EcoloClean Industries (ECCI)

[Waverider110]

Mick- here is the 05/15/08 SEC 10Q:

it was filed by ESPH.

Does this sound below like a company that is ready to go and any real competition for ECCI which has two completed units ready for action in the USA if a hurricane strike per the old ECCI PR*? It does not look like ESPH is ready. And it is not any better than the distillation process being used by DEVON over the last year or two. ECCI is the answer for both high volume production of recycled water and much lower cost per gallon than distilling.
* http://biz.yahoo.com/iw/070911/0300595.html?printer=1

"...Subsequent to March 31, 2008, the Company executed a letter of intent for a 90 day Pilot Program with an oil and gas drilling company in the Barnett Shale area of Texas. Under the letter of intent, the Company is to provide a water filtration unit, which includes the Ecosphere Ozonix™ process to recycle frac flowback water at a water recycling center in Texas operated by the oil and gas drilling company. The Pilot Program is to start on July 1, 2008. During the 90 day test period, the Company will be paid a prescribed fee for each barrel of frac flowback water processed.

The Company is focusing on raising the necessary capital to produce the unit for the Pilot Program. Currently, the Company has two financing solutions available. The first solution is with Bledsoe Capital Group as described in the paragraphs below.

On April 24, 2008, the Company executed a non-binding letter of intent with Bledsoe Capital Group which outlines two agreements, one agreement which is a sale of the Company's non- Ecosphere Ozonix™ water filtration technology, plus the Ecos Lifelink and Power Cube technologies and related assets, and another agreement which will provide funding for building and deploying the initial water filtration units, which will employ the Ecosphere Ozonix™ process for use in the Barnett Shale area of Texas. The sale price for the sale of the intellectual property and the assets is $5 million, of which the Company will receive approximately $4.6 million after repaying its manufacturing partner and bearing the cost of building a prototype of the Ecos Lifelink system. In addition, the Company will provide the manufacturing of future units using these technologies and will receive a 10% royalty on sales of the units.

ECOSPHERE TECHNOLOGIES, INC. AND SUBSIDIARIES

Under the financing agreement, Bledsoe Capital Group will provide an initial $1 million of funding in the form of a short term convertible note bearing interest of 10%, and convertible in common stock at the rate of $0.15 per share. This funding will enable the Company to build the initial water filtration unit, which will utilize the Ecosphere Ozonix™ process, to be used in the 90 day Pilot Program with a large oil and gas drilling company in the Barnett Shale area of Texas to process frac flowback water at a water recycling center operated by the oil and gas drilling company. Upon the signing of a definitive agreement with the oil and gas drilling company, the letter of intent prescribes that Bledsoe Capital Group will lend up to an additional $4 million to build additional water filtration units for deployment at the Texas water recycling center. The Bledsoe Capital Group letter of intent expires on May 15, 2008...."

http://biz.yahoo.com/e/080515/esph.ob10-q.html










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