Wendy Schmidt Oil Clean Up X Challenge

PLAYA VISTA, California, and NEW YORK, October 11, 2011 - Prizes Awarded for Demonstrating Rapidly-Deployable, Highly Efficient Methods for Cleaning Up Crude Oil on the Ocean Surface First Place Team, Elastec/American Marine, Achieves Three Times the Industry's Previous Best Oil Recovery Rate Tested in Controlled Conditions and Nearly Double the Competition's Target The X PRIZE Foundation, the leading nonprofit organization solving the world's Grand Challenges by creating and managing large-scale, global incentivized competitions, and philanthropist Wendy Schmidt, who personally funded the prize purse, today awarded two winning teams of the $1.4 million Wendy Schmidt Oil Cleanup X CHALLENGE.