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Y2K Ripple Effect Could Spell Doom for Many Businesses

02:37 p.m Dec 28, 1999 Eastern

ATLANTA, CHICAGO & SEATTLE--(BUSINESS WIRE)--Dec. 28, 1999--

Volunteer Groups Mobilize To Protect Economy From Y2K Ripple

In response to alarming reports, Y2K volunteer groups across the country have joined forces for a "last-ditch" plea to small businesses to make their Y2K conversions and contingency plans their top business priority and that it's not too late. Despite the apparent view held by many - even leaders and media; Y2K IS NOT just a one-day event.

According to Jim Bidwill, Chairman, Y2K Task Force, Chicagoland Chamber of Commerce, "This issue doesn't go away on January 1st or January 3rd. The problems will continue well into the New Year. It is like a decaying tooth that looks fine; the pain goes away temporarily, but this simply doesn't mean it's okay."

One remaining area of grave concern about Y2K that most leaders agree on is that far too many small businesses are not doing Y2K conversions and contingency plans. According to Senator Bob Bennett (R-Utah), 15.1 million small businesses comprise over 50% of the US non -government GDP. Several studies show that nearly 1,000,000 small businesses may fail as a result of Y2K Ripple. Even more troubling, because of how we are interconnected, many Y2K ready companies, large and small, could be impacted. If so, profits, unemployment, inflation and interest rates could be affected.

According to independent studies by the National Federation of Independent Business and the City of San Francisco, as many as 7% of all small businesses may be forced to shut down, because 28% of them have taken a "Wait & See" or "Fix on Fail" Y2K strategy. These concerns were highlighted in both National Governors Association readiness reports and by President Clinton's Y2K Czar John Koskinen in recent status reports on our nation's Y2K readiness.

Ron Dolinsky, Atlanta/ SE Region Y2K Solution Center Executive Director stated, "In this highly interconnected world, even companies large and small who are Y2K ready can be negatively impacted by those that are not ready. Many impacts may not hit them until weeks or months into the New Year, because of this Y2K Ripple."

Steve Marzocco, of the Data Fitness Initiative & Coalition (DFIc), headquartered in Seattle said, "Small businesses MUST act immediately. It is essential that they:

1. Make sure they have Internet access. Then go to any of three websites: www.oky2k.org for the East, www.chicagolandchamber.org in the Midwest/Central and www.dfiy2k.org for Pacific and click on "BECOMING OKY2K."

2. For emergency help, contact the Rapid Response Help Desk at www.chamberofcommercey2k.org, identify your company and your problem and you will be contacted.

3. Go to the online Public Discussion Forum at www.globalspeak.com to post questions and get answers."

East Coast: http://www.oky2k.or

Midwest: http://www.chamberofcommercey2k.org

West Coast: http://www.dfiy2k.org

URL: http://infoseek.go.com/Content?arn=BW0111-19991228&qt=%2By2k&sv=IS&lk=noframes&col=NX&kt=A&ak=news1486

-- snooze button (alarmclock_2000@yahoo.com), December 29, 1999