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Ladybugsue, welcome to MobileRead.
If you have a prs-505 you are already epub-ready (at least if you have the latest firmware, which is quite old). Sony is changing the ebooks it sells through its store from lrx to epub. It is not a change that will affect you in any way. If you bought lrx from sony, you can ask them to give you the epub versions. If not, life goes on as usual, and you continue to read all the formats that you did before. No worries!
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