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TWC reports results

NEW YORK -- (PRESS RELEASE) -- Trans World Corporation (OTC: TWOC), the owner and operator of casinos in Europe, today announces a 50% increase in net income for the quarter ended March 31, 2008 versus the same quarter in 2007.

TWC generated net income of $590,000, or $0.07 per share, for the first quarter of 2008, versus $395,000, or $0.05 per share, for the same quarter last year. The per share calculation is based on fully diluted shares of 8,891,130 for the first quarter of 2008 and 7,873,735 for the same quarter in 2007. Common stockholders' equity per share at the end of March 31, 2008 increased to $3.87, or by 14%, from $3.40 at December 31, 2007. The common stockholders' equity per share calculations are based on outstanding shares of 8,846,624 and 8,840,870 as of March 31, 2008 and December 31, 2007, respectively.

The net income improvement was due mainly to the continued success of Route 55, located in the Czech Republic, near Linz, Austria, and to a revitalized Route 59 Casino, located in the Czech Republic, near Vienna, Austria, which recently underwent substantial interior and operational enhancements, including expansion of the venue to incorporate a stage for live entertainment and a separate slot area with its own bar as well as the addition of state-of-the-art multi-roulette terminals and the introduction of a slot machine ticket-in-ticket-out system.

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