Coors signs covenant with National Black Economic Development Coalition

(January 28, 2008) Coors Brewing Company today reaffirmed its commitment to the African-American community with the historic signing of a national economic covenant with the National Black Economic Development Coalition (NBEDC), continuing a tradition of economic development and philanthropy initiated by Coors in 1984.

The four-year covenant strengthens the company's commitment to provide economic opportunities for African-Americans in eight key areas: employment and diversity, marketing and advertising, distributorships, minority retailers, purchasing, professional and other financial services, corporate contributions and board representation.

"The signing of the new covenant illustrates a renewed commitment on behalf of Coors Brewing Company and the African-American community to continue a mutually beneficial partnership," said NBEDC Co-Chair Stanley Washington.

In announcing the new covenant, W. Leo Kiely, president and CEO of Molson Coors Brewing Company, said: "Increased involvement of African-Americans at all levels of our business benefits both the Black community and Coors. Exemplary service from African-American suppliers and distributors are a key reason our great brands continue to grow. We're proud of the work we have done over the past 24 years, and we look forward to continuing our partnership to promote economic, philanthropic and educational outreach to the African-American community."

Representatives of several NBEDC member organizations, including the National Association for the Advancement of Colored People (NAACP), the National Newspaper Publishers Association (NNPA), the California Package Store and Tavern Owners Association (CAL PAC) and representatives from Denver's African-American community were present at the signing. The covenant was signed in Las Vegas during the National Newspaper Publishers' Association's annual mid-winter conference.

Since 2002, Coors has contributed nearly $4 million to African-American non-profit organizations. In 2007, expenditures with minority and women-owned businesses were approximately $205 million in advertising, construction, information technology, office furniture and supplies, packaging, promotional marketing products and other areas.

Coors is committed to sustaining a diverse business enterprise.

The diversity policies and practices of Coors Brewing Company, a Molson Coors subsidiary, have been widely and consistently recognized as among the most progressive in corporate America by watchdog groups and other independent observers such as Fortune magazine, NAACP, Business Ethics magazine, the Hispanic Association on Corporate Responsibility, the National Council of La Raza, Wider Opportunities for Women and The National Association of Women Business Owners.


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