I started with search engines looking for supporting evidence. However, I found none, so I decided to contact Under Armour directly. (Ping me in chat and add a comment for the full transcript. I have saved a copy.)
Here are excerpts from the customer service representative (emphasis added):
There is [sic] scientific studies proving this technology is affective [sic] and proven although this has not been posted for the public yet.
The only information currently posted are [sic] from news articles. [the one linked in the question]
I do apologize I do not have a release date for this information at this time.
We do currently have internal documents and test [sic] on this product.
What this means is that (in Under Armour's own words), internal confidential scientific testing showed the product was effective and operated as advertised. The public does not have access to such scientific testing and, thus, cannot verify Under Armour's claim. A release date for Under Armour's internal scientific documents has not been planned.
Does this product work, as claimed?
With publicly available information, the claims cannot be verified.
Disclaimer: I am not (and never was) affiliated with Under Armour. There is no conflict of interest.