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AMBASE CORPORATION ACQUIRES CONTROL OF AUGUSTINE ASSET MANAGEMENT, INC.

 GREENWICH, Conn., and JACKSONVILLE, Fla., Nov. 15 /PRNewswire/ -- AmBase Corporation and Augustine Asset Management, Inc., announced today that AmBase acquired 51 percent of Augustine, a privately owned Jacksonville, Fla., based investment advisory firm with over $120 million of assets under management for $200,000.
 Founded in 1985 by R. J. Burns, its president and chief executive officer, Augustine has grown to be the largest independent investment advisory firm based in Florida. Augustine provides equity and fixed income money management services to both institutions and private clients.
 Richard A. Bianco, chairman, president and chief executive officer of AmBase, said, "We look forward to working with Augustine and its president, Ron Burns, to build a major investment advisory firm based upon the performance and client satisfaction record that Augustine has built to date."
 Mr. Burns said, "With this transaction, we are prepared to grow from our strong roots in the Jacksonville and Florida business community. We welcome AmBase's help as we continue our growth."
 -0- 11/15/93
 /CONTACT: Neil Cohen, executive V.P. & chief financial officer of AmBase Corp., 203-532-2015; or R. J. Burns, president & CEO of Augustine Asset Management, Inc., 904-396-6944/


CO: AmBase Corporation; Augustine Asset Management, Inc. ST: Connecticut, Florida IN: FIN SU: TNM

GK -- NY066 -- 4362 11/15/93 11:33 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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