| BOSTON, Mass., September 22, 2011 -- The Initiative for a New Economy (INE) and Greater New England Minority Supplier Development Council (GNEMSDC) today announced an agreement to merge as they seek to expand their mission of helping minority-owned businesses grow by connecting them with major institutional purchasers. GNEMSDC recently received a five year $1.4 million federal grant from the U.S. Department of Commerce's Minority Business Development Agency (MBDA) to launch the Boston Business Center, which will align and expand the skills and technical capabilities of GNEMSDC and INE. Both INE and GNEMSDC have played major roles in creating an inclusive economy in Massachusetts by assisting minority businesses enterprises in building profitable, long-term relationships with major corporations as well as municipal and state agencies. In addition to the federal grant, ongoing funding from public and private donors will support their efforts as they combine to expand the services of the MBDA Center. "The similar missions of INE and GNEMSDC make this a natural fit, bringing together two organizations widely recognized for their expertise in forging successful partnerships between minority business enterprises and purchasers," said Thomas Hollister, Chairman of INE's Board of Directors and Chief Operating Officer and Chief Financial Officer of Global Partners, L.P. "The creation of the new the MBDA Boston Business Center will ensure that the high level of support and advisory services being provided to minority-owned businesses and purchasers will not only continue but expand," Hollister added. Dr. Frederick W. McKinney, president and CEO of GNEMSDC, will lead the new MBDA Boston Business Center and continue to lead the GNEMSDC. The staff of the new MBDA Boston Business Center will include employees from both INE and GNEMSDC. The new Center will be headquartered at the Boston office of the GNEMSDC at Copley Plaza in Boston. "I am honored to head the Center, which will build on the work of two great organizations and undoubtedly create more opportunities for both minority businesses and the corporations and agencies that buy their products and services," McKinney said. Hollister praised the leadership of both Dr. McKinney and Milton Benjamin, who has served as INE's president and CEO since the organization's founding in 2006. "Milton has been critical to the growth and success of INE and advancing it to a position where a merger like this now makes sense," Hollister said. Under Benjamin's guidance, INE has spurred the growth of dozens of minority-owned businesses in Massachusetts, helping create hundreds of new jobs and millions in additional revenues, increasing the number and size of purchaser contracts and significantly improving supplier diversity. "I am very proud of what INE has accomplished in the initial phase of its development and look forward to the continued contribution our work will make to the minority business landscape through the Center," Benjamin said. GNEMSDC, an affiliate of the National Minority Supplier Development Council, has a 36-year-record of fostering business relationships between minority business enterprises and its corporate partners. In recent years, GNEMSDC has worked with more than 450 minority businesses with total gross sales exceeding $11 billion and has connected them to more than 200 corporate members. For more information about the Center, call 888-874-7114, or e-mail Dr. McKinney at fmckinney@gnemsdc.org. | 
