STUART, Fla., March 6, 2013 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCQB:ESPH), a water engineering, technology licensing and innovative U.S. manufacturing company, today announced that its subsidiary, Ecosphere Exploration and Mining Services LLC (EEMS) has signed a Letter of Intent (LOI) with Dominion Water LLC of Sedalia, Colorado. Per the agreement, Ecosphere will deploy its patented Ozonix® technology to mine sites in Colorado for both companies to explore mining applications of the Ozonix® technology in the State of Colorado.
"This Letter of Intent with Dominion represents a significant new growth opportunity in a very important vertical market for Ecosphere as we expand outside of the oil and gas industry," stated John Brewster, Chairman and CEO of Ecosphere Technologies. "The mining industry is facing an era of increased regulation and water scarcity which is driving up the value of clean water. Mining companies must address these challenges to stay competitive – while continuing to protect the environment."
Brewster continued, "Dominion's President, Tom Wiens, is a former state senator in Colorado and a staunch supporter of preserving water resources in Colorado. Mr. Wiens is also a member of the Colorado Mining Association and CEO of New West Capital LLC. New West Capital owns the senior debt associated with three precious and base metal mining projects in Colorado. Additionally, Wiens is CEO of New West Minerals, a significant holder of patented and unpatented mining claims related to precious and base metals in Colorado. We are looking forward to working with Senator Wiens and Dominion to bring our Ozonix® technology to the Colorado mining industry."
"Colorado has historic water quality issues and is desperately in need of 21st century solutions," stated Tom Wiens, President of Dominion Water. "The Ozonix® technology is a proven non chemical water treatment technology and is being used everyday in the oil and gas industry to help exploration and production companies recycle the waters used during hydraulic fracturing operations. The Ozonix® Dominion approach is all about protecting the environment and preserving vital water resources. We are excited to begin our work together."
About Ecosphere Technologies
Ecosphere Technologies, Inc. (OTCQB:ESPH) is a water engineering, technology licensing and innovative U.S. 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 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 and chosen as a 2013 IHS CERAWeek Energy Innovation Pioneer, Ecosphere has enabled oil and gas customers to recycle and reuse over two billion gallons of water on approximately 700 oil and natural gas wells in major shale plays around the United States since 2008.
For more information, please visit www.EcosphereTech.com.
The Ecosphere Technologies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12214
About Dominion Water
Dominion Water, LLC, founded by former Colorado state senator Tom Wiens, is an environmental services company that will provide advanced water treatment and recycling solutions to the mining industry.
About New West Capital
New West Capital, LLC, (NWC) is a private merchant banking firm that partners with select companies to provide corporate finance, new-media sales & marketing, investor & community relations and security vulnerability assessment. NWC invests its own resources and acts as a financial intermediary and/or principal for small- and medium-size companies. Skilled at the critical tasks associated with finance, mergers & acquisitions, transaction structuring and market research.
For more information, please visit www.newwestcapital.com.
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Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements including growth opportunities from mining. 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 the acceptance of our technology in the mining industry, the natural reluctance of using new technology, the effectiveness of our technology in the field and entering into definitive agreements.
Further information on our risk factors is contained in our filings with the SEC including the 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.
CONTACT: Investor Relations: Gary Dvorchak, CFA Senior Vice President ICR, Inc. +1 (310) 954-1123 firstname.lastname@example.org Press and Media Relations: Brian Ruby Vice President ICR, Inc. +1 (203) 682-8268 email@example.com Company: Corey McGuire Director of Marketing Ecosphere Technologies, Inc. +1 (772) 287-4846 firstname.lastname@example.org
Source:Ecosphere Technologies, Inc.