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Briefs
KMC Telecom promotes Fagin to
regional vice president
KMC Telecom, a fiber-based integrated communica
tions provider, announced recently the promotion of Tim
Fagin to regional vice president of the Mid-Atlantic
Region Before his promotion, Fagin served as city direc
tor for KMC Telecom in Winston-Salem, a position he
has held since starting with the company in March 1998.
In his new position, Fagin will direct the sales, busi
ness development and customer service efforts of KMC
Telecom in the Mid-Atlantic
Region, which includes North Car
olina and Virginia. Cities in this
region currently served by KMC
Telecom include Fayetteville,
Greensboro, Hampton Roads,
Roanoke and Winston-Salem.
Fagin will report to Kim Stanley,
senior vice president, Northern
Division.
"Tim Fagin has shown leader
ship, drive and the determination
to grow our presence in a competi
tive market," said Roscoe C. Young
Fagin
II, president and chief operating officer of KMC Tele
com. "His experience in the industry and success in Win
ston-Saiem make him perfectly suited to develop winning
strategies and drive performance in the Mid-Atlantic
region."
Fagin joined KMC with more than 16 years in the
telecommunications industry, serving in senior manage
ment positions with Sprint, and in consulting, manage
ment and sales positions with AT&T. Fagin is active in
the Winston-Salem community, serving on the board of
directors for the Amos Cottage Children's Rehabilitation
Hospital, and for the Winston-Salem Chamber of Com
merce. He holds a B.A. degree in communications from
Maryville University in St Louis, Mo.
"I am excited by the opportunity to expand my role
and coordinate the efforts of KMC in the Mid-Atlantic
region to deliver advanced communications services,"
said Fagin. "The Mid-Atlantic region is an enormous
market with strong demand for choice quality and inno
vation in competitive local voice and data services."
ADB approves 9 billion franc loan
guarantee for telecom company
ABIDJAN, COTE D'lVOIRE (PANA) The board
of directors of the African Development Bank (ADB)
has approved a loan guarantee of 13.7 euro (about 9 bil
1 \-CFA francs) for Mobile Telephone Networks
. jieroon (MTNC) headquartered in Douala, the bank
announced recently in a news release.
The bank guarantee will enable MTNC to mobilize a
loan of up to 9 billion CFA francs from local banks
through a syndicate led by Citibank Cameroon, to par
tially finance its investments over the next two years.
MTN purchased Cameroon Telecom Mobile (CAM
TEL) in February 2000 as part of the privatization of the
teijcommunications company of Cameroon.
MTN plans, through MTNC (a locally registered
compa y in which MTN South Africa holds 70 percent
shares and 30 percent by Broadband Telecom), to design,
finance, build and operate a modem Global Mobile Sys
tem (GSM) cellular network for about 400,000 sub
scribers.
MTNCj will foster both the privatization and an
improved telecommunications sector in Cameroon
through increased competition, better service quality and
lower telecommunications prices.
The MTNC project will have a positive economic
impact with the creation of more than 200 jobs, con
struction and equipment contracts for local companies
as well as the payment of license fees and taxes to gov
ernment, the ADB said.
Bank Group operations in Cameroon started in 1972.
To date, the group has committed a total of $652.72 mil
lion in 40 operations.
Of this amount, about $496.85 million has been dis
bursed.
The guarantee to MTNC is the bank's second invest
ment in the private sector in Cameroon, and the first in
private infrastructure in the country.
> The investment will help support the ongoing privati
zation reforms and strengthen the role of private
investors in the implementation of viable infrastructure
projects.
Forsyth Early Childhood Partnership
receives $12,000 grant
Thanks to a grant from Bank of America, Forsyth
County will receive additional funding to help meet the
needs of children and families through Forsyth Early
Childhood Partnership.
These funds will be used to provide dental care to
young children in Forsyth County. Through the Commu
nity Partnership for Dental Health, screening and treat
ment services have been provided to approximately 4,000
young children each year. Funds are also used to support
the development of a system for data collection, recruit
ment of volunteer dentists and public awareness. This pro
ject will significantly increase the dental services available
to low-income children in Foriyth County.
