AMREP CORPORATION ANNOUNCES AGREEMENT TO ACQUIRE PALM COAST DATARelease Agreement |
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Exhibit 99.1
FOR IMMEDIATE RELEASE
AMREP CORPORATION
ANNOUNCES AGREEMENT
TO ACQUIRE
PALM COAST DATA
--------------------------
Princeton, NJ, November 8, 2006 - AMREP
Corporation (NYSE- AXR) today announced
that its Kable Media Services, Inc.
("Kable") subsidiary
has entered into an
agreement to acquire Palm Coast Data Holdco, Inc. The total transaction value
is
approximately $92 million, subject to working capital and other adjustments.
Kable plans to finance the acquisition using a combination of internal funds
and
borrowings. The closing of the
transaction is subject to regulatory
review and
other customary closing conditions and is expected to occur early in 2007.
About AMREP Corporation:
AMREP Corporation is primarily engaged
in two businesses: land development and
magazine and product service operations.
Its AMREP Sou
