City Capital Corporation Sweeps Up Millions With Joint Venture
February 26 2010 - 6:00AM
Marketwired
City Capital Corporation (PINKSHEETS: CTCC) is pleased to announce
that its newly launched wholly owned subsidiary, Clean Sweep
Holdings LLC, has entered into a strategic partnership for
expansion of its sweepstakes platform with S&M Consulting LLC
of West Palm Beach, Florida.
According to the proposed terms of the agreement, S&M
Consulting has committed to purchasing over $1.8 million (USD)
worth of sweepstakes hardware and software initially over the next
18 months. The initial order was placed and purchased this week for
over 30 custom-built sweepstakes units to be placed into operation.
S&M Consulting will continue to purchase between 30 to 50 units
per month for the remainder of 2010 and well into 2011, until the
end of the purchase agreement.
In addition to the cost incurred for new sweepstakes terminals
and Clean Sweep's proprietary software platforms, S&M
Consulting agrees to pay a minimum of 30% to 40% residuals on all
revenue generated by the units as long as the machines are
operational. In addition a major portion of the proceeds will be
donated to charities across the country, as part of the
partnership's philanthropic innitiatives.
Clean Sweep Holdings will begin manufacturing the new units in
March 2010 and begin delivery of the first units by May 2010 with
new placements operational by the end of the 2nd quarter. The
machines primarily will be placed in retail establishments in the
southeastern United States.
City Capital Corporation CEO, Ephren Taylor, commented, "The way
our partnerships are structured, we receive residual income from
each unit in operation allowing Clean Sweep Holdings to share in
the success of our partners for many, many years. The great thing
about this business model is the more success S&M Consulting
has with our units, the more residual income that will be paid to
Clean Sweep Holdings." Mr. Taylor went on to say, "Because of the
lucrative profits that each of these machines generates for our
operators, our company and our shareholders will continue to reap
the rewards for many years to come."
"We are extremely excited about this new partnership," said
Scott Herman, Managing Partner of S&M Consulting. "This was a
unique opportunity that we felt strongly we could not pass on. When
it was presented to us, our company and our financing partners
decided to make this very large investment to provide us with
substantial long-term returns even in a down economy. We are
looking forward to an enduring partnership with Clean Sweep
Holdings and Capital City Corp."
For partnership opportunities contact partnership sales
1-877-85-SWEEP or visit www.SweepStakesIncome.com.
About City Capital Corp City Capital Corporation (CTCC), founded
in 1984, is a socially conscious professional management and
diversified holding company engaged in leveraging investments,
holdings and other assets to build value for investors and
shareholders. These initiatives range from development and
production of bio-fuels, to affordable homes for working-class
families, to funding and acquisition of local businesses that
support community jobs. The company acquires and revitalizes
distressed investment opportunities in multiple industry segments,
creating serial returns for its joint venture partnerships.
About S&M Consulting LLC
S&M Consulting LLC is a private investment firm based in
West Palm Beach, Florida. It is headed by successful entrepreneur,
Scott Herman, and is dedicated to creating profitable strategic
partnerships throughout the United States.
Certain statements in this news release may contain
forward-looking information within the meaning of Rule 175 under
the Securities Act of 1933 and Rule 3b-6 under the Securities
Exchange Act of 1934, and are subject to the safe harbor created by
those rules. All statements, other than statements of fact,
included in this release, including, without limitation, statements
regarding potential future plans and objectives of the company, are
forward-looking statements that involve risks and uncertainties.
There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ
materially from those anticipated in such statements. Technical
complications that may arise could prevent the prompt
implementation of any strategically significant plan(s) outlined
above. The company cautions that these forward-looking statements
are further qualified by other factors including, but not limited
to, those set forth in the company's Form 10-K filing and other
filings with the U S. Securities and Exchange Commission (available
at http://www.sec.gov). The company undertakes no obligation to
publicly update or revise any statements in this release, whether
as a result of new information, future events, or otherwise.
Contact Information Rich Inza Investor Relations 877-685 CTCC
(2822) City Capital Corporation www.CityCapCorp.com
www.SweepStakesIncome.com
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