Article: AMREP Announces New Direction for Its Rio Rancho, New Mexico Real Estate Business.

NEW YORK--(BUSINESS WIRE)--March 23, 1999--AMREP Corporation (NYSE:AXR) today announced that the future direction of its Rio Rancho, New Mexico real estate business will be the development and sale of land for residential, commercial and industrial uses rather than the construction and sale of housing. The Company is currently involved in both of these businesses. As part of this new direction, the Company expects to sell developed and undeveloped residential lots to a variety of national, regional and local homebuilders and to close its Rio Rancho home construction operation once this division has fulfilled its current obligations.

For the last two decades, ...

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