September 02, 2008 04:42 PM Eastern Time 

Michael Phelps Launches Foundation, Donates Speedo $1 Million Bonus to Charity

BALTIMORE & NEW YORK--(BUSINESS WIRE)--Fourteen-time Olympic Gold Medalist Michael Phelps today announced the establishment of the Michael Phelps Foundation and made his first donation by committing the well-publicized $1 million bonus he will receive from Speedo® for winning eight gold medals in Beijing.

The Foundation’s first initiative will be an eight-city tour across the United States, in collaboration with long-time partner Speedo (www.speedousa.com), to visit children and share his experiences in Beijing. The Tour will also serve as the launch of an education program, Dream, Plan, Reach, based on a simple yet powerful set of principles that Michael learned as a child and has applied to his everyday life. The Program will provide children with an understandable game plan for life that can extend beyond the swimming pool, to empower children to live healthy, active lives. Dream, Plan, Reach focuses on informed planning and goal-setting, and the importance of personal responsibility and discipline in adhering to that plan in day-to-day living.

“Thanks to a lot of hard work, some good fortune, the inspiration I drew from so many supporters around the world, and incredible teammates, I was able to achieve that dream by winning eight Gold Medals in Beijing,” said Phelps. “Now, my goals reach beyond the pool, to helping others realize their dreams, and continuing to grow the sport I love so much. I feel it’s only appropriate that I continue the momentum that Speedo helped to create, by committing my bonus to the establishment of the Michael Phelps Foundation, which I hope will help me inspire others to achieve their dreams, and give back to the sport that has given me so much.”

Speedo has shared in Michael’s dreams for gold since 2001 and in 2003 helped him draw attention to the sport of swimming, by announcing the $1 Million Dollar bonus should he win seven or more Gold Medals in a single Olympic Games.

"Speedo has been proud to support Michael as he reached for his dreams throughout the years," said Joseph Gromek, President and CEO of Warnaco, the licensee for Speedo in North America. "We congratulate him on this truly historic accomplishment in Beijing and look forward to supporting him in this new endeavor. Warnaco and Speedo International are also pleased to announce an additional $200,000 donation to the Michael Phelps Foundation in honor of Michael’s eighth gold medal in Beijing.”

“I’ve been extremely fortunate to have had swimming play such a profound role in my life,” said Phelps, who is represented by Peter Carlisle, Managing Director of Olympics & Action Sports, Octagon. “I have met great people, seen the world, and learned the power of dreams; I’ve learned that through education, planning, goal-setting, and informed decision-making, anything is possible.”

The Michael Phelps Foundation is a Non-Profit Corporation organized pursuant to the District of Columbia Non-Profit Corporation Act. Established in August of 2008 by 14-time Olympic Gold Medalist, Michael Phelps, the Foundation’s purpose is to operate exclusively for charitable educational, and scientific purposes; and to promote healthy, active lives, especially for children, primarily by expanding opportunities for participation in the sport of swimming, both nationally and internationally.

About Speedo^®

Born on Bondi Beach near Sydney, Australia in 1928, SPEEDO® is the world's top-selling swimwear brand. The brand's heritage derives from its leadership in competitive swimming, where more Olympic Gold Medals have been won in Speedo than any other brand. 16-time Olympic Medalist Michael Phelps is among the elite swimmers who wear SPEEDO® LZR Racer® technology. Building on its authentic base, the SPEEDO® product line has dramatically expanded over the years. It now includes women's fashion and fitness swimwear, men's water shorts, kid's swimwear, active wear, footwear, and a comprehensive collection of aquatic and fitness equipment. For more information visit, www.SpeedoUSA.com.

About Warnaco

The Warnaco Group, Inc., headquartered in New York, is a leading apparel company engaged in the business of designing, sourcing, marketing and selling intimate apparel, menswear, jeanswear, swimwear, men's and women's sportswear and accessories under such owned and licensed brands as Warner's®, Olga®, Body Nancy Ganz®, and Speedo®, as well as Chaps® sportswear and denim, and Calvin Klein® men's and women's underwear, men’s and women’s bridge apparel and accessories, men's and women's jeans and jeans accessories, junior women's and children's jeans and men’s and women's swimwear.

SPEEDO^® is a registered trademark of and used under license from Speedo International Ltd.

Warnaco Swimwear, Inc., a division of The Warnaco Group Inc. (NYSE: WRC), is the authorized licensee of the SPEEDO® trademark in North America and the Caribbean.

About Octagon

Octagon, named the “2008 Sports Agency of the Year” by the Sports Business Journal, is the world’s largest sports and entertainment representation and marketing agency with global expertise in consulting, athletes & personalities, event management, property representation, marketing solutions, licensing and merchandising and talent procurement. As part of The Interpublic Group (NYSE:IPG), one of the world’s leading organizations of advertising agencies and marketing services, Octagon employs more than 1,000 people in 60 offices around the world. For further information please visit: www.octagon.com.