Altisource Asset Management Corporation announces the departure of an executive

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CHRISTIANSTED, U.S. Virgin Islands, May 19, 2022 (GLOBE NEWSWIRE) — Altisource Asset Management Corporation (“AAMC” or the “Company”) (NYSE American: AAMC) today confirmed that Thomas K. McCarthy’s tenure as Acting Chief Executive Officer expires on May 31, 2022 in accordance with the terms of his employment contract. The Company will pay Mr. McCarthy a bonus of $250,000 in recognition of his contributions to the Company during his tenure as interim CEO.

RECENT DEVELOPMENTS

The Company also announces that:

  • The Company has hired a new Head of Sales for its Alternative Lending Group (“ALG”) to join the Company no later than June 16, 2022. Our new Head of Sales has over twenty-five years of experience as a Sales Manager with knowledge and expertise in bridging space, full loan negotiation and mortgage sales and marketing operations. We are very happy to have him join the company.
  • The Company has acquired an additional $11.0 million in loan commitments since March 31, 2022 and has $23.9 million in loans under evaluation.
  • The Company has an agreement in principle for a lease in Tampa, Florida for ALG’s home office effective July 1, 2022.

“The Board and I appreciate the leadership Tom has shown in transitioning into new areas of business and establishing a solid foundation for the future growth of the AAMC,” said said John de Jongh. Jr., interim chairman of the company’s board of directors. “We believe he has left the company in a position to grow our new businesses and ensure a smooth transition.”

About the AAMC

AAMC is an alternative lending company that provides liquidity and capital to underserved markets. We also continue to evaluate opportunities that could potentially be of long-term benefit to shareholders, such as our Crypto-ATMs.

Additional information is available at www.altisourceamc.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding beliefs, estimates, projections, management’s expectations and assumptions. regarding, among other things, the Company’s financial results, future activities, business plans and investment strategies, and industry and market conditions. These statements can be identified by words such as “anticipate”, “intend”, “expect”, “may”, “could”, “should”, “should”, “plan”, ” estimate”, “target”, “seek”, “believe” and other expressions or words of similar meaning. We caution that forward-looking statements are qualified by the existence of certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from these forward-looking statements may include, but are not limited to, our ability to grow our businesses and make them successful or sustain the performance of those businesses; our ability to purchase loans under evaluation; agreement on the final terms of the lease of our sales office; developments in litigation regarding our redemption obligations under the designation certificate for our Series A Convertible Preferred Shares; and other risks and uncertainties detailed in the “Risk Factors” and other sections described from time to time in the Company’s current and future filings with the Securities and Exchange Commission. The foregoing list of factors should not be considered exhaustive.

Statements made in this press release speak only as of the date of this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements or any other information contained herein, whether as a result of new information, future events or otherwise.

FOR FURTHER INFORMATION CONTACT:
Investor Relations
T: +1-704-275-9113
E: [email protected]

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Source: Altisource asset management company

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