NEWS

WIRES

OTHER

City Capital Acquires Ephren Taylor's ECC Jazz (Kansas City Historic Jazz District)

City Capital Corporation (OTC BB: CCCN) (the "Company") today announced that it has signed a definitive share exchange agreement for the acquisition of ECC Vine Street Real Estate Acquisitions, LLC ("ECC Jazz") in the Historic Jazz District of Kansas City. The Agreement provides that City Capital will issue 6,731,364 restricted shares of its common stock to acquire the organization. Following the transaction, ECC Jazz will be a wholly owned subsidiary of the Company and the former shareholders of ECC Jazz will own a majority of the shares of City Capital. Under the terms of the Agreement, Mr. Ephren W. Taylor II will be appointed CEO of City Capital Corporation.

Within the Kansas City Historic Jazz District, ECC Jazz will first build 42 affordable single-family homes. Other plans also include condominiums and shopping for the area. The Jazz District is home to the Jazz Museum and the Negro Leagues Museum, as well as Kansas City's historic "castle," an old jail that will be turned into a community building or museum. Unlike the "project housing" of old, today "...cities want homeowners, not renters," said Mr. Taylor. "People who rent never feel like it's their home, there's no pride of ownership. People who own a home think of their neighborhood as their own, and a sense of community evolves as a result. We are completely revitalizing the Historic Kansas City Jazz District, and over a hundred middle-income homebuyers have already applied through the Community Development Corporation to purchase one of the new homes."

At 23, this acquisition makes him one of the youngest CEOs of a publicly held company in America. Mr. Taylor has over a decade of experience in growing companies, starting with his first 3-D game development company at age 12. He followed that with GoFerretGo.com, raising the necessary capital to grow the company to a book value of $3.6 million by age 17. In 2002, he won the prestigious Kansas Entrepreneur of the Year award for his investment strategies, originally formulated to assist churches. Along the way, he has created a strong team with over 225 years experience in construction, legal, accounting, marketing, and other key areas. His unique approach of partnering with local governments for economic development has resulted in several major municipal projects currently underway by Mr. Taylor and his team.

The transaction is subject to approval by the majority of shareholders of the Company.

About City Capital

City Capital 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. The Company proposes to grow by using capital from public stockholders to invest in companies with strong balance sheets, prospects for high profit margins, and solid management teams in place. Stockholders will be provided the liquidity of a publicly traded stock while participating in the benefits of investing in privately owned growth companies.

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.

Distributed by Market Wire