July 22, 2010 14:16 ET

X Prize Foundation to Announce Multi-Million Dollar Incentive Competition to Clean Up Oil

Notice of Press Conference: July 29, 2010

PLAYA VISTA, CA--(Marketwire - July 22, 2010) -

Who:	X PRIZE Foundation
What:	Press Conference to Launch the Oil Cleanup X CHALLENGE
When:	Thursday, July 29, 2010
Where:	National Press Club - Holeman Lounge
	529 14th Street, NW, Washington, DC 20545
Time:	1:00 PM (ET); Noon (CT); 10:00 AM (PT)

Announcement:
On July, 29, 2010, the X PRIZE Foundation will launch its sixth major competition, a multi-million dollar privately-funded Oil Cleanup X CHALLENGE, designed to inspire entrepreneurs, engineers, and scientists worldwide to develop innovative, rapidly deployable, and highly efficient methods of capturing crude oil from the ocean surface. At the press conference, speakers will discuss the goals and objectives of the prize, team rules for entry, amount of the prize purse and announce the competition benefactor.

Attendees at the July 29 Press Conference will include:

• Peter Diamandis, Founder & Chairman, X PRIZE Foundation
• Wendy Schmidt, President, The Schmidt Family Foundation and Founder of the Foundation's 11^th Hour Project and Climate Central. Co-Founder of the Schmidt Marine Science Research Institute.
• Philippe Cousteau, Jr, Co-founder and CEO, Earth Echo International and Azure Worldwide, and Chief Ocean Correspondent for Animal Planet and Planet Green.
• Dr. Dave Gallo, Woods Hole Oceanographic Institution
• Representatives from the National Oceanographic & Atmospheric Administration, Environmental Protection Agency, The White House, US Congress, environmental organizations and other national and international leaders in the oceans and environmental arenas.

ABOUT THE X PRIZE FOUNDATION
The X PRIZE Foundation is an educational nonprofit prize institute whose mission is to create radical breakthroughs for the benefit of humanity. In 2004, the Foundation captured world headlines when Burt Rutan, backed by Microsoft co-founder Paul Allen, built and flew the world's first private vehicle to space to win the $10 million Ansari X PRIZE. The Foundation has since launched the $10 million Archon X PRIZE for Genomics, the $30 million Google Lunar X PRIZE, and the $10 million Progressive Insurance Automotive X PRIZE. The Foundation is creating and conducting competitions in four prize groups: Exploration (Space and Oceans), Life Sciences, Energy and Environment, Education and Global Development. The Foundation is widely recognized as the leader in fostering innovation through competition. For more information, please visit www.xprize.org.