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Ecosphere Announces $8 Million Technology Sale in the Clean Tech Market Tuesday July 31, 10:00 am ET
STUART, Fla.--(BUSINESS WIRE)--Ecosphere Technologies, Inc. (OTC BB: ESPH - News), a provider of clean air and water technologies that solve business and environmental challenges, announced today it has signed a binding letter of intent to sell $8 million of patents and environmental marine robotic technology. The technology sale is the first for Ecosphere since establishing its Innovation Network to create and develop patented clean air and water technologies.
Ecosphere's Chief Executive Officer, Dennis McGuire, stated, "This is a significant event for shareholders of Ecosphere. The sale of our first environmental technology provides proof of concept of our Innovation Network business model. We develop clean technologies from patenting, prototyping, and finally industry acceptance by an eventual sale and involvement in the technology going forward with the customer. Ecosphere will be a 5% owner in the new marine coating removal company that will be formed around our patented robotic technology. Ecosphere Technologies has an extensive patent portfolio of intellectual property, with respect to coating removal from aircraft and automobiles, which are not being sold as part of the transaction. Ecosphere will focus on developing these technologies while also executing its previously stated strategic plan of developing and marketing its state-of-the-art water filtration and renewable energy technologies to customers and licensing or selling it to larger corporations in the clean technology sector."
The Company's Chief Financial Officer, J. C. "Jim" Rushing III, commented, "This event is certainly the most profitable transaction in the Company's history and will produce a multi-million dollar EBITDA in 2007 for Ecosphere. The consummation of this sale will validate the ability of Ecosphere to produce technology that is recognized by the clean technology community as a source of profitable investment."
Stephen R. Johnson, President of UltraStrip Envirobotic Solutions stated, "It is gratifying to have participated in the development of Dennis McGuire's original concept for automated ultra high pressure hydro jetting from the early prototype into full maturity as a patented, customer accepted product. It is a tribute to his vision and persistence that we have now validated the capability of this technology to revolutionize shipyards all over the globe to improve productivity, worker safety, and to protect the environment. Truly, everyone profits."
About Ecosphere Technologies:
Ecosphere Technologies, Inc. (ESPH) develops and commercializes water and renewable energy technologies. Since it was founded in 1998, Ecosphere's mission has been to bring clean technologies to commercial reality. Ecosphere's products have been successfully licensed and commercialized by major corporations and have been used in several large-scale and sustainable applications across industries, nations and ecosystems. Ecosphere holds an extensive patent portfolio of clean air and water technologies. For more information, please visit: www.ecospheretech.com.
Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), including, but not limited to the closing of sale of the robotic coating removal patents and other assets and the reaching of other profitable achievements. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward- looking statements may not occur. Factors that could cause or contribute to such differences include the results of the buyer's further due diligence, obtaining the necessary closing opinions, worldwide economic conditions, the potential of future competition and the ability of Ecosphere and third parties to consummate sales or licensing transactions at acceptable valuations. Further information on the Company's risk factors is contained in its filings with the Securities and Exchange Commission, including the prospectus filed February 1, 2007 and the Form 10-KSB for the year ended December 31, 2006. Ecosphere does not undertake any duty nor does it intend to update the results of these forward-looking statements.
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