Philadelphia, PA (PRWEB) May 7, 2007
City Capital Corporation (OTCBB:CCCN) today acquired The Granite Companies, located in Chadds Ford, PA. The company paid $150,000 and assumed $690,000 of outstanding debts, along with accounts payable of $350,000 and equipment leases totaling $185,000.
The Granite Companies booked $39,805,000 in total revenues in 2006. All three divisions are included in this acquisition: Granite Real Estate Acquisition Company LLC; Granite Custom Builders, a high end, full service Design and Build, Construction Management and Custom Renovation Firm; and Granite Real Estate Investment Company LLC, a full service Real Estate Company representing both buyers and sellers of residential real estate.
City Capital CEO Ephren W. Taylor II stated, “We have been researching companies in the Northeast quadrant of the country for several months now. We recognize the tremendous need for affordable housing for working-class families in the densely-populated Northeast corridor. Granite has a strong presence in the Greater Philadelphia Metro area, and we anticipate using this acquisition as a base for expanding our operations into several East coast markets that we have been in discussions with.”
Gary Freedman, Managing Partner of Granite added, “We’re all incredibly excited about being acquired by a public company with the strong reputation City Capital commands among city governments and community organizations around the country. We are looking forward to working with Mr. Taylor and his entire executive management team, to grow Granite to the next level. I feel our two groups have strong synergies that should make this marriage a huge success. We have extensive experience in the greater Philadelphia market, and are looking forward to expanding our operations into the rest of the Eastern Seaboard.”
Granite has acquired or built and sold over 424 homes since 2004, and has booked 53 homesales so far in 2007 alone. The company currently has 28 homes under contract, valued in excess of $6 million.
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 such diverse assets and holdings as large scale real estate developments, producing natural energy reserves, and more. Among its real estate developments the company is the largest landholder in the extensive Kansas City (Missouri) Historic Jazz District, and its energy subsidiary controls approximately 8 billion cubic feet of producing gas reserves and 600,000 barrels of crude oil reserves. 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.
City Capital Corporation (OTCBB:CCCN)