Verizon Named Corporation of the Year by US Pan Asian American Chamber of Commerce

NEW YORK - The US Pan Asian American Chamber of Commerce has named Verizon as its 2003 Corporation of the Year. The chamber presents the award, its highest business honor, to the company that best demonstrates a strong commitment to the Asian-American community.

Verizon was selected for its leadership in promoting economic development, procurement, philanthropy, marketing and employment for Asian-Americans. The company received the award yesterday at the chamber's 15th Annual CelebrAsian Excellence Awards and Scholarships Dinner in Washington, D.C.

Chamber President and CEO Susan Allen said the selection process was rigorous and competitive. A panel of independent judges reviewed nominations and rated each company's resources, programs, expenditures and commitment to supplier diversity.

"Verizon's leadership in ensuring equal opportunities for Asian-American businesses is a model example of corporate citizenship," said Allen. "Its commitment to diversity is one that many corporations could emulate."

Keiko Harvey, Verizon senior vice president - network process assurance, who accepted the award on behalf of the company, said: "The growth and success of diverse communities is important to Verizon. According to the 2000 U.S. Census, there are more than 910,000 Asian American-owned businesses generating over $300 billion in revenues and employing more than 2.2 million people. We value our relationship with the Asian-American community, and we're honored to be selected for this award."

Verizon last year purchased nearly $340 million in goods and services from Asian-owned businesses and spent $1.6 million in advertising with Asian publications. The company recruits and mentors diverse suppliers through strategic alliances, advocacy groups and programs that encourage primary suppliers to increase use of diverse businesses as subcontractors.

Verizon Foundation, the company's philanthropic arm, contributed $4.5 million to Asian-American nonprofit organizations supporting literacy, community technology, workforce development and employee volunteerism programs in 2002.

In addition to its partnership with the US Pan Asian American Chamber of Commerce, Verizon also works with other national and regional Asian-Pacific organizations such as the Asian American Journalists Association, the Asian Pacific American Women's Leadership Institute, the Organization of Chinese Americans and the Japanese American Citizen's League.

Asian-Americans make up 4.2 percent of the U.S. population and nearly 4 percent of Verizon's work force. Several Asian-Americans, including Harvey -- who is responsible for assuring that all network capabilities are in place to deliver products and services to Verizon's customers -- hold key leadership positions at the company.

The US Pan Asian American Chamber of Commerce, founded in 1984, is the only national, non-profit trade organization that actively promotes the economic growth and development of Asian-American entrepreneurs and represents the interests of all Asian-American-owned businesses in the United States.

Verizon Communications

A Fortune 10 company, Verizon Communications (NYSE:VZ) is one of the world's leading providers of communications services. Verizon companies are the largest providers of wireline and wireless communications in the United States, with 136.6 million access line equivalents and 33.3 million Verizon Wireless customers. Verizon is the third-largest long-distance carrier for U.S. consumers, with 13.2 million long-distance lines, and the company is also the largest directory publisher in the world, as measured by directory titles and circulation. With approximately $67 billion in annual revenues and 227,000 employees, Verizon's global presence extends to the Americas, Europe, Asia and the Pacific. For more information on Verizon, visit www.verizon.com.