AmBase Reports Third Quarter and Nine Months Results

• Press Release
• Source: AmBase Corporation
• On 2:59 pm EST, Tuesday November 10, 2009

GREENWICH, Conn., Nov. 10 /PRNewswire-FirstCall/ -- AmBase Corporation (OTC Bulletin Board: ABCP - News; the "Company") announced today a net loss of $491,000 or $0.01 per share and $1,865,000 or $0.04 per share for the third quarter and nine months ended September 30, 2009, respectively.

For the third quarter and nine months ended September 30, 2008, the Company recorded a net loss of $628,000 or $0.01 per share and $4,066,000 or $0.09 per share respectively.

A more complete discussion of the Company's affairs is included in AmBase Corporation's Quarterly Report on 10-Q for the quarterly period September 30, 2009, filed with the Securities and Exchange Commission.

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

                           Third Quarter             Nine Months
                          2009        2008         2009        2008
    ------------------    ----        ----         ----        ----
    Operating expenses    $504        $699       $1,945      $4,631
    ------------------  ------     -------      -------     -------
    Operating loss        (504)       (699)      (1,945)     (4,631)
    -----------------   ------     -------      -------     -------
    Interest income         15          71           36         318
    Other income             -           -           50         247
    -----------------   ------     -------      -------     -------
    Loss before income
     taxes                (489)       (628)      (1,859)     (4,066)
    Income tax expense      (2)          -           (6)          -
    ------------------  ------     -------      -------     -------
    Net loss             $(491)      $(628)     $(1,865)    $(4,066)
    ------------------  ------     -------      -------     -------

    Net loss per common
     share:
    Basic               $(0.01)     $(0.01)      $(0.04)     $(0.09)
    Assuming dilution   $(0.01)     $(0.01)      $(0.04)     $(0.09)
    ------------------  ------     -------      -------     -------

    Weighted average
     common shares
     outstanding:
    Basic               43,131      43,566       43,172      43,635
    Assuming dilution   43,131      43,566       43,172      43,635
    ------------------  ------      ------      -------     -------

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