STUART, Fla., April 17, 2013 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCQB:ESPH), a water engineering, technology licensing and innovative U.S. manufacturing company, today announced that its majority-owned subsidiary, Ecosphere Energy Services, LLC, has regained the exclusive U.S. license to Ecosphere's patented Ozonix® technology for the treatment and recycling of water used during oil and gas exploration and production.
For the past 2 years, the U.S. onshore oil and gas license has been held exclusively by Hydrozonix, LLC, who will continue on as a non-exclusive customer and contract service provider of Ecosphere's patented Ozonix® technology. The previous licensing arrangement required Hydrozonix to purchase a minimum of two (2) Ozonix® EF80 mobile water treatment units per quarter in order to maintain exclusive rights to Ecosphere's innovative and proven water treatment technology. Per an agreement dated February 6, 2013, Hydrozonix agreed to relinquish their exclusivity to the U.S. market if they failed to meet the financial terms of the agreement by April 15, 2013. The terms of that agreement were not met by the agreed upon date. As a result, Ecosphere Energy Services regained the exclusive U.S. onshore oil and gas license for Ozonix®. In addition, Ecosphere Energy Services holds the global rights to all energy applications for Ecosphere's patented Ozonix® technology.
Robert Cathey, CEO of Ecosphere Energy Services stated, "We are now aggressively moving forward to provide our patented Ozonix® products and services to meet the tremendous demand in the U.S. hydraulic fracturing industry. For the past two years we have been limited to only servicing our two initial energy exploration customers that are still using our Ozonix® services today. As with any new technology that is introduced to a new industry, there is a learning curve to overcome in order to gain critical mass and acceptance. Our Ozonix® technology has now been used on over 700 wells to replace chemicals used during hydraulic fracturing operations. No other water services company in this industry can make that claim."
Cathey continued, "We have a keen understanding of how to help our energy customers preserve vital water resources more cost effectively than they have in the past. Hydrozonix has been a great customer and has been instrumental in helping our Ozonix® technology gain market acceptance. We value our relationship with Hydrozonix and look forward to continuing to work with them in the future on a non exclusive basis."
Since December 2008, Ecosphere's patented Ozonix® technology has been used by major oil and gas operators to treat, recycle and reuse approximately 3 billion gallons of water on more than 700 oil and natural gas wells in major shale plays around the United States. As a result, Ecosphere was awarded the Frost & Sullivan 2012 "North American Product Leadership Award" for disinfection equipment in the shale oil and gas wastewater treatment market, chosen as a 2013 IHS CERAWeek Energy Innovation Pioneer and recognized for the last three (3) consecutive years as an Artemis "Top 50" water treatment company.
About Ecosphere Technologies
Ecosphere Technologies, Inc. (OTCQB:ESPH) is a water engineering, technology licensing and innovative U.S. manufacturing company that develops environmental 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 3 billion gallons of water on approximately 700 oil and natural gas wells in major shale plays around the United States since 2008.
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Source:Ecosphere Technologies, Inc.