Verizon Awards $1.25 Million in College Scholarships to 250 Children of Verizon Employees

NEW YORK -- The Verizon Foundation has awarded $1.25 million in college scholarships to 250 children and dependents of Verizon employees. Each recipient will receive $5,000 and is eligible to receive a maximum award of $20,000 throughout four years of college.

The scholarships, for the 2007-2008 school year, are part of Verizon’s $4.8 million investment in the education of 957 Verizon scholars --- 250 freshmen and 707 upperclassmen - who will attend colleges and universities throughout the United States this fall.

Under the program, among the most generous scholarship programs in the country, Verizon has invested more than $27.7 million in the college education of the children of Verizon employees, assisting more than 1,800 students from Maine to Hawaii since 2001.

“Education is the key to the high-skill, high-paying jobs of tomorrow,” said Verizon Foundation President Patrick Gaston. “Awarding these scholarships is an investment for a brighter tomorrow for our children, our communities and our company.”

Verizon’s scholarship program selects recipients based on financial need, academic achievement and extracurricular activities. The 250 scholarships recently awarded are for high school seniors who plan to attend an accredited four-year institution.

The Verizon Foundation awards the scholarships in partnership with Scholarship America, the nation’s largest nonprofit, private sector scholarship and educational support organization, which was founded in 1958.

“Scholarships give students a sense of accomplishment even before they step on campus,” said Dr. Clifford L. Stanley, retired U.S. Marine Corps major general and president and CEO of Scholarship America. “Verizon’s generous, renewable program helps them stay on campus, complete their program of study, graduate and become productive citizens. Scholarship America is proud to administer this important program for Verizon and the children of their employees.”

A list of Verizon scholars is available on the Verizon Foundation Web site, at www.verizon.com/foundation.

The Verizon Foundation, the philanthropic arm of Verizon Communications, is committed to improving literacy and K-12 education; fostering awareness and prevention of domestic violence; and promoting the use of technology in health-care delivery. In 2006, the foundation awarded more than $69 million in grants to nonprofit agencies in the United States and abroad. The foundation also matched charitable donations from Verizon employees and retirees, resulting in $29 million in combined contributions. Under the foundation’s Verizon Volunteer initiative, one of the nation’s largest employee-volunteer programs, company employees and retirees have also contributed nearly 3 million hours of community service since Verizon’s inception in 2000.

For more information on the foundation, visit www.verizon.com/foundation.

Verizon Communications Inc. (NYSE:VZ), headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America’s most reliable wireless network, serving 60.7 million customers nationwide. Verizon’s Wireline operations include Verizon Business, which delivers innovative and seamless business solutions to customers around the world, and Verizon Telecom, which brings customers the benefits of converged communications, information and entertainment services over the nation’s most advanced fiber-optic network. A Dow 30 company, Verizon has a diverse workforce of more than 238,000 and last year generated consolidated operating revenues of more than $88 billion. For more information, visit www.verizon.com.