Royal Olympic Fails NASDAQ Test!

Hi Everyone,

I received this press release from Royal Olympic Cruises and thought
it would be of interest. This should not come as a surprise since
they had all of their ships seized. If you have missed any of my
news' postings, they are available on my web site.

Best regards,
Ray
LIGHTHOUSE TRAVEL
800-719-9917 or 805-566-3905
http://www.lighthousetravel.com


Royal Olympic Cruise Lines Fails NASDAQ Listing Test

PIRAEUS, Greece, May 7
Royal Olympic Cruise Lines (Nasdaq: ROCLF) announced today that
pursuant to a letter dated May 4, 2004 received from The Nasdaq Stock
Market, Inc., the company will be de- listed from the NASDAQ National
Market at the opening of business on May 13, 2004.

On February 3, 2004, NASDAQ staff notified the Company that its common
shares had not maintained a minimum market value of publicly held
shares ("MVPHS") of $5 million over the previous 30 consecutive
trading days, and, as a result, did not comply with Marketplace Rule
4450(a)(2)1 (the "Rule"). Therefore in accordance with Marketplace
Rule 4450(e)(l), the Company was provided 90 calendar days, or until
May 3, 2004, to regain compliance with the Rule.

The Company has not regained compliance in accordance with Marketplace
Rules 4450(e)(l). As a result its securities will be de-listed from
The NASDAQ National Market at the opening of business on May 13, 2004.

Royal Olympic Cruise Lines is currently operating two cruise ships
under the protection of Article 45 of the Greek Courts. Discussions
with creditors and lenders continue and the company continues to seek
capital needed to continue operations of the company.

This press release contains forward looking statements. Forward
looking statements can be identified in many cases by the use of terms
such as "may", "will", "should", "expect", "intend", "plan",
"anticipate", "believe", "estimate", "predict", "continue", or other
terms. These statements are based on assumptions that are inherently
subject to significant uncertainties and contingencies that are
difficult or impossible to predict and are beyond our control and may
cause our business activities and results, including the results of
any discussion between Royal Olympic and creditors of the debtors, to
be materially different from those that are implied by the
forward-looking statements. Although we believe that the expectation
expressed in our forward-looking statement are reasonable, we cannot
assure you of any further business activity or result.