                         -----------    -----------

       TOTAL LIABILITIES AND STOCKHOLDERS'
       EQUITY (DEFICIENCY)                                               $ 3,042,522    $   622,795
                                                                         ===========    ===========


                           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 June 30,       Six Months Ended June 30,
                                      ------------------------------    ------------------------------
                                          2008             2007             2008             2007
                                      -------------    -------------    -------------    -------------

<S>                                   <C>              <C>              <C>              <C>
Sales                                 $     899,922    $      32,070    $   1,850,329    $      51,516

Cost of  sales                              674,135           17,353        1,108,649           35,087
                                      -------------    -------------    -------------    -------------

Gross profit                                225,787           14,717          741,680           16,429

Selling, general and
administrative expenses                     709,965          327,832        1,170,328          552,022
                                      -------------    -------------    -------------    -------------

Income (loss) from operations              (484,178)        (313,115)        (428,648)        (535,593)

Interest expense                            (28,772)         (12,263)         (27,743)         (24,836)
                                      -------------    -------------    -------------    -------------

Net income (loss)                     $    (512,950)   $    (325,378)   $    (456,391)   $    (560,429)
                                      -------------    -------------    -------------    -------------

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

Weighted average shares outstanding
basic and diluted                       115,057,792       99,947,384      112,430,487       99,947,384


                             See notes to consolidated financial statements

                                                  F - 2
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                                       EURO GROUP OF COMPANIES, INC. AND SUBSIDIARIES
                           CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIENCY)
                                           FOR THE SIX MONTHS ENDED JUNE 30, 2008
                                                       (Unaudited)


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

Sales of common stock             3,159,000           3,159         952,841           --              --           956,000

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

Net loss for the six months
 ended June 30, 2008                   --              --              --             --          (456,391)       (456,391)
                               ------------    ------------    ------------   ------------    ------------    ------------

Balance at June 30, 2008        116,042,292    $    116,043    $  6,135,306   $    (25,000)   $ (7,623,258)   $ (1,396,909)
                               ============    ============    ============   ============    ============    ============


                                       See notes to consolidated financial statements


                                                            F - 3
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                           EURO GROUP OF COMPANIES, INC. AND SUBSIDIARIES
                                CONSOLIDATED STATEMENTS OF CASH FLOWS
                                             (Unaudited)



                                                                        Six Months Ended June 30,
                                                                        --------------------------
                                                                            2008           2007
                                                                        -----------    -----------
<S>                                                                     <C>            <C>
Operating Activities:
       Net (loss)                                                       $  (456,391)   $  (560,429)
       Adjusments to reconcile  net income (loss) to net cash
       provided by (used for) operating activities:
            Depreciation and amortization                                     7,868         10,276
            Stock-based compensation                                        193,750           --
            Provision for returns and allowance for doubtful accounts        43,024           --
       Changes in operating assets and liabilities:
            Receivables                                                  (1,661,506)       132,736
            Inventories                                                    (674,759)      (140,445)
            Deposits for future inventory purchases                         (89,277)        45,412
            Deposits and prepaid expenses                                   244,296           --
            Accounts payable and accrued expenses                         1,553,795       (159,526)
            Payroll taxes and withholdings                                  (48,309)       (24,896)
            Customers' deposits                                              36,938        (18,156)
            Security deposits                                               (24,804)          --
                                                                        -----------    -----------
       Net cash (used for) operating activities                            (875,375)      (715,028)
                                                                        -----------    -----------

Investing Activities:
       Property and equipment additions                                     (76,916)       (23,958)

                                                                        -----------    -----------
       Net cash (used for) financing activities                             (76,916)       (23,958)
                                                                        -----------    -----------

Financing Activities:
       Increase in loans payable to related parties                           2,694        (10,507)
       Proceeds from sale of common stock                                   956,000        728,500

                                                                        -----------    -----------
       Net cash provided by financing activities                            958,694        717,993
                                                                        -----------    -----------

Net increase (decrease)in cash                                                6,403        (20,993)
       Cash and cash equivalents at beginning of period                      17,081         72,829
                                                                        -----------    -----------

       Cash and cash equivalents at end of period                       $    23,484    $    51,836
                                                                        ===========    ===========

Supplemental disclosures of cash flow information:

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


                           See notes to consolidated financial statements

                                                F - 4
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<PAGE>


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


NOTE 1-Organization and Business Operations

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

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

NOTE 2- Interim Financial Statements

The unaudited financial statements for the three and six months ended June 30,
2008 and 2007 have been prepared in accordance with accounting principles
generally accepted in the United States for interim financial information and
with instructions to Form 10-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, 2008 and the results of operations and cash flows for the six months
ended June 30, 2008 and 2007. The financial data and other information disclosed
in these notes to the interim financial statements related to these periods are
unaudited. The results for the three month period ended June 30, 2008 are not
necessarily indicative of the results to be expected for any subsequent quarter
of the entire year ending December 31, 2008. The balance sheet at December 31,
2007 has been derived from the audited financial statements at that date.

