EXHIBIT  99.1
--------------

Shelton,  Connecticut                                         December  5,  2001


     The  First  Connecticut  Capital  Corporation (FCCC-BB) today announced the
execution  of a letter of intent contemplating the sale of its mortgage business
to  a  company  to  be organized by members of the Board of Directors, including
Lawrence  Yurdin  (the current President of FCCC). The sale would include all of
the assets (excluding cash) of the mortgage business, subject to all liabilities
and  other  obligations.

     Simultaneously  with  the  proposed  sale,  the  Company intends to sell to
Bernard  Zimmerman,  of Weston, Connecticut, and Martin Cohen, of New York City,
New  York  or their affiliates, a total of 250,000 Common shares of the Company,
together  with Five Year Warrants to purchase an additional 200,000 shares for a
purchase  price  of  $250,000.  Messrs.  Zimmerman  and  Cohen may also purchase
additional  Common shares from other sources at the same price.  Upon completion
of  the  purposed  transaction,  Messrs.  Zimmerman  and  Cohen  would  each own
approximately  180,000  shares.

     Assuming  consummation  of  the  proposed  transaction and after payment of
expenses,  the Company would have a cash position of not less than $1,500,000, a
deferred  tax  asset  of  $550,000  and  a  tangible  net worth of approximately
$1,500,000.  There  would  be  1,423,382  shares  outstanding,  excluding shares
reserved  for  outstanding  options  and  warrants.

     Closing of the transactions which is anticipated to occur during the latter
part  of  the first quarter of 2002, will be subject to, among other conditions,
execution and delivery of definitive agreements satisfactory to the parties, the
filing of appropriate proxy material with the Securities and Exchange Commission
which  would  include  all  necessary  information  concerning  the  proposed
transactions,  and  the  approval  of  the  Company's  stockholders at a Special
meeting  called  for  such  purpose.