LAS VEGAS, April 27, 2012 /PRNewswire/ -- City Capital
Corporation (pinksheets: CTCC) today announced that Strategic
Energy and Power Inc. (STEP) and the company have rescinded their
purchase agreement. At the time of acquisition, STEP was
unaware of the full extent of potential liabilities, and
acquisition has been rescinded accordingly. While STEP is no longer
a CTCC subsidiary, CTCC is negotiating a license agreement for some
of the STEP technology and is pursuing its ongoing business
opportunities. The company is committed to supporting stockholders
and fully cooperating with the SEC.
Safe Harbor Statement- This release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 27E of the Securities Act of 1934. Statements
contained in this release that are not historical facts may be
deemed to be forward-looking statements. Investors are cautioned
that forward-looking statements are inherently uncertain. Actual
performance and results may differ materially from that projected
or suggested herein due to certain risks and uncertainties
including, without limitation, ability to obtain financing and
regulatory and shareholder approvals for anticipated actions. Such
statements are based on management's current expectations and are
subject to certain factors, risks and uncertainties that may cause
actual results, events and performance to differ materially from
those referred to or implied by such statements. In addition,
actual or future results may differ materially from those
anticipated depending on a variety of factors, including continued
maintenance of favorable license arrangements, success of market
research identifying new product opportunities, successful
introduction of new products, continued product innovations, sales
and earnings growth, ability to attract and retain key personnel,
and general economic conditions affecting consumer spending.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
City Capital Corporation, does not intent to update any of the
forward-looking statements after the date of this release to
conform these statement to actual results or to changes in its
expectation, except as may be required by law.
Contact: Donald MacIntyre
702-294-0111
SOURCE City Capital Corporation