AMBASE REPORTS RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2022

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May 05, 2022, 13:49 ET

CORAL SPRINGS, Fla., May 5, 2022 /PRNewswire/ -- AmBase Corporation ("AmBase" or the "Company") (OTC: ABCP) announced today a net loss of $1,057,000 or $0.03 per share for the three months ended March 31, 2022.

For the three months ended March 31, 2021, the Company recorded a net loss of $1,635,000 or $0.04 per share.

Statements made in this press release may be forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are inherently subject to risks and uncertainties, many of which cannot be predicted or quantified. Forward-looking statements can be identified by such words as "estimates," "expects," "anticipates," "believes," "plans," "intends" and variations of such words and similar expressions. The Company cautions readers that a variety of factors could cause the Company's actual results to differ materially from the anticipated results or other expectations expressed in the Company's forward-looking statements. These risks and uncertainties, many of which are beyond the Company's control, include, but are not limited to those set forth under the heading "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Reports on Form 10-K, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q, which are incorporated herein by reference. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.|

The information in this press release should be read in conjunction with the AmBase Corporation's Quarterly Report on Form 10-Q for the year-to-date period ended March 31, 2022, filed with the Securities and Exchange Commission. A more complete discussion of the Company's annual results and the Company's affairs is included in AmBase Corporation's Annual Report on 10-K for the annual period December 31, 2021, filed with the Securities and Exchange Commission.

AmBase Corporation
Summary Results
*(in thousands, except per share data)*

	Three Months
	2022	2021
Operating expenses	$ 1,057	$ 1,635
Operating loss	(1,057)	(1,635)
Interest income	-	1
Income (loss) before income taxes	(1,057)	(1,634)
Income tax expense (benefit)	-	1
Net income (loss)	$ (1,057)	$ (1,635)

Net income (loss) per common share - basic	$ (0.03)	$ (0.04)

Weighted average common shares outstanding - basic	40,738	40,738