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Stock Market & Financial Investment News

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June 11, 2014
17:06 EDTAXRAMREP reaches comprehensive settlement with Heinrich Bauer
AMREP and its indirect subsidiaries, Kable Distribution Services and Palm Coast Data have entered into a comprehensive settlement agreement with Heinrich Bauer (USA) which resolves all matters relating to the two distribution agreements between Kable Distribution and Bauer that will terminate on June 30. AMREP has agreed to issue to Bauer 825K shares of its common stock, which represents approximately 10.3% of the outstanding shares of common stock of AMREP following such issuance, with Bauer agreeing to not sell or transfer such shares for a period of six months. In return, Bauer has extended the term of its fulfillment agreement with Palm Coast to at least December 31, 2018 and released all claims, except for certain continuing obligations, that Bauer may have against Kable Distribution, Palm Coast and AMREP.
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