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Unless I had a specific reason to use ePub (like I was actually publishing something for people who used ereaders), I probably wouldn't use ePub to distribute a document to 500 people, most of whom probably have no idea what ePub is.
I'd distribute something more standard, like a Word .doc or a PDF, or if you want to share it from the web, you could create a Google Docs version of the document, make it "public", then send everyone the link. All of these would be viewable from handheld devices (like cell phones), and a .doc or pdf would also be viewable on an ereader (generally).
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