Today's press release signifies the first step toward restoring value to this stock and its shareholders. You really have to like this turnaround story, and it is starting to get reflected in the share price. After today's bullish news (pasted below), I think this stock could reach $.07 - $.10 in the short term. This was a $.46 stock last year without the new leadership in place. You would have to think this stock has more value now, then it did back then, which is why I think CTCC has a long way to go to the upside.
NEW YORK, NY, Feb 03, 2011 (MARKETWIRE via COMTEX) -- City Capital Corporation (PINKSHEETS: CTCC) today announced the launch of its newly acquired subsidiary, ERX Energy LLC. ERX was formed to specifically target compelling technology and services in the alternative energy marketplace. ERX Energy, LLC will initially focus its efforts within the roofing industry, with specific concentration in the solar roofing design, manufacture, installation, repair, and maintenance arena.
Jeffrey Smuda, Chief Executive Officer of City Capital Corporation, stated, "2011 marks the beginning of a new direction for the company. City Capital Corp. has initiated a comprehensive debt restructure program that is already underway. The company has established a debt resolution team with the goal of restructuring ninety percent of company debt, and during the fourth quarter of 2010 divisions that were not maximized were liquidated. The company is currently liquidating its Sweepstakes, Laundry, and Petroleum subsidiaries to allow the company to focus on the high growth energy space. With our renewed focus on alternative energy services and technology, and a keen eye on corporate cost reduction and control, City Capital Corp. is confident that the company and shareholders will benefit from these measures as we look to expand our presence in the alternate energy industry."
About City Capital Corporation City Capital Corporation (PINKSHEETS: CTCC), founded in 1984, is a leader in the production and distribution of emerging new technology. Its holdings include corporate owned retail stores and partnerships across the nation. City Capital through its subsidiaries and joint venture partners seeks to expand its presence in the alternative energy services industry.
Contact:
IR@CityCapCorp.com
City Capital Corporation
www.CityCapCorp.com
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