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

NOTE 3- Inventories

Inventory as of June 30, 2008 was comprised of World Sim cards and other
telecommunications related products carried at $849,991 cost.

NOTE 4-Bank Overdrafts

At June 30, 2008, bank overdrafts (inactive status) consisted of:

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

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

NOTE 5-Bank Lines of Credit

At June 30, 2008, bank lines of credit (inactive status) consisted of:

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

                   Total                                        $ 254,826
                                                                =========

                                      F - 5
-------
<PAGE>


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

NOTE 6-Property and Equipment

      Property and equipment consisted of the following:

                                                         June 30,   December 31,
                                                           2008         2007
                                                        ---------    ---------
                   Computer equipment and software      $  82,790    $  53,516
                   Furniture and Fixtures                  47,642         --
                   Leasehold Improvements                  24,873       24,873
                                                        ---------    ---------
                                                          155,305       78,389
                   Less accumulated depreciation          (37,357)     (29,489)
                                                        ---------    ---------
                   Property and equipment, net
                     of accumulated depreciation        $ 117,948    $  48,900
                                                        =========    =========

Depreciation expense for the six months ended June 30, 2008 and 2007 was $7,868
and $10,276, respectively.

         NOTE 7- Income Taxes

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

                                                      Six Months Ended
                                                          June 30,
                                                 ---------------------------
                                                    2008             2007
                                                 ----------       ----------
     Current
              Federal                            $     --         $     --

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

     Total deferred provision                          --               --

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

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

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

                                                           Six Months Ended
                                                               June 30,
                                                        2008            2007
                                                      ---------       ---------
            Federal income tax (benefit) at 35%
            statutory income tax rate                 $(159,737)      $(196,150)




            Nondeductible increase in allowance
            for returns and doubtful accounts            15,058            --
            Change in valuation allowance               144,679         196,150
                                                      ---------       ---------
            Provision for income taxes                $    --         $    --
                                                      =========       =========

                                       F-6

<PAGE>



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

                                                       December 31,
                                                       ------------
                                                   2007             2006
                                                   ----             ----
     Net operating loss carry-forward           $2,238,054       $1,710,162
     Valuation allowance                        (2,238,054)      (1,710,162)
     Deferred tax asset                               --               --


     Based on management's present assessment, the Company has not yet
determined it to be more likely than not that a deferred tax asset of $2,238,054
attributable to the future utilization of the net operating loss carry-forward
of $5,546,317 will be realized. Accordingly, the Company has provided a 100%
allowance against the deferred tax asset in the financial statements. The
Company will continue to review this valuation allowance and make adjustments as
appropriate. The net operating loss carry-forward expires $1,115,296 in 2022;
$1,734,552 in 2023; $834,731 in 2024; $108,711 in 2025; $426,330 in 2026; and
$1,326,697 in 2027. Current tax laws limit the amount of loss available to be
offset against future taxable income when a substantial change in ownership
occurs. Therefore, the amount available to offset future taxable income may be
limited.


NOTE 8- Payroll Taxes and Withholdings

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

              Federal social security and income tax               $  481,993
              New York State income tax                                54,114
              Connecticut State Income Tax                              1,597
              New Jersey State Income Tax                                 575
              New York State Workers' Compensation Board               17,740
                                                                   ----------
              Total                                                $  556,019
                                                                   ==========

The balances represent unpaid payroll taxes and withholdings for certain periods
from October 2002 to June 30, 2008. The Company has asked the Internal Revenue
Service to consider a revised installment schedule to pay its Federal liability
but has not reached such an agreement.


NOTE 9- Loans Payable to Related Parties

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

              Due to chief executive officer, chief
              financial officer and affiliates                     $1,763,023

                                                                   ----------
              Total                                                $1,763,023
                                                                   ==========


The loans payable to related parties do not bear interest and were due on
demand. In August 2008, the related parties agreed not to demand repayment of
these loans for at least twelve months, and accordingly the Company continues to
classify these loans as long term liabilities.


