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Capital Corporation (pinksheets: CTCC) today announced that Strategic Energy and Power Inc. (STEP) and the company have rescinded their purchase agreement. At the time of acquisition, STEP was unaware of the full extent of potential liabilities, and acquisition has been rescinded accordingly.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