Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of AMREP Corporation (“AMREP” or the “Company”) (NYSE:AXR) related to the Company’s receipt of a proposal for the merger of AMREP with a company controlled by Nicholas G. Karabots (“Karabots”), the beneficial owner of approximately 60% of AMREP's outstanding common stock and the vice chairman of AMREP's board of directors.

Under the terms of the merger proposal, the remaining holders of AMREP’s common stock would receive $12.00 in cash for each share of the Company’s stock they own. The proposal indicates that certain other stockholders of AMREP could participate in the transaction with Karabots. The investigation concerns possible breaches of fiduciary duty and other violations of law related to consideration of the proposed transaction by AMREP's board of directors.

If you are a shareholder of AMREP, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.

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