Here's an excerpt from the press release:
Effective July 2008, Duke will provide publishing expertise in marketing, sales, and order fulfillment to Project Euclid's participating publishers and institutional subscribers. Duke will work to broaden and deepen Project Euclid's subscriber base, resulting in greater global exposure for 54 journals and a growing number of monographs and conference proceedings. Cornell will continue to provide and support the vital IT infrastructure for Project Euclid and assume responsibility for archiving and preservation activities, ensuring robust and reliable access to the content deposited with Project Euclid for future scholars, researchers, and students.
Now home to 93,000 journal articles (75% of which are open access), along with 60 monographs and conference proceedings, Project Euclid and its partner publishers will benefit from Duke's commitment to Project Euclid's mission and from the Press's publishing proficiency, reputation for quality consciousness, and university-based value system. Duke's recent initiative to expand its journals publishing program into science, technology and medicine further ensures that together the Cornell Library and Duke University Press will achieve Project Euclid's goal to become a primary destination site for mathematicians and statisticians. . . .
This joint venture was undertaken in cooperation with the Scholarly Publishing & Academic Resources Coalition (SPARC), an alliance of universities, research libraries, and organizations, created by the Association of Research Libraries.
Leadership for Project Euclid will be assumed by management at both Cornell and Duke.