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STUART, Fla., Jan. 18, 2011 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a diversified water engineering and environmental services company, today announced that its Executive Chairman, Charles Vinick, has been appointed by the Board of Directors to become its new Chief Executive Officer. Founder and current CEO Dennis McGuire moves full time to Chief Technology Officer as the Company begins its expansion into new applications and industries for its patented and revolutionary Ozonix non-chemical water treatment systems.
Founder Dennis McGuire and CTO stated, "When I resumed my role as CEO in 2009, the Company was just introducing our Ozonix technology to the world and specifically the oil and gas industry. The Ozonix technology is now a proven technology in the energy sector and our equipment is working every day for major energy companies. Revenues have increased dramatically and our majority-owned subsidiary, Ecosphere Energy Services, continues to gain traction and market share in the energy sector. I can now focus on adapting our technology to the many markets and industries that need a non-chemical water treatment system. Our recently announced formation of Ecosphere Exploration and Mining Services will get my immediate attention, but that is just the first of many potential applications."
McGuire further stated, "I look forward to working with our new CEO, Charles Vinick. We have known each other for more than ten years and spent the last six months working very closely together when he became Executive Chairman. Charles will take Ecosphere to the next level as we expand our technology and presence in the market place. I also want to thank the Board of Directors for their confidence and support during my tenure as CEO."
Chairman and new CEO Charles Vinick said, "I want to personally thank Dennis McGuire on behalf of the Company and the Board of Directors for his creative ability to keep the Company moving forward in a very demanding year in the financial markets, while at the same time innovating and developing the cutting edge Ozonix technology that is capturing market share in the natural gas industry. He has done a remarkable job as CEO and it has been a pleasure working with him. We will continue that close relationship as he begins to focus all his considerable talents and skills at what he loves and does best… creating revolutionary technology and bringing it to the marketplace."