Altisource Asset Management Corporation Posts Progress Reports on Project Alpha, Phase II, Through May 2024
May 10 2024 - 5:15PM
Business Wire
Altisource Asset Management Corporation (“AAMC” or the
“Company”) (NYSE American: AAMC) posts the attached progress report
for May 2024 concerning Project Alpha, Phase II, presented by
Seabird Technologies Limited in connection with that certain
Non-Exclusive Patent and Technology Licensing Agreement between the
Company and System73 Limited, entered into on October 6, 2023.
Elements of the Commercial and Engineering reports are redacted to
protect sensitive proprietary information that the parties deem
confidential, as well as additional claims to extend the
patents.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240510511270/en/
About AAMC
AAMC is a private credit provider that originates alternative
assets to provide liquidity and capital to under-served markets.
AAMC works to employ capital light operating strategies that have
historically been implemented across a variety of industry sectors.
The Company’s principal line of business going forward is the
development and licensing of a control system which increases the
efficiency of electric vehicles. Under the PTLA, the Company
acquired a non-exclusive license for a set of patents for a control
system which seeks to optimize the efficiency of electric vehicles.
Additional information is available at www.altisourceamc.com.
Forward-looking Statements
This press release and the attachments thereto contain
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended (the “Securities Act”), and
Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). In some cases, you can identify forward-looking
statements by the use of forward-looking terminology such as “may,”
“will,” “should,” “expects,” “intends,” “plans,” “anticipates,”
“believes,” “estimates,” “targets,” “predicts,” or “potential,” or
the negative of these words and phrases or similar words or phrases
that are predictions of or indicate future events or trends and
that do not relate solely to historical matters. You can also
identify forward-looking statements by discussions of strategy,
plans or intentions. The forward-looking statements contained in
this release reflect our current views about future events and are
subject to numerous known and unknown risks, uncertainties,
assumptions and changes in circumstances that may cause our actual
business, operations, results or financial condition to differ
significantly from those expressed in any forward-looking
statement.
Factors that may materially affect such forward-looking
statements include, but are not limited to:
- Our ability to develop and implement new businesses or, to the
extent such businesses are developed, our ability to make them
successful or sustain the performance of any such businesses;
- Current inflationary economic and macro-economic and
geopolitical events, and market conditions that can affect our
businesses;
- Our ability to develop and implement a new business with
respect to the PTLA and that the Company will achieve its
expectations with respect to the patents and other intellectual
property associated therewith;
- Our ability to monetize our existing loan portfolio; and
- The failure of our information technology systems, a breach
thereto, and our ability to integrate and improve those systems at
a pace fast enough to keep up with competitors and security
threats.
While forward-looking statements reflect our good faith beliefs,
assumptions, and expectations, they are not guarantees of future
performance. Such forward-looking statements speak only as of their
respective dates, and we assume no obligation to update them to
reflect changes in underlying assumptions, new information or
otherwise. For a further discussion of these and other factors that
could cause our future results to differ materially from any
forward-looking statements contained herein, please refer to the
section “Item 1A. Risk Factors” contained in the Company’s 2023
Annual Report on Form 10-K.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240510511270/en/
Charles Frischer T: +1-813-474-9047 E:
charles.frischer@altisourceamc.com
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