SOURCE: City Capital Corp.

March 22, 2007 16:00 ET

City Capital Corporation Drops BDC Status, Signals Drive for Quantum Growth

NASHVILLE, TN -- (MARKET WIRE) -- March 22, 2007 -- City Capital Corporation (OTCBB: CCCN) has officially dropped its Business Development Company status for 2007 as it focuses its vision on growth markets and quantum growth. The move, which was finalized earlier this year, has already allowed the company to engage in new investments in the fields of real estate and natural energy.

"The ability to be nimble and decisive in our business growth were key elements in this move," said City Capital CEO, Ephren W. Taylor II. "As a BDC, we were often only able to move at a snail's pace on projects, potentially costing us many opportunities for growth."

"Our goal for City Capital and our shareholders is nothing less than quantum growth, and that growth depends largely on our ability to take advantage of market opportunities as they present themselves," Taylor continued, "This change will allow us much more flexibility to make financially sound acquisitions and grow City Capital to the degree we envision."

City Capital's core mission of "Socially Conscious Investing To Empower Urban Communities" focuses on providing affordable homes for working-class families, allowing average families to afford the American Dream.

But City Capital also manages assets and holdings ranging from large-scale real estate developments, such as the Kansas City (Missouri) Historic Jazz District, to approximately 8 billion cubic feet of producing West Delta gas reserves and more.

The company recently signed a $50,000,000 equity line agreement with Rochester-based Lucian Group, which has enabled the company to pursue these growth acquisitions more aggressively.

City Capital was a Business Development Company (BDC), a special designation authorized by Section 54(a) of the Investment Company Act of 1940 until January 3, 2007. With this move it becomes a 1933 Act company.

About City Capital

City Capital Corporation (OTCBB: CCCN) is engaged in leveraging investments, holdings and other assets to create self-sufficiency for communities around the country and the world. City Capital currently manages diverse assets and holdings including real estate developments, such as the Kansas City (Missouri) Historic Jazz District redevelopment; buying, selling & drilling of oil & gas properties, and more. The company recently signed a $50,000,000 equity line agreement with Rochester-based Lucian Group, allowing the company to focus on additional growth industry acquisitions for the company.

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, 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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