SOURCE: City Capital Corp.

November 16, 2006 17:00 ET

City Capital Board Votes to Change BDC Status

KANSAS CITY, MO -- (MARKET WIRE) -- November 16, 2006 -- City Capital Corporation (OTCBB: CCCN) today announced that Board members had called for and approved a motion to change the status of the company from a BDC (Business Development Company).

"As a BDC we found we were unable to move as fast as we wanted to, or needed to, on many opportunities for expansion which we have reviewed. Our goal is nothing short of quantum growth for City Capital, and our ability to be decisive is a key element to assure that growth," said City Capital CEO Ephren W. Taylor II. "This change will allow us the flexibility to make acquisitions and grow City Capital to the degree we envision."

About City Capital

City Capital Corporation (OTCBB: CCCN) is a Business Development Company (BDC) authorized by Section 54(a) of the Investment Company Act of 1940 to make loans and equity investments in developing business enterprises. City Capital currently manages the day-to-day development process for the Kansas City (Missouri) Historic Jazz District. City Capital also owns majority interest in Goshen Energy Resources, Inc., engaged in the buying, selling & drilling of oil & gas properties in South Louisiana, and mineral leases in the Northern portion of the Ft. Worth Basin Barnett Shale Play.

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-KSB for the year ended December 31, 2005, 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