EXHIBIT 99.1



          THE FIRST CONNECTICUT CAPITAL CORPORATION ANNOUNCES PROPOSED
                SALE OF ASSETS AND ISSUANCE AND SALE SECURITIES

              The First Connecticut Capital Corporation (FCCC-OTC BB) today
announced the execution of definitive agreements for the sale of its mortgage
business (the "Asset Sale") to a company to be organized by members of the Board
of Directors, including Lawrence Yurdin (the current President of FCCC). The
Asset Sale would include all of the assets (excluding cash and deferred income
taxes) of the mortgage business, subject to the assumption of all liabilities
and other obligations, including contingent liabilities. The sale price,
currently estimated to be the net book value of the assets to be sold, will be
an amount determined in accordance with an independent appraisal of the assets
by a nationally recognized portfolio valuation company. The form of the Asset
Sale will be reviewed and determined to be fair pursuant to an opinion to be
delivered by an NASD registered broker-dealer.

              Simultaneously with the proposed Asset Sale, the Company will
issue and sell to Bernard Zimmerman, of Weston, Connecticut, and Martin Cohen,
of New York City, New York or their affiliates, for a purchase price of $250,000
in cash ,a total of 250,000 Common shares of the Company, together with Five
Year Warrants to purchase an additional 200,000 shares, exercisable at a price
of $1.00 per share (collectively, the "Securities Sale"). Messrs. Zimmerman and
Cohen may also purchase additional Common shares from other sources at the same
price. Upon completion of the Securities Sale, , Messrs. Zimmerman and Cohen
will each own approximately 180,000 shares. Messrs Zimmerman and Cohen each has
many years of corporate finance and acquisition experience.

              Assuming consummation of the Asset Sale and the Securities Sale s
and after payment of expenses, the Company would have 1,423,382 shares
outstanding, excluding shares reserved for outstanding options and warrants and
total cash on hand of not less than $1,500,000. Pursuant to the terms of the
proposed transactions, the Company will declare a dividend to stockholders, pro
rata of all cash on hand after the closing of all the Asset Sale and the
Securities Sale after payment of all fees and expenses in excess of $1,500,000,
provided such dividend equals or exceeds $.15 per share.

              Pursuant to the terms of the agreements, Messrs Zimmerman and
Cohen will designate three of the five seats on the Company's board of
directors. Mr. Zimmerman and Mr. Cohen will supervise the day to day operations
of the Company subsequent to the closing. In the event that the Company fails to
complete a material capital transaction or series of transactions within three
years of the date of the closing, then the Company will dissolve and distribute
its cash then on hand to the stockholders, pro rata.







              Closing of the proposed transactions is expected to occur on or
about October 31, 2002, and will be subject to, among other conditions, the
filing of appropriate proxy material with the Securities and Exchange Commission
which will include all necessary information concerning the proposed
transactions, and the approval of the Company's stockholders at a Special
Meeting called for such purpose. The Company's definitive proxy statement will
contain full and complete information covering the various aspects of the
proposed transactions.

              Mr. Yurdin said "The Company's mortgage lending business no longer
justifies the expense and other resources associated with a publicly held
company. Shareholder value cannot be maximized or realized in this context. The
opportunity we are presenting to the shareholders will provide the Company with
immediate liquidity as well as sufficient working capital while new and
experienced management pursues opportunities to capitalize on the inherent value
in the Company's status as a fully reporting publicly held entity. Furthermore,
the transactions provide for a complete cash distribution to stockholders in the
event that new management is not successful in identifying and consummating a
transaction with an appropriate operating business. We believe that this
opportunity represents the best way to safeguard and maximize shareholder value
and liquidity."

           Forward-looking statements made in this release are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that all forward-looking statements involve risks
and uncertainties including without limitation risks in technology developments,
risks in product development and market acceptance of and demand for the
Company's products, risks associated with foreign sales and other risks detailed
in the Company's filings with the Securities and Exchange Commission.






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