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AMBASE ANNOUNCES RETIREMENT OF DIRECTORS

 GREENWICH, Jan. 26 /PRNewswire/ -- AmBase Corporation announced today the retirement of Geo. T. Scharffenberger, Edwin Hatch, Paul Paganucci, Eben Pyne and Thomas Rice from its Board of Directors. The size of the AmBase Board has accordingly been reduced to five persons. AmBase directors remaining in office are Richard A. Bianco, Ronald J. Burns, Neil L. Cohen, Donald Kramer and William H. Purcell. Richard A. Bianco, President and Chief Executive Officer of AmBase, was elected to the additional position of Chairman of the Board. Mr. Bianco also announced the intention of AmBase to hold an Annual Meeting of Stockholders in May 1993. The Common Stock of AmBase is currently traded in the over-the-counter market.
 -0- 1/26/93
 /CONTACT: Neil L. Cohen of AmBase, 203-532-2015/


CO: AmBase Corporation ST: Connecticut IN: FIN SU: PER

KD -- NY070 -- 9117 01/26/93 13:31 EST
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Publication:PR Newswire
Date:Jan 26, 1993
Words:142
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