AMBASE REPORTS RESULTS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2022

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Mar 28, 2023, 17:18 ET

CORAL SPRINGS, Fla., March 28, 2023 /PRNewswire/ -- AmBase Corporation ("AmBase" or the "Company") (OTC: ABCP) announced today a net loss of $3,473,000 or $0.09 per share for the twelve months ended December 31, 2022.

For the twelve months ended December 31, 2021, the Company recorded a net loss of $5,208,000 or $0.13 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 Company also announced that it has fixed the close of business on Wednesday, April 12, 2023, as the record date for the upcoming 2023 Annual Meeting of Stockholders of AmBase Corporation, which will be held at 9:00 AM Eastern Time on Thursday, June 1, 2023 at the Hyatt Regency Hotel, 1800 East Putnam Avenue, Greenwich, Connecticut.

The information in this press release should be read in conjunction with the AmBase Corporation's Annual Report on Form 10-K for the year-to-date period ended December 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, 2022, filed with the Securities and Exchange Commission.

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

	Twelve Months
	2022	2021
Operating expenses	$ 3,424	$ 5,208
Operating loss	(3,424)	(5,208)
Interest income	9	1
Interest expense	(57)	-
Income (loss) before income taxes	(3,472)	(5,207)
Income tax expense (benefit)	1	1
Net income (loss)	$ (3,473)	$ (5,208)

Net income (loss) per common share - basic	$ (0.09)	$ (0.13)

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