AmBase Corporation (ABCP)

[sidedraft]

AmBase Corporation Announces Execution Of Joint Venture Agreement For Real Estate Development Project

GREENWICH, Conn., June 21, 2013 /PRNewswire/ -- On June 17, 2013, 111 West 57th Investment LLC ("Investment LLC"), a newly formed wholly owned subsidiary of AmBase Corporation (the "Company") (OTC: ABCP) entered into an Escrow Procedure Letter Agreement (the "Escrow Agreement") with 111 West 57th Sponsor LLC (the "Sponsor"), an entity affiliated with Michael Stern of JDS Development Group and Kevin Maloney of Property Markets Group, Inc., whereby Investment LLC deposited $56,000,000 (the "Investment") into escrow, representing an initial investment in a joint venture pursuant to which Investment LLC will participate in a real estate development project to purchase, develop, and operate the real property located at 105 through 111 West 57th Street in New York, New York (the "Property").

http://www.prnewswire.com/news-releases/ambase-corporation-announces-execution-of-joint-venture-agreement-for-real-estate-development-project-212531051.html

Ambase had $56,000,000 cash to put into escrow for this JV.
With an O/S of 42.8 million, the PPS of $1.11 seems a little cheap.