"This is First Union's investment in the education of
preschool children which demonstrates our commitment
to the communities in which we live and serve," said First
Union Executive Mark Evans
First Union grants of more than $261,014 were given
to 14 local Smart Start partnerships statewide Partner
ships receiving First Union grants include: Alleghany,
Burke Cabarrus Caldwell. Chatham. Cleveland. Down
East, Forsyth, Johnston, Mecklenburg. Polk Region A,
Transylvania and Rockingham
Smart Start, initiated by Gov. Jim Hunt in 1993, is a
nationally recognized early childhood education program
that helps ensure children are ready when they enter
school. Smart Start is helping children and families across
North Carolina get good affordable child care health care
and family support.
Forsyth Early Childhood Partnership is Forsyth
County's local Smart Start agency. Working with local
organizations agencies businesses and individuals FECP
bas created a network to ensure that every child in our
community enters school healthy and ready to learn.
Controversial restaurateur losing business
THE ASSOCIATED PRESS
COLUMBIA, S.C. A restaurateur
has been feeling the pinch since retailers
dropped his distinctive yellow barbecue
sauce because of his controversial views
on race and politics.
Maurice Bessinger is well known in.
South Carolina for his outspoken sup--,
port for the Confederate flag, which has
flown outside his restaurants since
August. But grocers said it's religious
and political tracts inside his restau
rants, and not the flags outside them,
that prompted them to stop selling
Maurice's Gourmet BBQ Sauce.
The tracts include one that suggests
early slaves from Africa were grateful
for slavery.
Bessinger says his $5 million-a-year
wholesale business has fallen off by 98
percent over recent months. His sauce
business, which used to operate full
time, is down to one day a week, and he
has cut 15 employees.
"We were in stores from Tampa to
New York and were looking at going
nationwide in three or four years,"
Bessinger told The (Columbia) State.
'.'Business that took 40 years to build up
was wiped out."
^ "Two grocery store chains told me if
' I'd take my Confederate flag down and
remove the religious tracts from my
stores they'd keep selling my sauce,"
Bessinger said."I said, 'Absolutely not.'
Freedom of speech has a price, I guess."
Bessinger unfurled the banner at his
restaurants after the General Assembly
voted to remove the Confederate Hags
from atop the Statehouse and in House
and Senate chambers. The legislative
compromise put a similar flag at the
Confederate Soldier Monument on
Statehouse grounds.
The National Association for the
Advancement of Colored People had
led a boycott of South Carolina to force
the flag's removal from the Capitol.
Although the state chapter of the .civil
rights group is continuing sanctions
because of the new flag^ high-profile
placement, many organizations regard
the issue as settled.
Still, according to Bessinger's own
estimates, his restaurants have lost 80 to
90 percent of their black customers
since the controversy erupted. And
retail and grocery chains have no plans
to restock Bessinger's sauce.
"We made our decision regarding
Maurice's barbecue products and we
strongly stand by that decision," said
Jessica Walter of supermarket chain
Harris Teeter.
Bessinger has garnered some sup
port in the Statehouse. A bill has been
introduced that would penalize busi
nesses for refusing to deal with a S.C.
business over the display of symbols of
heritage. Violators would be disquali
fied from state contracts.
A handful of stores continue to
carry Bessinger's products, and many
customers have gone out of their way to
buy Bessinger's barbecue sauce. Some
are even boycotting stores that dropped
his sauces.
Jay Mowery of Aiken, S.C., is
among a group that has picketed a Food
Lion in nearby Warrenvilie. Mowery
said he drives 15 miles to shop at a
supermarket that carries Bessinger's
sauce.
David R. Schools, an executive with
the Piggly Wiggly supermarket compa
ny, said the chain tried to continue car
rying Bessinger's products, but protests
eventually drove the company to pull
the product.
"It is my feeling that the media por
trayed us as in support of Bessinger, as
opposed to being in support of South
Carolinians' right to choose," Schools
said. "We swallowed our pride and
removed the sauce."
