-- Partnership will deliver more than $10 million to fight AIDS and launch with free download of new U2 song debuting during Super Bowl
NEW YORK, Jan. 23, 2014 /PRNewswire/ -- (RED), rock group U2 and Bank of America today announced a partnership that will generate more than $10 million to fight AIDS. Details are available at www.bankofamerica.com/RED.
The partnership will kick off with a commercial during the February 2 Super Bowl that will feature U2 performing a new song, "Invisible." The song will be available as a limited edition release on iTunes for free download during the game and for the following 24 hours. For every download during that timeframe, Bank of America will donate $1, up to $2 million total, to the Global Fund to Fight AIDS, Tuberculosis and Malaria, which provides life-saving HIV/AIDS treatment, testing and prevention services to tens of millions of people in the world's poorest countries.
(RED) has already generated more than $240 million for the Global Fund since being founded in 2006 by U2 lead singer Bono and Bobby Shriver in order to drive corporate donations to the fight against AIDS. The additional funding from Bank of America will help (RED) surpass a quarter billion dollars raised.
Bono said, "Bank of America coming on as a (RED) partner to help the Global Fund's efforts to eliminate AIDS is great news. It's the kind of game-changing influence that will not just deliver millions of dollars but raise consciousness and keep public pressure on putting an end to this devastating pandemic which has already taken the lives of 35 million people. And just in...the bank's commitment of $10 million has resulted in the Gates Foundation, SAP and Africa's Motsepe Family matching for a total of $22 million. Incredible."
Key to the success of this initiative will be raising awareness among Bank of America's vast customer base and more than 240,000 employees, and providing opportunities for them to take action at this critical moment in the global effort to eradicate mother-to-child transmission of HIV by 2015. Bank of America serves one in two U.S. households with a network of approximately 5,100 retail banking offices and 16,300 ATMs, has one of the most visited websites in the world, and more than 30 million online banking users and 14 million mobile users.
Brian Moynihan, CEO, Bank of America, said, "Just as we dedicate all of our resources to serving customers and clients in the U.S. and around the world, we can bring these capabilities to (RED) and the global health community in the fight against AIDS. Most importantly, we're encouraging our customers and employees to join the fight."
(RED) funds are fighting AIDS in eight African countries – Ghana, Kenya, Lesotho, Rwanda, South Africa, Swaziland, Tanzania and Zambia – and are used to support HIV/AIDS grants which provide treatment, testing and prevention and care services, with a focus on ending mother-to-child transmission of HIV and achieving an AIDS-free generation. Of the more than $240 million generated by (RED), 100 percent has gone directly to the Global Fund for on-the-ground services, with no overhead taken out by (RED). (RED) and its partners – from Bank of America, to Starbucks, Apple and more – are united in a global push to end mother-to-child transmission of the deadly HIV virus by 2015, in accordance with the UN Millennium Development Goals.
Mark Dybul, executive director, the Global Fund to Fight AIDS, Tuberculosis and Malaria, said, "We'd like to thank Bank of America, (RED) and U2 for this innovative partnership to deliver much-needed funds and awareness to our fight to eliminate AIDS. This partnership will have a tremendous impact over the coming years."
About (RED) ™
(RED) was founded in 2006 by Bono and Bobby Shriver to engage businesses and people in the fight against AIDS.
(RED) partners with the world's most iconic brands who contribute up to 50% of profits from (RED) branded goods and services to the Global Fund. (RED) Proud Partners include: Apple, Starbucks, The Coca-Cola Company, Beats by Dr. Dre, Belvedere, Claro, SAP, Telcel and Live Nation Entertainment. (RED) Special Edition partners include: Jonathan Adler, Theory, HEAD, Kidrobot, Mophie, FEED, Sir Richard's Condom Company, Shazam, Girl Skateboards, Nanda Home, Bottletop, Fatboy USA and Bed Bath & Beyond.
To date, (RED) has generated more than $240 million for the Global Fund to fight AIDS, Tuberculosis and Malaria, to support HIV/AIDS grants in Ghana, Kenya, Lesotho, Rwanda, South Africa, Swaziland, Tanzania and Zambia. 100 percent of that money goes to work on the ground – no overhead is taken. Global Fund grants that (RED) supports have impacted more than 40 million people with prevention, treatment, counseling, HIV testing and care services.
The Global Fund is an international financing institution dedicated to attracting and disbursing resources to prevent and treat HIV and AIDS, TB and malaria. The Global Fund promotes partnerships between governments, civil society, the private sector and affected communities, the most effective way to help reach those in need. This innovative approach relies on country ownership and performance-based funding, meaning that people in countries implement their own programs based on their priorities and the Global Fund provides financing where verifiable results are achieved.
Since its creation in 2002, the Global Fund has supported more than 1,000 programs in more than 140 countries, providing AIDS treatment for 6.1 million people, anti-tuberculosis treatment for 11.2 million people and 360 million insecticide-treated nets for the prevention of malaria. The Global Fund works in close collaboration with other bilateral and multilateral organizations to supplement existing efforts in dealing with the three diseases.
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 50 million consumer and small business relationships with approximately 5,100 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users and more than 14 million mobile users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.