75% Average Growth Registered by 50 Asian American Businesses in Revenue Sizes $550K to $200M

PR Log (Press Release) – May 16, 2009 – Washington, DC — The US Pan Asian American Chamber of Commerce Education Foundation (USPAACC Education Foundation) reported that over a billion in sales were generated by 50 Asian American Businesses in FYE 2008, with individual companies generating as much as 400 percent growth rate within a three-year period.

The revenues and growth rates were cumulated at the final ranking of USPAACC Education Foundation’s “Fast 50 Asian American Businesses,” to be officially revealed during the 24th Anniversary CelebrAsian Business Opportunity Conference ‘09, on May 20 – 22, at the New York Marriott at the Brooklyn Bridge in Brooklyn, New York.

“The robust growth shown by Asian American-owned businesses—a rare feat in these economic times—is a proud testament to the enduring quality of Asian Americans who, through innovation, hard work and ingenuity, remain at the forefront as engines of growth in our national economy,” said Susan Au Allen, USPAACC Education Foundation National President & CEO.

To qualify for the ranking, companies must be owned by one or more Asian Americans (at least 51% ownership), among other eligibility criteria. Based on percentage revenue growth over three years, selection was determined through direct applications and nominations. Finalists were independently verified by the New York-based accounting and consulting firm of Holtz Rubenstein Reminick LLP.

Wells Fargo and PepsiCo are the Corporate Co-Chairs; Merck and The Coca-Cola Company are the Program Co-Chairs; and over 40 Fortune Corporations and 16 Asian American Business Enterprises (ABEs) are sponsoring this year’s Conference.

CelebrAsian—the oldest and largest pan Asian American business opportunity conference in the United States—connects hundreds of top-caliber Asian American suppliers and business owners with buyers from Fortune 500 corporations, the Federal, State and Local government, and the small and minority business community, through pre-scheduled one-on-one matchmaking business meetings, informative summits, workshops, and networking events.