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 FIRST STEP IN CONSOLIDATING ITS VARIOUS 
                 KABLE MEDIA SERVICES FULFILLMENT SERVICES BUSINESSES

Princeton, NJ, August 2, 2007 - AMREP Corporation (NYSE:AXR) announced today that a reduction in  
force of 75 employees in its fulfillment services business is in process.  This represents approximately
3.8% of the business unit's total number of employees.  In January 2007, AMREP, through its Kable 
Media Services subsidiary, acquired Palm Coast Data.  Both Kable Media and Palm Coast Data are 
leading U.S. providers of fulfillment services to the magazine publishing industry.  This workforce 
reduction is an early step in the consolidation of the two fulfillment services businesses.  This 
consolidation is intended to streamline the business, improve operating efficiency and customer service 
and reduce operating costs.

It is expected that approximately $300,000 in severance costs will result from the workforce reduction,
which will be recorded in AMREP's fiscal quarter ended July 31.  AMREP also expects to realize annual 
operating cost savings of approximately $2,700,000 from the workforce reduction.

AMREP Corporation's AMREP Southwest Inc. subsidiary is a major landholder and leading developer of 
real estate in New Mexico, and its Kable Media Services, Inc. subsidiary distributes magazines to 
wholesalers and provides subscription fulfillment and related services to publishers and others.

The statements in this news release regarding the operations of the fulfillment services business 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 integrate the components of its fulfillment services business, the effect on 
the Company and its customers of increased paper costs and postal rates, the Company's ability to 
migrate customers to an internal data processing system and competitive pressure.  Further information 
about these and other relevant risks and uncertainties may be found in the Company's Form 10-K and its 
other filings with the Securities and Exchange Commission, all of which are available from the 
Commission as well as from other sources.  Recipients of this news release are cautioned to consider 
these 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.
 
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