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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 Southwest
subsidiary is a major landholder and a leading developer of
real estate in New
Mexico. It is the founder of Rio Rancho, now the third
largest city in New
Mexico, where the
focus of its current
activity is on the
entitlement,
development and
sale of land
for residential, commercial and
industrial uses.
Its Kable Media Services business, which was founded in 1932, has major
locations in Illinois,
Colorado, Ohio and New
York
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