STUART, Fla., Jan. 9, 2013 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a water engineering, technology licensing and innovative manufacturing company, today announced that the Company appointed John Brewster as Chairman and Chief Executive Officer, effective immediately. Mr. Brewster succeeds Charles Vinick, who will remain on the Board of Directors.
Until August 2012, Mr. Brewster was President and CEO of NAES Corporation, the world's largest third party power plant operating company. His background includes 35 years of experience in the power industry, including plant operations, early stage development, marketing, and executive management. Until his appointment as Chief Executive Officer, Mr. Brewster served as a consultant to Ecosphere on energy applications for Ecosphere's patented Ozonix® technology.
"John's corporate expertise and years of experience in the energy and environmental fields bring tremendous leadership to Ecosphere at precisely the time when the Company is poised for expansion. John has worked with us as a consultant and knows the Company well. I look forward to working with him on the Board of Directors and helping in every way I can," stated Charles Vinick, outgoing Chairman and CEO.
"John's appointment will further strengthen our technology portfolio and improve our ability to solve our customers' toughest water treatment and recycling challenges," added Dennis McGuire, Founder and Chief Technology Officer of Ecosphere Technologies. "We are pleased to attract a professional of John's caliber to lead Ecosphere in its next phase of growth. Both the addition of John as Chairman and CEO and the recent appointment of Dean Becker to our Board of Directors create a solid foundation for future success."
Prior to joining NAES, Mr. Brewster was Chief Commercial Officer of Composite Technology Corporation and President of its transmission line subsidiary, CTC Cable Corporation. He also served as the Chief Operating Officer of Calera Corporation, a Khosla Venture funded startup company that is dedicated to reversing global warming by capturing and storing greenhouse gasses in the built environment, and was EVP Plant Operations and Development Engineering, Procurement and Construction Division for NRG Energy Inc., where he was responsible for the implementation of the new build and repower program along with plant operations worldwide. Mr. Brewster presently serves as an advisor to Concentric, a commercial power generation startup company located in California.
"Ecosphere is a leader in the field of innovative water treatment technologies and I am delighted to assume a leadership role at the Company," said Brewster. "In a very short time-frame, Ecosphere has created tremendous value in Ecosphere Energy Services and its work in the onshore oil and gas hydraulic fracturing market. I look forward to building on what has already been accomplished as we expand internationally and move into offshore applications, power generation and other immediate energy related fields of use. Ecosphere's patented Ozonix Advanced Oxidation Process is a true game changer for not only the energy industry but for all industrial processes that use water and I look forward to addressing customer needs in these new industries as well."
Charles Vinick will continue to serve on the Board of Directors. Mr. Vinick initially joined Ecosphere in 1998, and has served on the Advisory Board and the Board of Directors. He was appointed Executive Chairman in 2010 and CEO in January 2011. Mr. Vinick was instrumental in leading the Company from a development stage entity into a rapidly growing, profitable, recognized leader in the water treatment industry.
"This Company would not be where it is today without Charles' contributions," stated Mr. McGuire. "When Charles joined the Company in 1998, we were a small start-up with a great technology and tremendous potential. Charles helped guide us to our position of prominence today. We have an attractive business model, a vast technology portfolio, a great partner in Hydrozonix, recognized technology leadership, and numerous growth opportunities. We greatly appreciate Charles' contribution to Ecosphere."
"Ecosphere has never been in a better position to continue rapid growth," stated Mr. Vinick. "When joining the Company, my goal was to take it from development stage to market leadership, and we accomplished this objective. Our energy subsidiary, Ecosphere Energy Services, has positioned itself as a leader in the treatment of energy related wastewaters and our financial position has never been better, with record revenues over the last few years. With Dennis' ongoing leadership and vision, and the new skills John Brewster brings to the team, the Company is in excellent hands and will continue its rapid growth."
During Mr. Brewster's transition to CEO, Ms. Barbara Carabetta will remain interim Chief Financial Officer. Although the Company previously announced progress in the CFO transition, the Board of Directors believes the best interests of the Company are served by deferring any CFO appointment until the CEO transition is complete.
About Ecosphere Technologies
Ecosphere Technologies, Inc. (OTCBB:ESPH) is a water engineering, technology licensing and innovative manufacturing company that develops non-chemical water treatment solutions for industrial markets throughout the world. The Company is a leader in emerging advanced oxidation processes and has an extensive portfolio of intellectual property that includes five United States ("U.S.") patents for the Ecosphere Ozonix process. The patented Ecosphere Ozonix process is a revolutionary advanced oxidation process that is currently being used by energy exploration companies to reduce costs, increase treatment efficiencies and eliminate liquid chemicals from wastewater treatment operations around the United States.
A recipient of Frost & Sullivan's 2012 North American Product Leadership Award in Disinfection Equipment for Shale Oil and Gas Wastewater Treatment, Ecosphere has enabled oil and gas customers to recycle and reuse over two billion gallons of water on more than 600 oil and natural gas wells in major shale plays around the United States since 2008.
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Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements including rapid growth and growth opportunities and international expansion.
Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include a decline in the price of natural gas, the ability of Ecosphere to expand the Ozonix technology offshore and outside of the United States, the reluctance of businesses to change to new technologies, federal, state, local and international regulations which affect hydraulic fracturing and wastewater recycling, and the ability to reach agreements to use our technology in other markets.
Further information on our risk factors is contained in our filings with the SEC, including our Form 10-K for the year ended December 31, 2011. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
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