Despite Economic Downturn, City Capital Corporation Expands Operations KANSAS CITY, MO--(MARKET WIRE)--Mar 23, 2009 -- City Capital Corporation (Other OTC:CTCC.PK - News) has completed the first acquisition for its City Laundry, LLC subsidiary. The 2,000 sq. ft./30-machine laundromat purchased in February 2009 has annual revenues of approximately $108,000. City Laundry is currently in negotiations to close on fourteen other laundromats and dry cleaners in the Kansas City, Missouri area. http://www.CityCapCorp.com City Capital CEO, Ephren W. Taylor II, describes how reviving and refurbishing failing neighborhood businesses and providing employment for local residents fulfills the company's socially conscious mission. "Even though this first acquisition is a small mom-and-pop operation, we believe that the cleaners industry is advantageous for the company. It is a fragmented industry, yet it has a proven history of weathering, even thriving in economic downturns like we see today." http://www.CityCapCorp.com The Coin Laundry Association seems to agree. The industry group counts over 35,000 coin laundries alone in the U.S. "During periods of recession, when home ownership decreases, the self-service laundry market expands as more people are unable to afford to repair, replace or purchase new washers and dryers, or as they move to apartment housing with inadequate or nonexistent laundry facilities. The market size grows proportionately to the increase in population... people always need to wash clothes." (source: http://coinlaundry.org) According to the U.S. Bureau of Labor, total gross revenues for the industry are nearly $20 billion annually (source: 2007 U.S. Bureau of Labor). "More importantly," Mr. Taylor points out, "according to the Small Business Administration, these businesses have a 98% success rate nationwide, and they historically provide investors from 25% to 50% returns in all economic climates. That translates into reliable cash flow for the company and a strong, stable job source within the community." http://www.CityCapCorp.com City Capital is the managing partner of City Laundry, jointly owned by several of the company's self-directed investor-clients. The company's laundromats will operate under the name City Laundry, while the dry cleaners will be named Express Cleaners. http://www.CityCapCorp.com City Capital Corporation, founded in 1984, is a socially conscious professional management and diversified holding company engaged in leveraging investments, holdings and other assets to build value for investors and shareholders. Ranked in the Top 100 Most Socially Conscious Companies by the Wall Street Journal, City Capital is committed to creating positive change and self-sufficiency through "Socially-Conscious Investing That Empowers Communities." These initiatives range from development and production of biofuels, to affordable homes for working-class families, to funding and acquisition of local businesses that support community jobs. The company acquires and revitalizes distressed investment opportunities in multiple industry segments, creating serial returns for its clients. http://www.CityCapCorp.com Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the company's Form 10-K filing and other filings with the U S. Securities and Exchange Commission (available at http://www.sec.gov). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.
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