Palm Coast Data agrees to be purchased by New Jersey company

One of Palm Coast’s leading employers is purchased by a Princton, N.J. company

November 18, 2006 – Big news for one of Palm Coast and Flagler County’s largest employer. PRINCETON AMREP Corp. (NYSE: AXR) in Princeton has agreed to acquire Palm Coast Data through its Kable Media Services subsidiary for $92 million. AMREP operates in two different industries. The company is a real estate developer and landholder in New Mexico through its AMREP Southwest subsidiary. Its Kable Media Services arm provides magazine-fulfillment services. Palm Coast Data in Palm Coast, Fla., is a provider of product-fulfillment services to magazine publishers. The deal is expected to be financed through Kable’s internal funds and borrowings. AMREP expects the deal to close in early 2007. Palm Coast Data employs nearly 1000 in 180,000 SF of space in Palm Coast.

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