Bernan Associates Deal

This announcement appears as a matter of record only


a Reed Elsevier Company

has acquired the
Legal Publishing Titles of

Bernan Associates

a division of

The Kraus Organization, Ltd.

The undersigned initiated the transaction and served as advisor to and representative of The Kraus Organization.

a member of
M&A Worldwide

Securities transactions conducted by FOCUS Securities LLC, an affiliated company, registered broker dealer and member FINRA/SIPC.

Engaged in several instances to assist the Kraus Organization's Bernan Associates, the leading value-added distributor of government-source documents and a publisher of government-centric titles, in divesting non-core properties. One engagement resulted in the sale of a newsletter property to Glasser Legal Works. Another resulted in the sale of legal and regulatory titles to Lexis-Nexis.