NOTE 10-Commitments and Contingencies

Lease agreements

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

                                       F-7

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

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


NOTE 11- Segment Information

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

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

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



                                             Telephone
                                           products and        Transportation       Unallocated
                                             services             products           Corporate
                                            (Europhone)          (Eurospeed)       Administration           Total
                                              Segment              Segment            Amounts               Amount
                                            -----------          -----------        -----------          -----------
<S>                                         <C>                  <C>                    <C>                <C>
Three Months Ended June 30, 2008
Total revenues                              $   322,254          $   577,668               --                899,922
Income (loss) from Operations                  (444,131)              30,979            (71,026)            (484,178)
Depreciation expense                              3,606                1,606                310                5,522
Total assets                                  2,187,803              593,795            260,924            3,042,522
Three Months Ended June 30, 2007
Total revenues                                   32,070                 --                 --                 32,070
Income (loss) from Operations                   (83,967)              (9,654)          (219,494)            (313,115)
Depreciation expense                               --                   --                5,138                5,138
Total assets                                    404,704               50,785             (1,500)             453,989



                                             Telephone
                                            products and       Transportation       Unallocated
                                              services            products           Corporate
                                            (Europhone)          (Eurospeed)       Administration           Total
                                              Segment              Segment            Amounts               Amount
                                            -----------          -----------        -----------          -----------
Six Months Ended June 30, 2008
Total revenues                                1,173,441              676,888               --              1,850,329
Income (loss) from Operations                  (328,134)              54,625           (155,139)            (428,648)
Depreciation expense                              5,212                1,606              1,050                7,868
Total assets                                  2,187,803              593,795            260,924            3,042,522

Six Months Ended June 30, 2007
Total revenues                                   51,516                 --                 --                 51,516
Income (loss) from Operations                  (149,389)             (15,372)          (370,832)            (535,593)
Depreciation expense                               --                   --               10,276               10,276
Total assets                                $   404,704          $    50,785         $   (1,500)          $  453,989


                                                                F-8
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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 wireless products, motorcycles and
scooters and consumer electronic products. We will require additional capital in
order to expand our operations and implement our business plan and we have no
firm commitments for capital at this time.

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

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

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

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

Business Activities

The Company's revenue during the six months ended June 30, totaled $1,850,329
predominantly 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 June 2008 the Company's Eurospeed subsidiary completed the sale of motor
scooters totaling $577,688 to Eurospeed's exclusive distributor, American Motor
Sports, LLC for further delivery to .the United States dealer network. The
Company's transportation products, are manufactured by select manufacturers in
The Peoples' Republic of China

In first quarter 2008 the Company resumed marketing air-conditioner products to
prospective accounts in Europe. In second quarter the Company received an order
for air-conditioners from a customer in Europe with an aggregate revenue value
of over $425,000. The product is expected to ship in the third quarter, 2008.
The revenue for the sale will not be recognized until shipment has taken place.

In June 2008 the Company's Europhone subsidiary entered into a five-year
exclusive distribution agreement with Kopko Corporation, a New York corporation,
for the sale of Europhone's Eugro World Sim Roaming Services and products to
accounts in Poland. Under the terms of the agreement Kopko will purchase a
minimum 100,000 World Sim cards per year, with a total sales value of
$2,500,000. Europhone received a deposit of $75,000 from Kopko upon signing the
agreement.


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 June 30, 2008 the Company's Europhone subsidiary sold
international calling cards and services aggregating $299,398.

                                       2

<PAGE>


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

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


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

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

For the six months ended June 30, 2008, revenue increased to $1,850,329 from
$51,516 through the first six months ended June 30,2007. The increase in overall
revenue was primarily attributable to increased sales generated from the sale of
telephone products and services including sales of world sim and prepaid calling
cards, cell phones, mobile activations and commissions. In addition the Company
made its first sales of transportation products during the six months ended June
30, 2008. Total sales of scooters were approximately $677,000 for the six-month
period.

Cost of sales increased to $1,108,649 through the second quarter of 2008 from
$35,087 through the second quarter of 2007. Gross profit increased to $741,680
for the six months ended June 30, 2008 compared to $16,429 for the six months
ended June 30, 2007, an increase of $725,251. As a percentage of revenue, gross
profit increased to 40% for the six months ended June 30, 2008 from 31% during
the six months ended June 30, 2007. The increase in gross profit percentage was
primarily attributable to the Company's ability to sell world sim and prepaid
calling cards and increased margins.

