The following memo appeared recently in the Newsletter on Serials Pricing
Issues and on the ARL Directors' list, and is reprinted here for the benefit
of SERIALST subscribers as the latest information available from Faxon --ed.
______

TO:     Faxon Clients
FROM:   Judy Davis, President
SUBJ:   Faxon Update
DATE:   July 22, 1994

An Important Message to Our Clients:

Good News!  Faxon is pleased to inform all of its clients that we have just
signed a Purchase and Sale Agreement with Swets & Zeitlinger B.V., a major
European subscription agency, for the sale of Faxon's European subsidiaries.
We look forward to a closing on August 5, 1994.

We are also moving toward completion of the sale of our other operations to
R.R. Donnelley & Sons Company, a 130-year old, "Fortune 120" New York Stock
Exchange firm and North America's largest printer.  We project a rapid closing
and a smooth transition of ownership.

These sales will allow Faxon to pay all outstanding debts owed to publishers
(and recapitalize the parent company).  They will also provide Faxon the strong
financial backing we need to establish both continuity and stability for all of
our subscription servicing business.

As always, Faxon's global network will continue to supply all titles, both U.S.
and non-U.S., to all of our clients worldwide.   We thank you for your
continuing support and look forward to providing you with better and better
service going forward.  Naturally, we will keep you advised as we move forward
and our business arrangements are concluded.