FOR:       AMREP Corporation
           300 Alexander Park, Suite 204
           Princeton, New Jersey 08540

CONTACT:   Peter M. Pizza
           Vice President and Chief Financial Officer
	  (609) 716-8210

		   
AMREP CORPORATION ANNOUNCES PLANNED UNIFICATION OF PALM COAST DATA AND KABLE FULFILLMENT SERVICES

Princeton, N.J., October 10, 2008 - AMREP Corporation (NYSE:AXR) announced today that it will 
unify the magazine subscription, membership and direct mail fulfillment services businesses of its 
subsidiaries, Palm Coast Data and Kable Fulfillment Services, under one brand:  Palm Coast Data -- 
and into one location:  Palm Coast, Florida. The Company's magazine and product distribution 
services businesses will not be affected, and will continue to operate under the Kable brand from 
their current locations.

According to Edward B. Cloues, II, the Chairman of the AMREP Board of Directors, the unification 
of the fulfillment services businesses is part of a long-range plan, initiated when AMREP acquired 
Palm Coast Data in January 2007, to streamline operations, improve service to clients and create 
cost efficiencies through the reduction of overhead costs and the elimination of operating 
redundancies.  When the program is fully implemented, all of the Company's magazine 
subscription, membership and direct mail fulfillment services will be provided under the Palm 
Coast Data brand from one location employing a single operating system.  Currently these services 
are provided under two brands, Palm Coast Data and Kable, operating from three locations, Palm 
Coast, Florida, Louisville, Colorado and Mount Morris, Illinois, with a fourth location in Marion, 
Ohio having recently been closed.

"The unification program will position Palm Coast Data to offer the precise balance of experience, 
innovation and creativity needed to address the unique challenges faced by our clients", said John 
Meneough, the Chief Operating Officer of the Company's fulfillment services businesses.  "We are 
unifying operations to enable our staff to be more proactive and more responsive - and our services 
to be more cost-effective."

The Company estimates that full implementation of the program will take approximately three 
years, and over that period will require approximately $25.0 million of capital expenditures and will 
involve approximately $7.0 million of non-recurring costs for severance, training and transition, 
facility closings, equipment relocation and impairment, and accelerated amortization.  It is 
anticipated that the State of Florida and the City of Palm Coast will provide incentives for the 
program, including cash and employee training grants and tax relief, which could amount to as 
much as $7.0 million, largely contingent on existing job retention and new job creation.

ABOUT AMREP
AMREP Corporation, through its AMREP Southwest Inc. subsidiary, is a major landholder and 
leading developer of real estate in New Mexico, and through its other subsidiaries provides 
subscription fulfillment and related services to publishers and others, distributes magazines to 
wholesalers and provides product fulfillment services to publishers and others.  For more 
information visit www.amrepcorp.com.

The statements in this news release regarding the combination of the magazine subscription,
membership and direct mail fulfillment services businesses are forward-looking statements within 
the meaning of the federal securities laws.  These statements are subject to numerous risks and 
uncertainties, many of which are beyond the control of AMREP and that could cause actual results 
to differ materially from such statements, including, without limitation, the Company's ability to 
efficiently unify the components of its fulfillment services businesses, the time required and costs 
involved in doing so, the expected achievement of improved customer service and cost efficiencies, 
the Company's ability to migrate customers to an integrated data processing system, and the 
availability of economic and tax incentives.  Further information about these and other relevant 
risks and uncertainties may be found in the Company's Form 10-K and its others filings with the 
Securities and Exchange Commission, all of which are available from the Securities and Exchange 
Commission as well as from other sources.  Recipients of this news release are cautioned to 
consider the risks and uncertainties and to not place undue reliance on the forward-looking 
statements contained therein.  AMREP disclaims any intention or obligation to update or revise any 
forward-looking statements, whether as a result of new information, future events or otherwise.