SOURCE: City Capital Corp.

November 13, 2007 09:30 ET

City Capital and Verde Bio Fuels, Inc. Sign 10,000,000 Gallon Purchase and Distribution Agreement

LOUISVILLE, KY--(Marketwire - November 13, 2007) - Goshen Energy, a wholly owned subsidiary of City Capital Corporation (OTCBB: CCCN), today announced that the company has signed a distribution agreement with Verde Bio Fuels, Inc., a South Carolina Corporation, to distribute their bio-diesel product in the United States.

In the agreement Verde committed to purchase up to 10 Million gallons of Goshen B-100 and B-99.9 bio-diesel per year, to distribute across the United States. Verde also has right of first refusal on any other U.S. production of Goshen bio-diesel. Under the agreement, Verde will pay all of the production costs for the fuel it distributes, and the two companies will split the net profits on the sale of each gallon.

"At today's prices, this means approximately $15 million in gross revenue for City Capital," said Ephren Taylor, CEO of City Capital. "We are already in discussions with several financial and city partners, and are targeting the first quarter of 2008 to begin production in our first facility." The company is also considering raising capital through a private placement to fund the development and expansion of its biodiesel production facilities.

"Each streamlined production facility is projected to cost below $.25 per gallon of production capacity, so we anticipate between $2-2.5 million per facility," Taylor continued. "We are already working on permitting, which takes from 3-6 months, and construction will take 4-6 months beyond that. We anticipate beginning production by Q2 2008."

Goshen Energy is currently developing other strategic partnerships with educational institutions for further research and development.

Verde Biofuels, Inc. is a leading supplier of premium biodiesel with decades of experience in the energy industry. Customers include convenience stores, bulk plants, municipalities and government agencies nationwide.

About City Capital

City Capital Corporation (OTCBB: CCCN), founded in 1984, is engaged in leveraging investments, holdings and other assets to create self-sufficiency for communities around the country and the world.

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