AmBase Corporation News Release

May 14, 2012, 12:50 ET from AmBase Corporation

GREENWICH, Conn., May 14, 2012 /PRNewswire/ -- On May 11, 2012, the Department of Justice ("DOJ"), on behalf of the United States of America, filed a second motion to extend the deadline for filing its initial appellate brief, which is due to expire on May 18, 2012 to June 18, 2012.  Discussions between representatives of AmBase Corporation ("AmBase" or the "Company") (OTC Bulletin Board: ABCP), and of the DOJ regarding a possible settlement of the Supervisory Goodwill legal proceedings have taken place in recent months.  In light of those discussions and other factors, the Company did not contest the DOJ's motion to extend the briefing deadline.

Settlement discussions may not progress, and may be discontinued or continued, at any time or from time to time. The outcome of any settlement discussions cannot be predicted. The Company expressly disclaims any obligation to update, in its public filings with the Commission, or via other forms of public dissemination, the status or progress of any informal or formal settlement discussions with respect to the Supervisory Goodwill legal proceedings, and no inference regarding the status of any such settlement proceedings should be drawn from the absence or frequency of any such updates.

The Company, with its outside advisors, will continue to take appropriate steps on behalf of AmBase's interests.  The Company can give no assurances regarding the ultimate outcome of the Supervisory Goodwill legal proceedings, the final amount of any award or when it might be received.

SOURCE AmBase Corporation