GREENWICH, Conn., March 28 /PRNewswire-FirstCall/ -- AmBase Corporation (OTC Bulletin Board: ABCP) (the 'Company') announced today a net loss of $3,936,000 or $0.09 per share for the full year ended December 31, 2007.

For the full year ended December 31, 2006, the Company recorded net income of $5,463,000 or $0.12 per share.

A more complete discussion of the Company's affairs is included in AmBase Corporation's Annual Report on Form 10-K for the year ended December 31, 2007, filed with the Securities and Exchange Commission.

The Company also announced that it has fixed the close of business on Wednesday, April 2, 2008 as the record date for the upcoming 2008 Annual Meeting of Stockholders of AmBase Corporation, which will be held at 9:00 A.M. Eastern Daylight Time on Friday, May 16, 2008 at the Hyatt Regency Hotel, 1800 East Putnam Avenue, Greenwich, Connecticut.

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

                                                           Twelve Months
                                                       2007              2006

    Revenue                                          $    -               $92
    Operating expenses                                5,501             7,887
    Operating loss                                   (5,501)           (7,795)
    Interest income                                   1,305             1,846
    Other expense, claims settlement                      -            (1,100)
    Other income, insurance recovery                      -               400
    Realized gains on sale of investment
     securities available for sale                      310                45
    Other income                                          -             1,273
    Loss from continuing operations
     before income taxes                             (3,886)           (5,331)
    Income tax expense                                  (50)             (132)

    Net loss                                        $(3,936)          $(5,463)

    Net loss per common share:
    Basic                                            $(0.09)           $(0.12)
    Assuming dilution                                $(0.09)           $(0.12)

    Weighted average common shares outstanding:
    Basic                                            44,691            45,327
    Assuming dilution                                44,691            45,327

SOURCE AmBase Corporation

Source: PR Newswire (March 28, 2008 - 2:19 PM EDT)

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