City Capital Corporation (OTCBB: CCCN)
City Capital Corporation is engaged in leveraging investments, holdings and other assets building value for investors and shareholders creating positive change and self-sufficiency for communities around the country and the world. City Capital currently manages diverse assets and holdings including real estate developments, such as the Kansas City (Missouri) Historic Jazz District redevelopment; buying, selling & drilling of oil & gas properties, and more. The company buys and renovates distressed properties in multiple industry segments, reselling them at a profit.
City Capitals 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.
On October 31, 2006, The Lucian Group, Inc. (”Investor”) of Rochester, NY announced that the company had signed a Credit Facility of $50,000,000 with City Capital Corporation. The funds will be progressively released to conduct ongoing development projects acquired by City Capital, such as the extensive Kansas City Historic Jazz District, a $100 Million development. Under the terms of the agreement, City Capital will issue and sell to the Investor a number of shares with an aggregate value of $50,000,000 within 36 months of the date of the agreement. Shares can be sold by City Capital at either 94% of the lowest closing bid during the pricing period or $1, whichever is greater.
Company History
City Capital was originally founded as Ventures Diversified, Ltd. in 1984. In 1991 operating under the name of Maarco Communications, Inc., the company generated its first public offering. In 2004 the name was changed to City Capital Corporation and the ticker symbol CCCN was assigned. 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.
Kansas City (Missouri) Historic Jazz District redevelopment ECC Jazz
On July 31, 2006 the Company completed the acquisition of ECC Vine Street Real Estate Acquisitions, LLC as a portfolio company with Ephren W. Taylor II appointed as CEO, having been the CEO and Chairman of ECC Jazz, which was a wholly owned subsidiary of Ephren Capital. The Company acquired 100% of ECC Jazz as a portfolio company in exchange for 6,731,364 shares of the Company’s stock with a fair value of $526,854. ECC Jazz is in the acquisition and development of real estate property in specific major metropolitan areas in the United States. ECC Jazz has acquired lots for development in the Kansas City, MO metro area, within the Kansas City Historic Jazz District, and will first build 42 affordable single-family homes. Other plans also include, a 214-unit condominium, a 400-home subdivision, and over 150 homes in Cleveland’s historic 7th Ward. 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. The area is widely considered to be the cradle of modern jazz in America.
Goshen Energy
On January 20, 2007 the Company acquired certain oil and gas leases through its subsidiary Goshen Energy, Inc. known as West Delta 27.The field was developed in 1986 by Hall-Houston Oil Company and consists of six satellite wells, a three deck production platform and a seventh well located at the production platform. The equipment on the platform consists of, a 500HP 2 Stage Compressor, separation vessel, stock tanks, a crane, produced water pump, and a sales gas meter together with a check meter. Five of the wells and the platform are located in Louisiana State Water and two of the wells are in Federal Water. The wells originally produced from shallow Miocene sands at 2,800 feet and 3,500 feet but are now producing from sands ranging from 1,600 feet to 2,100 feet. Cumulative production is approximately 800 MCF per day and based on a report prepared by Kimbrell and Associates.
New Acquistion
On April 11, 2007 City Capital announced that Goshen Energy Resources, had entered into a purchase agreement for an 82% stake in a producing oil well. Located in the Raceland Field of Lafourche Parish, Louisiana, the Raceland well has certified oil reserves of over 600,000 barrels of crude, according to a Reserve Study by the engineering firm Kimbrell & Associates. Goshen Energy is purchasing 82% working interest in the well and equipment for $1,200,000 in cash. The property includes an additional 40 acres of mineral lease rights for future exploration.
Goshen Energy Resources has identified several key areas to enhance production and maximize profits, and will immediately begin upgrading the property as soon as the transaction is complete.
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