St. Thomas, U.S. Virgin Islands -- April 14 -- GANT U.S.A. and Team Caribbean announced today a major sponsorship agreement in which the prestigious apparel company will contribute official team gear and significant support to the syndicate's existing merchandise operations. The sponsorship marks GANT U.S.A.'s re-entry into America's Cup competition following the company's support of past Cup winners Ted Turner and Dennis Conner. In choosing Team Caribbean over other syndicates that will compete for the America's Cup in New Zealand beginning late in 1999, GANT U.S.A. cited the unique nature and potential of the team.

Team Caribbean's debut in GANT U.S.A. clothing will be made this week when the team competes at the "Mini America's Cup" regatta in Auckland, New Zealand. The sponsorship agreement also calls for GANT U.S.A. to supply uniforms and official gear for the team to use in its Caribbean training program; for the world match racing team led by skipper Peter Holmberg and tactician John Cutler; for crew, umpires, and volunteers use  during the Marriott Frenchman's Reef International Match Race in December in St. Thomas, Virgin Islands; and for special events at which dress shirts, blazers, and ties are required.

The cornerstone of the agreement is that GANT U.S.A. will produce a Team Caribbean line of clothing and gear for use in the America's Cup, to be held in Auckland beginning with challenger races starting in October, 1999. A special licensee agreement has also been signed under which the GANT U.S.A.-produced apparel will be sold in Team Caribbean's existing merchandising program and in new outlets to be established throughout the region.  As the date of competition nears, the new, trademarked products will also be sold at selected GANT U.S.A. stores, chief of which is the flagship USA store on Fifth Avenue in New York City.

"We had discussions with a number of America's Cup  challengers," said Malcolm Robinson, GANT U.S.A.'s executive vice president, "and, in the end, we believe Team Caribbean has the most to offer.  We decided to sponsor Team Caribbean because GANT U.S.A. believes that the team's uniqueness will guarantee them the lion's share of media attention, its strong potential to win, and the high profile it has already created.  GANT U.S.A. is no stranger to word-class sailing events and we have had a strong presence in past America's Cups.  The Caribbean in general and St. Thomas specifically, is the number one cruise ship destination in the world and Team Caribbean's merchandising program is already a proven success.  This agreement both strengthens our tradition in the sport and increases visibility for our products in parts of the world we believe GANT U.S.A. will be well received."  GANT U.S.A.'s renown for high quality dress and sportswear products began in 1949.

"This agreement is a huge boost to our program," commented  Peter Holmberg, co-founder and skipper of Team Caribbean.  "GANT U.S.A. is one of the most recognized names in quality clothing and the company's decision to support us will be seen as a vote of confidence in our determination to win the America's Cup. Their sponsorship of past Cup winners reflects well on their understanding of what it takes to bring the trophy home.  In addition, we will be able to substantially increase profits and volume by incorporating GANT U.S.A. into our merchandising program, thus making an immediate impact on our fundraising efforts." Other Team Caribbean sponsors  announced for "The Road to the America's Cup Regatta" include American Airlines, as Official Airline Sponsor.