SOURCE: City Capital Corporation

October 31, 2006 12:00 ET

The Lucian Group Signs $50,000,000 Credit Facility Agreement With City Capital

ROCHESTER, NY -- (MARKET WIRE) -- October 31, 2006 -- The Lucian Group, Inc. of Rochester, NY today announced that the company had signed an Equity Line of $50,000,000 with City Capital Corporation (OTCBB: CCCN). The funds will be progressively released to conduct ongoing development projects acquired by City Capital, such as the extensive Kansas City Historic Jazz District, a $100 Million development.

"The Lucian Group recognized that City Capital had perfected putting together extraordinary projects, and felt their investors would be well-served by participating," said City Capital CEO Ephren W. Taylor II. "City Capital fills a need for Lucian, for an aggressive national real estate developer. And this agreement with The Lucian Group means that instead of diverting our focus with individual investor fundraising campaigns, we can focus on what we do best: finding and packaging profitable projects."

The Lucian Group, Inc. is a financial services firm engaged in individual and institutional portfolio management, and estate planning. Chris Parris, one of Lucian Group's founding partners, added, "We believe this is a perfect marriage: we have thousands of physicians, business owners, and other investors nationwide, all looking for high-yield programs for their investment portfolios. City Capital allows extraordinary programs with excellent returns, and offers our investor clients an exceptional vehicle for diversification. I am glad to see this deal go through."

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.

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.

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