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Courier Corporation Completes Acquisition of Research & Education Association

Press release from the issuing company

NORTH CHELMSFORD, Mass.--Jan. 6, 2004-- Courier Corporation, today announced the completion of its acquisition of Research & Education Association (REA), a privately held publisher of test preparation and study guide books and software for high school, college, graduate students, and professionals. Courier purchased the assets of REA for an undisclosed amount of cash. Founded in 1959 and based in Piscataway, New Jersey, REA publishes more than 800 titles spanning a broad range of academic content. Product lines include Problem Solvers, Essentials, Super Reviews, and Test Preparation books. REA's products are sold in the United States, Canada, and overseas through major bookseller chains, college bookstores, teachers' supply stores and the company's website, www.rea.com. Total annual sales are approximately $6 million. "REA owns several strong brands based on outstanding content with proven appeal to students and teachers alike," said James F. Conway III, chairman, president and chief executive officer of Courier. "REA will be a great addition to our specialty publishing segment, which also includes Dover Publications. We welcome all the REA employees to the Courier family." REA will operate autonomously under Courier's ownership, retaining all 42 current employees. Carl M. Fuchs, 48, a 25-year employee of REA, has been named President effective today, taking over day-to-day operations from REA's founder and current President, Dr. Max Fogiel, who will continue to provide editorial support to REA.