EBSCO Finalizes Purchase of RoweCom USA, Australia and Canada

[Ann Okerson <ann.okerson@yale.edu>]

http://www.ebsco.com/home/whatsnew/press.asp

June 4, 2003

EBSCO Finalizes Acquisitions of RoweCom U.S.A., Australia and Canada
BIRMINGHAM, Ala., U.S.A. - EBSCO Industries, Inc. (EBSCO), the global
leader for the delivery of integrated information systems and services,
confirmed that on Wednesday, June 4, 2003, it definitively closed its
acquisition of the U.S. operations of RoweCom, Inc. (RoweCom), which
includes the operations of Dawson, Inc., Dawson Information Quest, Inc.,
The Faxon Company, Inc., Turner Subscription Agency, Inc., McGregor
Subscription Service, Inc. and Corporate Subscription Services, Inc.

The final two closing contingencies: (1) verification of publisher support
representing at least 50 percent of the aggregate monetary amount prepaid
to RoweCom by customers, which was not subsequently forwarded to
publishers, and (2) successful closure by EBSCO of its acquisition of
RoweCom's European operations, have been satisfied, paving the way for
final closure of the deal.

EBSCO is glad to report that the final tally of publisher support exceeded
70 percent. This is very good news for participating customers, as it will
mean the majority of their expenditures for 2003 materials will be
fulfilled by publishers. A separate press release announcing the
finalization of EBSCO's purchase of RoweCom Europe was issued earlier
today.

"At long last, we are pleased to finalize this acquisition," said F. Dixon
Brooke Jr., vice president and general manager of EBSCO Subscription
Services. "We greatly appreciate the support of publishers and the
patience of our new customers. We are now able to turn our attention to
ongoing operations of the business, and we are committed to facilitating
excellent service for the benefit of our new customers."

EBSCO has also finalized its purchase of RoweCom Australia, Pty Ltd and
RoweCom Canada (Divine Solutions, ULC). The orders of RoweCom Australia
and Canada customers who prepaid RoweCom, but whose payments were not
forwarded to publishers, are to be handled pursuant to similar methodology
being utilized in the U.S. Such participating customers will be
transferring their bankruptcy claim to participating publishers in
exchange for 2003 issues.

EBSCO is immediately taking steps to provide electronic files to
publishers and to customers of RoweCom U.S., Australia and Canada. The
files sent to publishers will identify the orders the publishers have
agreed to grace. The files sent to customers will segregate the orders of
RoweCom customers into three groups:

o orders for titles for which Customers paid RoweCom that RoweCom sent and 
  paid to publishers 
o orders for titles for which Customers paid RoweCom that RoweCom did not 
  pay to publishers, but which publishers have agreed to provide grace 
  issues for 2003 
o orders for titles for which Customers paid RoweCom that RoweCom did not 
  pay to publishers and publishers have not agreed to provide grace issues 
  for 2003. 

These files will allow customers to assess the exact titles that should be
received (groups 1 and 2), as well as those that may need to be ordered
(group 3).

Detailed communications to customers and publishers explaining the process
and listing customer service contact information will accompany the
electronic files. Customer service representatives at EBSCO, Westwood,
Mass., U.S.A. (formerly RoweCom/divine/Faxon Library Services) as well as
all other EBSCO regional offices stand ready to assist.

About EBSCO Industries, Inc. 

EBSCO Industries, Inc. is a global corporation with sales, service and
manufacturing subsidiaries at work in 19 countries around the world.  
EBSCO's business interests include information management services, online
and print journal subscription services, online research databases, real
estate development, commercial printing and more. EBSCO, an acronym for
Elton B. Stephens Company, is based in Birmingham, Alabama, U.S.A. and
employs 4,000 people around the world. Additional information on EBSCO
Industries is available from www.ebscoind.com.

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