GREENWICH, Conn., July 24 /PRNewswire-FirstCall/ -- AmBase Corporation (OTC Bulletin Board: ABCP) (the 'Company') announced today a net loss of $1,655,000 or $0.03 per share and $2,748,000 or $0.06 per share for the second quarter and six months ended June 30, 2007, respectively.

For the second quarter and six months ended June 30, 2006, the Company recorded a net loss of $2,184,000 or $0.05 per share and $3,669,000 or $0.08 per share respectively.

A more complete discussion of the Company's affairs is included in AmBase Corporation's Annual Report on Form 10-Q for the quarterly period June 30, 2007, filed with the Securities and Exchange Commission.

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

                                         Second Quarter          Six Months
                                         2007     2006         2007     2006
    Revenue                                $-      $49           $-      $90
    Operating expenses                  2,152    2,729        3,841    4,642
    Operating loss                     (2,152)  (2,680)      (3,841)  (4,552)
    Interest income                       394      457          859      877
    Realized gains (losses) on sales
     of investment securities
     available for sale                   128        -          284        -
    Other income                            -       72             -      72
    Loss before income taxes           (1,630)  (2,151)      (2,698)  (3,603)
    Income tax expense                    (25)     (33)         (50)     (66)
    Net loss                          $(1,655) $(2,184)     $(2,748) $(3,669)

    Net loss per common share:
    Basic                              $(0.03)  $(0.05)      $(0.06)  $(0.08)
    Assuming dilution                  $(0.03)  $(0.05)      $(0.06)  $(0.08)

    Weighted average common shares outstanding:
    Basic                              44,864   45,259       44,916   45,544
    Assuming dilution                  44,864   45,259       44,916   45,544

SOURCE AmBase Corporation

Source: PR Newswire (July 24, 2007 - 4:11 PM EDT)

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