Major Corporations Join Forces to Invest $100 Million for Dependent Care; Estimated 1,000 Projects to be Funded in Largest Private Sector Initiative

September 14, 1995

NYNEX CONTACT: Media Relations,
(212) 395-0500

Major Corporations Join Forces to Invest $100 Million
for Dependent Care; Estimated 1,000 Projects to be Funded in Largest
Private Sector Initiative

BOSTON, MA-- In a powerful declaration

of support

for their employees, 21 major corporations announced today they

are jointly

launching a $100 million initiative to develop and strengthen

school-age, child

care and elder care projects in communities across the country.

The companies are expected to take the lead in funding more

than 1,000

projects over the next six years in a massive, collaborative effort


includes support for research and development for national pilot


including a voice technology project for public schools.

The initiative announced by the lead -- or Champion -- companies

of the

American Business Collaboration for Quality Dependent Care is

believed to be the

largest investment ever in dependent care by the private sector.

The funds will provide support for a broad array of projects

ranging from

training for day care providers and science/technology camps for


children to a money management program for senior citizens.

In a strongly worded, joint statement signed by the chief executive


of all the Champion companies, they made it clear that their support


dependent care was based on bottom line business factors.

"We believe that supporting the diverse dependent care

needs of our employees

is critical to our success as it enables our companies to attract

and retain a

productive, competitive, committed and motivated workforce,"

they said.

"We do this because the availability of quality dependent


programs...enable our employees to do their best at work by helping

them manage

their work and personal responsibilities," they said.

The statement was signed by the CEOs of Aetna Life & Casualty,


Insurance, American Express, Amoco, AT&T, Bank of America,

Chevron, Citibank,

Deloitte & Touche LLP, Eastman Kodak, Eccon, GE Capital Services,

Hewlett-Packard, IBM, Johnson & Johnson, Mobil, NYNEX,

Price Waterhouse LLP,

Texaco, Texas Instruments and Xerox.

Today's announcement actually begins the second phase of the

American Business

Collaboration for Quality Dependent Care, a national effort launched

three years

ago this month to increase the supply and enhance the quality

of child and elder

programs throughout the country.

During the first phase, some 156 businesses, governmental entities


not-for-profit organizations invested more than $27 million in

45 communities in

25 states and the District of Columbia.

They supported 355 dependent care projects which have been utilized

by more

than 277,000 individuals to date, including dependents of employees


community residents.

Together, the Champions and collaborating organizations in targeted

communities have already committed to investing $100 million over

the next six

years. More than 100 projects are already underway.

NYNEX is a global communications and media company that provides
a full range of services in the northeastern United States and
high-growth markets around the world, including the United Kingdom,
Thailand, Gibraltar, Greece, Indonesia, the Philippines, Poland,
Slovakia and the Czech Republic.

The Corporation is a leader in the telecommunications, wireless communications,
cable television, directory publishing
and entertainment and information services.

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