Ecosphere Technologies Announces $2 Million Investment From Bledsoe Capital Group
Ecosphere Technologies, Inc. (OTCBB: ESPH), a diversified water engineering and services company, announces today that Bledsoe Capital Group has agreed to advance $2 million to Ecosphere Technologies to support the progress and implementation of the Ecosphere Ozonix technology in the energy industry. The $2 million advance is a bridge loan with the first $500,000 expected to fund by November 11, 2008 and the balance by November 30, 2008. Further details and conditions of the $2 million BCG investment may be obtained from Ecosphere’s Form 8-K filed on November 6, 2008. Additionally as previously announced, upon Ecosphere reaching certain milestones in the energy business, Bledsoe Capital Group has the option to invest $50 million to become a 50% partner in the Ozonix technology for the energy business.
Chairman and Co-CEO Patrick Haskell of Ecosphere Technologies stated, “We are very excited about the numerous opportunities we have in place for our Ozonix technology and very pleased that Bledsoe Capital Group, after making several visits to our water recycling pilot program in Texas with Devon Energy and also having reviewed our lab results, continues to support these efforts. Equally important, this is another tangible step towards Ecosphere closing our $50 million partnership with Bledsoe Capital Group to help us roll out our Ozonix services to the energy sector.”
Separately, due to the current demand for Ecosphere’s Ozonix mobile filtration systems as well as the desire to stay focused on the closing of the energy partnership, Bledsoe Capital has decided to not fund their option to purchase a minority interest in the Ecosphere Lifelink technology at this time.
Chad Wold, Managing Director and General Counsel of BCG, stated, “Given the initial level of interest from energy producers for Ecosphere’s Ozonix mobile water filtration units, and the fact Ecosphere has three separate water recycling programs with three major energy producers, it was in everyone’s best interest to focus all of our resources on the Ecosphere Ozonix(TM) technology in the energy business. BCG has not lost our interest in funding Ecosphere’s other clean technologies but we had to pick one horse to ride right now. Considering current financial market conditions we feel we have made the most prudent choice for our investors. BCG wants to be part of producing clean energy in America and investing in Ecosphere’s Ozonix technology allows us to do just that. When you can combine game-changing mobile water recycling technology in the natural gas sector, you have quite a powerful combination. We are very excited to participate with Ecosphere in rolling out the next stage of Ozonix in the energy sector.”
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About Ecosphere Technologies
Ecosphere Technologies, Inc. (ESPH) is a diversified water engineering and services company dedicated to creating products that make life better. Ecosphere’s mission is to identify, create and produce clean technologies that solve a significant industry challenge, improve the quality of life and the environment, and are economically viable. Ecosphere has an extensive portfolio of patented clean technologies that can be purchased and licensed for use in large-scale and sustainable applications across industries, nations and ecosystems. 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 the funding of the BCG bridge loan. 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. A factor that could cause or contribute to such differences includes the initial performance of Ecosphere’s Ozonix unit which is being installed during the week of November 3rd at a well site operated by Newfield Exploration Co. in the Woodford Shale of Oklahoma.. Further information on Ecosphere’s risk factors is contained in its filings with the Securities and Exchange Commission, including the Form 10-KSB for the year ended December 31, 2007 and the Form 10-Q filed August 14, 2008. Ecosphere does not undertake any duty nor does it intend to update the results of these forward-looking statements.
Contacts: Wall Street Resources, Inc. Gerald Kieft or Ryan Audin 772-219-7525 EcosphereIR@wallstreetresources.netwww.wallstreetresources.net
SOURCE: Ecosphere Technologies, Inc.