BOSTON--(BUSINESS WIRE)--April 27, 2007--The Initiative for a competitive Inner City (ICIC), a not-for-profit organization whose mission is to promote economic prosperity in America's inner cities, today announced that Staples Foundation for Learning (SFFL), a private foundation created by Staples, Inc. (NASDAQ: SPLS), the world's largest office products company, will serve as a key program supporter of ICIC-Inc. Magazine's Inner City 100 through a $200,000 grant.

Staples Foundation for Learning's support of the Inner City 100 is part of the foundation's commitment to supporting the growth of minority-owned businesses that promote workforce diversity and contribute to economic development within America's inner cities. This grant marks the fourth consecutive year that SFFL has supported the Inner City 100.

Now in its ninth year, the Inner City 100, which is published annually by Inc. Magazine, identifies the 100 fastest-growing inner city businesses; businesses that are serving regional, national, and international markets generating valuable new jobs and making an incalculable difference in their communities. The Inner City 100 acknowledges these growing companies and spotlights the importance of a robust business sector in creating healthy urban communities.

"The depth of our partnership with the ICIC and the Inner City 100 has grown tremendously over the last few years," noted Ron Sargent, president of Staples Foundation for Learning and chairman and CEO of Staples, Inc. "Through our continued work with ICIC, Staples Foundation for Learning provides inner city companies the opportunity to be recognized for significant business achievements, while highlighting the vital role these companies play in communities throughout the United States."

"Staples shares our belief that businesses founded and run by minorities represent a critical component of job, income and wealth creation for inner city residents, as well as a window into the future of America's economy," stated Dorothy Terrell, president and chief executive officer of the Initiative for a Competitive Inner City.

With minority populations in America's cities continuing to rise, the demographic changes are being reflected in the growing number of top-performing inner city businesses owned by minorities. Nationally, only three percent of all businesses with annual sales over $1 million are minority-owned. Since the inception of the list, 31% of the 448 companies that made the Inner City 100 list were minority-owned - a statistic that is an astounding 300% higher than the national average of 11%.

According to ICIC, there are 21.3 million residents in America's inner cities, 82 percent of whom are minorities. As well, inner cities are home to over 850,000 enterprises and millions of jobs. Further proof of the economic vitality of inner cities can be found in the ICIC-Inc. Magazine Inner City 100.

Staples Foundation for Learning will present the top-minority owned company award at the Inner City 100 Awards Dinner, to be held on May 3, 2007. The Inner City 100 Awards Dinner is the grand finale of the Inner City 100 Summit, a dynamic and multifaceted two-day event for Inner City 100 CEOs that includes educational seminars, networking activities, and plenary sessions. Past recipients of the top minority-owned company award include Commodity Sourcing Group in Detroit, MI and Chesterfield Health Services in Seattle, WA.

Editor's Notes:

To qualify for the Inner City 100 list, companies were required to have at least 51 percent of their operations located in an economically distressed urban area; have at least 10 employees; and have a five-year operating sales history that includes at least six months of sales in the first year of consideration, an increase in year five sales over year four sales, and fifth-year sales of at least $1 million. The specific rankings were based on total revenue growth over the five-year period. An economically distressed urban area is defined by ICIC as having a 50 percent higher unemployment level, 50 percent higher poverty level, and 50 percent lower median income than the metropolitan statistical area.

About the Initiative for a Competitive Inner City

The Initiative for a Competitive Inner City (ICIC) is a national not-for-profit organization founded in 1994 by Harvard Business School professor Michael E. Porter. ICIC's mission is to promote economic prosperity in America's inner cities through private sector engagement that leads to jobs, income and wealth creation for local residents. ICIC brings together business and civic leaders to drive innovation and action, transform thinking and accelerate inner city business growth and investment.

Inner City 100 Sponsors: Chevron, Merrill Lynch, PricewaterhouseCoopers, and Staples Foundation for Learning, Staples

About Staples Foundation for Learning

The mission of Staples Foundation for Learning, Inc. is to teach, train and inspire. Founded in 2002, the foundation has contributed nearly $10 million to national and local charities that provide educational opportunities and job skills for all people, with a special emphasis on disadvantaged youth. Staples Foundation for Learning has also developed lasting relationships with Boys & Girls Clubs of America, Earth Force, Hispanic Heritage Foundation and the Initiative for a Competitive Inner City. In addition, Staples Foundation for Learning supports Ashoka, an organization that develops and supports social entrepreneurs around the world, in eight countries: Argentina, Belgium, Brazil, Canada, France, Germany, Spain and the United States. For more information about the foundation or how to apply for a grant, please visit www.staplesfoundation.org.

Copyright Business Wire 2007

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