Announcing the new program are
(from left) Charlene Crusoe-Ingram,
senior vice president, Organization
and People Development, Coca-Cola
North America; William H. Gray III,
president and chief executive officer,
United Negro College Fund; and Jack
Stahl, president and chief executive
operating officer, The Coca-Cola Co.,
and board member, UNCF.
I I J ?
Coca-Cola, UNCF partner to launch program
SPECIAL TO THE CHRONICLE
ATLANTA - A corporate intern
and scholarship program that links col
lege students and the classroom into the
real world of work is being launched
jointly through an enhanced partner
ship of The Coca-Cola Co. and The
College Fund.
Scheduled for a summer 2001 kick
off, the College Fund and Coca-Cola
Corporate Intern Program will offer 50
minority college juniors summer intern
ships and the opportunity to earn an
academic scholarship. Students will par
ticipate in an eight-to-10-week summer
internship, working at a Coca-Cola
facility in Atlanta. Columbia, Md.,
Chicago, Dallas or Irvine, Calif. Guided
by a Coca-Cola manager and mentor,
students will have the opportunity to
work in seven areas of the company:
chemistry, engineering, finance, human
resources, information technology, mar
keting and business management.
Each student will receive a $5,000
internship stipend, $2,000 housing
allowance, transportation allowance
and will be eligible for a $10,000 schol
arship. Upon successful completion of
the internship, students may be invited
to come back and participate in the pro
gram the following year.
"The Coca-Cola Corporate Intern
Program builds on our long-time rela
tion ship with The College Fund," said
Jack Stahl, president and chief operat
ing officer of The Coca-Cola Co. and
board member, UNCF. "It is another
way for The Coca-Cola Company to
offer minority ^students more opportu
nities to achieve academic and career
success. The Coca-Cola Company
strives to be a role model for corporate
diversity. This program helps us achieve
that goal by opening doors to our com
pany and corporate America for the
young people who are selected to partic
ipate."
The program is the first company
wide internship program of its kind for
The Coca-Cola Co.
"The Coca-Cola Company has been
a major supporter of The College Fund,
and this new program is an opportunity
to leverage our synergies." said William
H. Gray 111. president and chief execu
tive officer. United Negro College Fund.
"Together, and through the Coca-Cola
Corporate Intern Program, we can work
to ensure that minority students receive
the financial assistance they need to
attend college, and to achieve the valu
able, real-life work experience they need
to successfully enter the work force. The
program is a strategic initiative for The
Coca-Cola Co. to recruit new employees
from more universities and colleges
where greater numbers of minorities
attend. The company has made a four
year/150-intern commitment to The
College Fund and the program.
"The C'ollegft Tund and Coca-Cola
Corporate Intern Program is a unique
initiative for the company," said Char
lene Crusoe-Ingram. senior vice presi
dent, Organizations and People Devel
opment, Coca-Cola North America. "It
expands our efforts to create a work
environment reflective of the communi
ties in which we do business. The pro
gram allows us to enhance our resource
base of prospective minority employees
and to give students the opportunity to
work for the world's leading beverage
company."
The Coca-Cola Co. has been a cor
porate partner to The College Fund for
almost 15 years, contributing more than
SI.6 million to the organization and
nearly $275,000 annually.
lite deadline to apply for the Sum
mer 2001 Coca-Cola Corporate Intern
Program is Feb. 16, 2001. To be eligible,
each student must:
? Have a minimum 3.0 grade point
average.
? Be a sophomore majoring in chem
istry, engineering, finance, human
resources, information technology, mar
keting or business management.
? Provide a nominating letter from a
faculty member that details the stu
dent's talents, interests and aspirations.
? Submit a one-page written person
al statement of career interest.
? Provide a current undergraduate
transcript.
? Attend a participating college or
university.
? Interview with The Coca-Cola Co,
Completed applications, with all
supporting documentation, must be
received by Feb. 16, 2001. Submit appli
cation package to: The College Fund,
do The College Fund and Coca-Cola
Corporate Intern Program. 8260 Wil
low Oaks Corporate Drive, P.O. Box
10444. Fairfax, Va. 22031-4511. ATTN:
Jamil Fletcher.