Selling, general and administrative expenses increased to $1,170,328 through the
second quarter of 2008, from $522,022 through the second quarter of 2007, a 111%
increase. The changes in composition of selling, general and administrative
expenses through the second quarter were predominately attributed to increases
in salaries, consulting fees, bad debt expense, insurance expense and travel
expenses of approximately $287,000, $216,000, $43,000, $34,000 and $24,000,
respectively. The increases in salaries and consulting fees are a result of the
Company's hiring of new employees and consultants to help the Company execute
its growth strategy. The increase in bad debt expense is a result of the
increase in sales, which required the Company to increase its provision for bad
debt. The increase in insurance expense is a result of increased insurance
carried by the Company to cover product liability on its transportation
products, credit insurance and directors and officers' insurance. The increase
in travel expense was primarily attributable to overseas travel to the Company's
scooter manufacturer in The People's Republic of China.

The net loss for the six months ended June 30, 2008 was $456,391 compared to a
net loss of $560,429 for the six-month period ended June 30, 2007.

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

For the three months ended June 30, 2008, the Company generated net sales of
$899,922 as compared to $32,070 for the same period last year, an increase of
$867,852. The increase was primarily attributable to the Company's sale of
scooters totaling approximately $578,000 during the second quarter of 2008.

Cost of sales for the three months ended June 30, 2008 increased to $674,135
from $17,353 for the three months ended June 30, 2007. Gross profit for the
three months ended June 30, 2008 increased to $225,787, compared to $14,717 for
the three months ended June 30, 2007, an increase of $211,070. As a percentage
of revenue, gross profit decreased to 25% from 46% for the three-month periods
ended June 30, 2008 and 2007, respectively. The decrease was attributable to the
change in composition of sales during the second quarter of 2008.

The Company's selling, general and administrative costs aggregated $709,965 for
the three months ended June 30, 2008, as compared to $327,832 for the same
period last year, representing an increase of $240,234. The increase in expenses
was due primarily to increases in consulting fees, salaries, bad debt expense
and travel costs.

                                       3

<PAGE>


The net loss for the three months ended June 30, 2008 was $510,892 compared to a
net loss of $325,378 for the period ended June 30, 2007.

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

Liquidity and Capital Resources

At June 30, 2008 the Company had working capital of approximately $223,000 as
compared to working capital of approximately $(560,000) at December 31, 2007.
The ratio of current assets to current liabilities was 1.1:1 at June 30, 2008
and 0.5:1 at December 31, 2007. Cash flow used for operations through the second
quarter of 2008 was approximately $810,000 compared to the cash flow used for
operations of approximately $715,000 through the second quarter of 2007. The
company has experienced losses in the past, and has an accumulated deficit of
approximately $7,263,000. 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 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 June 30, 2008, loans payable to related parties were $1,763,023. These loans
have been reclassified to Long-term liabilities, and repayment will not be
demanded before year 2009. We have also established lines of credit with the
Ponce De Leon Federal Bank. As of June 30, 2008, the balance due on these lines
of credit was $254,826. The CEO has negotiated a suspension of interest on the
outstanding amounts due. The lines of credit are personally guaranteed by the
Chief Executive Officer.

As of June 30, 2008 the Company was in default of the payment terms of bank
overdraft facilities aggregating $34,293. The CEO has negotiated a suspension of
interest on the amounts due. The bank overdraft facilities are personally
guaranteed by the Chief Executive Officer.

In the second quarter 2008 the Company sold 1,969,000 restricted shares of
common stock at an average price of $0.39 per share for gross proceeds of
$770,000.

Summary of Critical Accounting Policies

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

     Use of estimates -- The preparation of financial statements in conformity
with accounting principles generally accepted in the United States requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.

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

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

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

     Inventories -- Inventories are carried at the lower of cost (first-in,
first-out method) or market.

     Property and equipment -- Property and equipment are stated at cost and
consist of computers and equipment, computer software, furniture and fixtures,
and leasehold improvements. These assets are depreciated on a straight-line
basis over the estimated useful lives of the assets, ranging up to five years.
Leasehold improvements are amortized over the estimated useful life of the
assets or the term of the lease, whichever is shorter. Maintenance and repairs
are expensed as incurred, expenditures for major renewals, replacements and
improvements are capitalized.

