SOURCE: City Capital Corp.

January 16, 2008 09:30 ET

City Capital Acquires $1.2 Million Asset as Part of 2008 Turnaround Strategy, Historic Hodge School Condominiums

CLEVELAND, OH--(Marketwire - January 16, 2008) - City Capital Corporation (PINKSHEETS: CTCC) has acquired the historic Hodge School, a 44,000-square-foot facility with 37 loft condominium apartments. Owned and managed by St. Clair Superior Apartment, Inc. and St. Clair Superior Apartment L.P., to City Capital Corporation, "The Hodge" currently provides affordable rentals to Cleveland's thriving artist community while advancing cultural outreach to the surrounding neighborhood.

The acquisition adds $1.2 million in assets to the company. For the time being the facility will continue to offer rental units targeted to the space and financial needs of emerging artists dancers, musicians, designers, sculptors, and more. The Hodge was acquired and renovated by St. Clair Superior Development Corporation (SCSDC). The former elementary school was abandoned, and the group renovated as the first live work space for artists in the city of Cleveland in 1989. SCSDC has transferred all of its rights, title and interest in the Limited Partnerships that own and manage the building to City Capital Corporation.

The Hodge School is located at 1075 East 74th Street, Cleveland, Ohio. The property is centrally located minutes away from downtown Cleveland, University Circle, major health providers (University Hospital, Veterans Administration, and The Cleveland Clinic Foundation), and has fast and assessable access to the highway systems.

About City Capital

City Capital Corporation (PINKSHEETS: CTCC), founded in 1984, is engaged in leveraging investments, holdings and other assets to create self-sufficiency for communities around the country and the world. Its mission of "Socially Conscious Investing To Empower Urban Communities" is carried out through initiatives that range from creating affordable housing for working-class families to development and production of biofuels.

This release contains "forward-looking statements" based on current expectations but involving known and unknown risks and uncertainties, including those described in the Company's annual report on Form 10-K for the year ended December 31, 2006, that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, whether as a result of new information, future events or otherwise. The Company's plans and objectives are based on assumptions involving judgments with respect to future economic, competitive and market conditions, its ability to consummate, and the timing of, acquisitions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Company's control. Therefore, there can be no assurance that any forward-looking statement will prove to be accurate. The Company makes no undertaking to update such forward-looking statements.

Contact Information