Altisource Asset Management Corporation Announces Departure of Officer
20 May 2022 - 6:56AM
Altisource Asset Management Corporation (“AAMC” or the “Company”)
(NYSE American: AAMC) today affirmed that Thomas K. McCarthy's term
as Interim Chief Executive Officer expires on May 31, 2022 in
accordance with the terms of his employment agreement. The Company
will pay Mr. McCarthy a bonus of $250,000 in recognition of his
contributions to the Company during his tenure as Interim Chief
Executive Officer.
Recent Developments
The Company is also announcing that:
- The Company has hired a new Head of Sales for its Alternative
Lending Group (“ALG”) to join the Company on or before June 16,
2022. Our new Head of Sales has over twenty-five years
of experience as a Sales Executive with knowledge and expertise in
the bridge space, whole loan trading and mortgage sales &
marketing operations. We are very excited 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 origination office beginning July 1, 2022.
“The Board and I appreciate the leadership Tom exhibited as we
transitioned to new lines of business and establishing a strong
foundation for AAMC's future growth,” stated John de Jongh. Jr.,
Interim Chairman of the Board of Directors of the
Company. “We believe he left the Company in a position
to grow our new businesses and ensured a smooth transition.”
About AAMC
AAMC is an alternative lending company that provides liquidity
and capital to under-served markets. We also continue to assess
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 management’s beliefs, estimates, projections,
anticipations, and assumptions with respect to, among other things,
the Company’s financial results, future operations, business plans
and investment strategies as well as industry and market
conditions. These statements may be identified by words such as
“anticipate,” “intend,” “expect,” “may,” “could,” “should,”
“would,” “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, without limitation, our ability to develop our
businesses, and to make them successful or sustain the performance
of any such businesses; our ability to purchase loans that are
under evaluation; the agreement to final terms of the lease for our
sales office; developments in the litigation regarding our
redemption obligations under the Certificate of Designations of our
Series A Convertible Preferred Stock; 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 construed as exhaustive.
The statements made in this press release are current as of the
date of this press release only. 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: IR@AltisourceAMC.com
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