StockGuru News: City Capital Cancels Purchase of Granite Companies for Alleged Misrepresentation
City Capital Cancels Purchase of Granite Companies for Alleged Misrepresentation City Capital Corporation (OTCBB: CCCN) PHILADELPHIA, PA–(MARKET WIRE)–May 29, 2007 — City Capital Corporation (OTC BB:CCCN.OB - News), which earlier this month announced its planned acquisition of the Granite Companies, has determined the financials upon which the company based its decision on to have under-represented the actual debt/asset and debt/income ratios of Granite by almost two thirds. The original contract with the company specified $350,000 of unpaid debts to be assumed by City Capital. Preliminary accounting has determined at least $1,000,062 owed, and several pending lawsuits which had not been…