SOURCE: City Capital Corp.

March 30, 2007 08:44 ET

No More Watching Grass Grow for City Capital: Company Sells Perfect Turf Subsidiary, Retires $190,000 of Debt

NASHVILLE, TN -- (MARKET WIRE) -- March 30, 2007 -- City Capital Corporation (OTCBB: CCCN) today announced the sale of its wholly owned subsidiary Perfect Turf. The sale of Perfect Turf is the last remaining portion of the Company's former artificial turf operation. As part of the agreement the Company will retire over $190,000 of debt.

"Disposing of Perfect Turf allows City Capital greater flexibility to move forward in our new business strategies that include real estate, oil and natural gas," said Ephren Taylor, Chairman and CEO. Over the last few months City Capital has acquired two residential real estate developments, Peregrine Falcon subdivision and the Kansas City (MO) Historic Jazz District properties, as well as Goshen Energy Resources, Inc., with over 6 billion cubic feet of natural gas reserves.

"The Turf subsidiary was a carryover from the days when City Capital was a still a Business Development Corporation (BDC)," said Taylor, "and really no longer fits into our overall objectives of Quantum Growth." 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, when it became a 1933 Act company.

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.

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 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 Credit Facility 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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