Approximately 300 colleges and uni
versities are participating in the pro
gram. For more information, contact
the financial aid office, career placement
center or department chair at one of the
participating schools. Information is
also available at www.coca-colaoncam
pus.com. or call The College Fund at I -
800-331-2244.
The College Fund is the nation's old
est and most successful African-Ameri
can higher education assistance organi
zation. Its mission is to enhance the _ ..
quality of education by providing finan
cial assistance to deserving students,
raising operating funds for 39 member
colleges and universities, and increasing
access to technology for students and
faculty. The College Fund administers
more than 450 scholarships and fellow
ships to an ethnically diverse group of
students and faculty who attend mem
ber colleges and universities, other his
torically black colleges and universities
(FIBCUs) and majority institutions
throughout the country. In its 56-year
history, The College Fund has raised
more than SI.6 billion to promote high
er education achievement and has
helped more than 300,000 students earn
undergraduate and graduate degrees
The Coca-Cola Co. is the world's
largest beverage company and is the
leading producer and marketer of soft
drinks Along with Coca-Cola, recog
nized as the world's best-known brand,
the company markets four of the
' world's top five soft drink brands,
including Diet Coke, Fanta and Sprite.
Through the world's largest distribution
system, consumers in nearly 200 coun
tries enjoy the company's products at a
rate of more than I billion servings each
day.
Who wants to be a millionaire?
BY DANNY FREEMAN
It seems that everywhere you turn
there is somebody offering to make you a
millionaire. All you have to do is either
buy a lottery ticket, answer some ques
tions or eat bugs and rats on a deserted
island. However, I'm here to tell you that
you can be a millionaire without all of
that nonsense and all it will take is a dol
lar a day.
Yes, it's true. You can become a mil
lionaire just by committing to invest a
dollar a day. Let-me show you how.
Let's assume that on the day you were
born, your loving parents decided that
they would open an account for you and
add to it $1 every day (for those of you
who get paid monthly, that works out to
be $30.42 per month). Let's also assume
that this account will earn an average of
10 percent per year. At the age of 10. the
account would have grown to $6.231. The
actual amount of money that your par
ents would have invested is $3,650. At the
age of 18, the account Would have grown
to $18,269 and the actual amount invest
ed is only $6,571.
Now you're 18 years old and your
parents sit you down and explain what
they have done. They are going to turn
the account over to you under one condi
tion: You must continue to invest a dollar
a day into this account. Being the grateful
child that you are. you cheerfully agree
and diligently continue to add a dollar a
day to the account. At age 30, the
account now totals $68,764. At age 40,
the account has grown to $192,379. At
age 50. your account balance is $527,008.
And at age 57, your account' balance
totals $1,061,869! Congratulations! You
are now a millionaire and you didn't even
have to eat any bugs.
Even more amazing is that all you
and your parents had to invest over this
57-year time period was $20,807. (This is
1
a hypothetical example and not indicative
of any security's performance. Future
performance cannot be guaranteed and
actual investment yields will fluctuate
with market conditions.)
The lesson from all of this is that most
of us spend a certain amount of money
each day and can't remember where it
went. We always Seem to find ways to pay
for the things we want such as expensive
cars, clothes and big screen TVs, but we
resist investing because we think we can't
afford it. I am sure that many of you
could invest a dollar a day or more and
would never miss it. Winning a million
dollars sure would be nice, but just in case
it never happens, you should be working
. hard to invest and accumulate it on your
own. You can build wealth over time if
you stay aommitted.
Think about what a wonderful head
start you could give your children by
investing a dollar a day while they are
young. Educating your children as to the
value of investing will serve them well
throughout their lifetime. ^
What if you are age 50 or older? It's
never too late to start! No matter how old
you are, getting started with an invest
ment of a dollar a day or more can help
you build a portfolio that can help take
care of you, your family and others.
There are many investments such as stock
dividend reinvestment plans (DRIPS)
and mutual funds that will let you invest
as little as $25 per month. Do your home
work to find out what's available or seek
out an investment professional to help
you get started.
Finally. I would like to issue a direct
challenge to you. Take this article and
show it to at least two members of your
family or to two of your friends. Make a
pact between all of you to commit to
invest at least a dollar a day (or more)
? See Freeman on A8