Altisource Asset Management Corporation Posts Progress Reports on Project Alpha, Phase II, Through May 2024

Rhea-AI Summary

Altisource Asset Management (AAMC) releases a progress report for May 2024 on Project Alpha, Phase II, related to a Patent and Technology Licensing Agreement. The report includes redacted elements to protect proprietary information and claims for patent extension.

CHRISTIANSTED, U.S. Virgin Islands--(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.

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

Source: Altisource Asset Management Corporation

FAQ

What is the focus of the progress report released by Altisource Asset Management (AAMC)?

The progress report is for May 2024 on Project Alpha, Phase II, related to a Patent and Technology Licensing Agreement.

When was the Non-Exclusive Patent and Technology Licensing Agreement between Altisource Asset Management (AAMC) and System73 entered into?

The agreement was entered into on October 6, 2023.

Why are elements of the Commercial and Engineering reports redacted in the progress report released by Altisource Asset Management (AAMC)?

Elements are redacted to protect sensitive proprietary information and claims for patent extension.

Where can the full progress report be viewed?

The full release can be viewed at https://www.businesswire.com/news/home/20240510511270/en/.