                                       4

<PAGE>


Item 3. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of the end of the fiscal quarter ended June 30, 2008 an evaluation was
performed under the supervision of and with the participation of the Company's
Principal Executive Officer, and the Company's Principal Financial Officer, of
the effectiveness of the design and operation of the Company's Disclosure
controls and procedures.

Based on an evaluation of our disclosure controls and procedures (as defined in
Rules 13a-15(e) and 15d-15e of the Securities Exchange Act of 1934, as amended)
and as required by paragraph (b) of Rule 13-a-15 or Rule 15d-15e as of June 30,
2008, our Principal Executive Officer and Principal Financial Officer have
concluded that our disclosure controls and procedures are effective to ensure
that information we are required to disclose in the reports that we file or
submit under the Securities Exchange Act of 1934 (i) is recorded, processed,
summarized and reported within the time periods specified in Securities and
Exchange Commissions rules and forms. Our Principal Executive Officer and
Principal Financial Officer also concluded that as of June 30, 2008 our
disclosure controls and procedures are effective in ensuring that information
required to be disclosed by us in the reports that we file or submit under the
Exchange Act is accumulated and communicated to our management, including our
Principal Executive Officer and Principal Financial Officer, to allow timely
decisions regarding required disclosure. Our disclosure controls are designed to
provide reasonable assurance that such information is accumulated and
communicated to our management. Our disclosure controls and procedures include
components of our internal control over financial reporting. Management's
assessment of the effectiveness of our internal control over financial reporting
is expressed at the level of reasonable assurance because a control system, no
matter how well conceived and operated, can provide only reasonable, but not
absolute, assurance that the objectives of the control system will be met.

Management Report on Internal Control over Financial Reporting

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

Management assessed our internal control over financial reporting as of June 30,
2008, which was the end of our fiscal year. Management based its assessment on
criteria established in Internal Control - Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission. Management's
assessment included evaluation of such elements as the design and operating
effectiveness of key financial reporting controls, segmentation of
responsibilities, process documentation, accounting policies and our overall
control environment. This assessment is supported by testing and monitoring
performed by our finance organization.

Based on our assessment, management has concluded that our internal control over
financial reporting was effective as of the end of the fiscal year ended June
30, 2008 to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external reporting
purposes in accordance with generally accepted accounting principles. We
reviewed the results of management's assessment with the Company's Board of
Directors.

Changes in Internal Controls

During the three month period ended June 30, 2008 there were no changes that
occurred in our internal control over financial reporting identified in
connection with the evaluation required by paragraph (d) of Rule 13a-15 or Rule
15d-15-e that has materially affected, or is reasonably likely to materially
affect our internal controls over financial reporting.

                                       5

<PAGE>


PART II.  OTHER INFORMATION

Item 1.  Legal Proceedings

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

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

During the six months ended June 30, 2008, the Company raised $956,000 through
the sale of 3,159,000 restricted shares of common stock. The proceeds of these
sales were used for general corporate purposes, including the purchase of
inventory, the expansion of the management and sales and marketing functions of
the Company, and professional fees.

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

Item  3.  Defaults upon Senior Securities

None

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

None

Item 5.  Other information

In March 2008 the Company received an order for air-conditioners from a customer
in Europe. The order was for a total of $ 425,000 and was secured by a
commercial, transferable letter of credit. At the request of the customer the
shipment has been deferred until third quarter 2008. The revenue for the sale
will be recognized when the shipment takes place.

Item 6. Exhibits and Reports on Form 8-K

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

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

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

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

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

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

**   Filed herewith

                                       6

<PAGE>



SIGNATURES

In accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934,
Euro Group of Companies, Inc has duly caused this financial report on Form
10-QSB for the second quarter ended June 30, 2008, to be signed on its behalf by
the undersigned, thereunto duly authorized.

EURO GROUP OF COMPANIES, INC.

August 19, 2008
                                            /s/  Vasilios Koutsobinas
                                            -----------------------------------
                                                 Vasilios Koutsobinas
                                                 Chief Executive Officer,
                                                 Director
                                                 (Principal Executive Officer)



August 19, 2008
                                            /s/  Andrew Eracleous
                                            -----------------------------------
                                                 Andrew Eracleous
                                                 Chief Financial Officer
                                                 Director
                                                 (Principal Financial and
                                                 Accounting Officer)

                                       7

<PAGE>



Exhibits
Number                      Description of Exhibits
-------   ----------------------------------------------------------------------

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

3.2       Bylaws of ICT Technologies, Inc.**

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

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

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

21        List of Subsidiaries.

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

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

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


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

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

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

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

                                       8