Lance Armstrong to Step Down as Chairman of LIVESTRONG(R)

AUSTIN, TX--(Marketwire - Oct 17, 2012) - Lance Armstrong, founder and chairman of LIVESTRONG, made the following announcement today regarding his status as chairman of the cancer non-profit organization's board of directors:

"In 1996, as my cancer treatment was drawing to an end, I created a foundation to serve people affected by cancer. It has been a great privilege to help grow it from a dream into an organization that today has served 2.5 million people and helped spur a cultural shift in how the world views cancer survivors. This organization, its mission and its supporters are incredibly dear to my heart.

"I am deeply grateful to the people of the foundation who have done such hard and excellent work over the last 15 years, building tangible and effective ways to improve the lives of cancer survivors. And I am deeply humbled by the support our foundation has received from so many people throughout the world -- survivors, world leaders, business leaders and of course, the cancer community itself. We turn to this community frequently for guidance and collaboration to achieve our shared goals. They are unfailingly generous with their wisdom and counsel and I can never thank them enough.

"I have had the great honor of serving as this foundation's chairman for the last five years and its mission and success are my top priorities. Today therefore, to spare the foundation any negative effects as a result of controversy surrounding my cycling career, I will conclude my chairmanship.

"My duties will transfer to Vice Chairman Jeff Garvey who will serve as chairman. Jeff's guidance and wisdom have been critical to shaping the foundation's work since its earliest days. Jeff was this organization's founding chairman and I have full confidence that under his leadership, the foundation will continue expanding its ability to serve cancer survivors.

"My family and I have devoted our lives to the work of the foundation and that will not change. We plan to continue our service to the foundation and the cancer community. We will remain active advocates for cancer survivors and engaged supporters of the fight against cancer. And we look forward to an exciting weekend of activities marking the 15^th anniversary of the foundation's creation."

"Long before he became a household name, Lance Armstrong created a foundation to serve others facing the same fears and challenges he struggled to overcome as a result of his cancer diagnosis," said Doug Ulman, LIVESTRONG President and CEO. "Today, thanks to Lance's leadership, that foundation has had the privilege of raising close to $500 million to serve people affected by cancer.

"Lance has made this foundation and its cause -- aiding people whose lives have been touched by this disease -- his life's work. His leadership in the cancer community has spurred immeasurable progress and it has been a great privilege to work shoulder to shoulder with him on a daily basis during his chairmanship.

"We are grateful to Jeff Garvey for assuming the responsibilities of chairman. Jeff has been a guiding presence for LIVESTRONG for 15 years and we look forward to a seamless transition under his leadership and a continued strong focus on our core values and mission.

"Lance's devotion to serving others whose lives were irrevocably changed by cancer, as his was, is unsurpassable. We are incredibly proud of his record as an advocate and philanthropist and are deeply grateful that Lance and his family will continue to be actively involved with the Foundation's advocacy and service work. We look forward to celebrating 15 years of progress with Lance and his family this weekend and recommitting ourselves to the work of the cancer community for the years ahead."

Facts about LIVESTRONG

• The Foundation provides free, bilingual patient navigation services to cancer patients/survivors and their families facing financial, practical and emotional challenges. More than 2.5 million people have been served by LIVESTRONG Navigation Services through one-to-one support, printed and online educational materials.

• The Foundation also advocates for funding, legislation and policies that further the fight against cancer. Lance and the Foundation recently backed Proposition 29, a California initiative designed to raise funds for cancer research through a $1 tobacco tax increase. Lance and the Foundation successfully backed Proposition 15 in Texas, passed overwhelmingly by voters in 2007. It created the Cancer Prevention and Research Institute of Texas and a $3 billion fund for cancer research within the state. See the Foundation's Platform's & Priorities for more details on its legislative and advocacy work.

• Lance Armstrong has personally contributed nearly $6.5 million to the Foundation. To date, the Foundation has raised nearly half a billion dollars to serve survivors and combat cancer.

About LIVESTRONG and the Lance Armstrong Foundation
The Foundation provides free cancer support services to help people cope with the financial, emotional and practical challenges that accompany the disease. Created in 1997 by cancer survivor and philanthropist Lance Armstrong, the Foundation is known for its powerful brand -- LIVESTRONG -- and for its advocacy on behalf of survivors and their families. With its iconic yellow LIVESTRONG wristband, the Foundation has become a symbol of hope and inspiration around the world. Since its inception, the Foundation has raised nearly $500 million to support cancer survivors and served 2.5 million people affected by the disease. For more information, visit LIVESTRONG.org.