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STUART, Fla., March 17, 2011 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a diversified water engineering and environmental services company, announces that revenues for the year ended December 31, 2010 were $8,960,000, an increase of $7,200,000 or 409% over the same period in 2009. Gross profits for the year ended December 31, 2010 increased by $4,570,000 or 567% over the same period ended 2009.
Adrian Goldfarb, Chief Financial Officer, stated, "We are very pleased to report record revenues for 2010 and our seventh straight quarterly increase in revenues. The company has decreased its outstanding debt from $5.8 million as of December 31, 2009 to $3.2 million at December 31, 2010. In addition to the significant reduction in our debt, we have continued to reduce the amount of cash required for operations. In 2010, we used $1,270,000, a reduction of more than $3M or 71%. Ecosphere has also reduced its operating losses from $9.7 million for the year ended December 31, 2009 to $8.6 million for the year ended December 31, 2010."
Charles Vinick, Chairman and CEO, stated, "The Ecosphere 10-K filed for 2010 shows continuing progress in improving our financial strength. Not only has the financial health of the company improved, but this has also been a record year for deploying equipment in the field, proving the effectiveness of the Ozonix technology at eliminating bacteria in frac water and reducing scale. The Ecosphere team has demonstrated increased capacity in every facet of our business."
About Ecosphere Technologies:
Ecosphere Technologies, Inc. (OTCBB:ESPH) is a diversified water engineering and environmental services company. The Company provides environmental services and technologies for use in large-scale and sustainable applications across industries, nations and ecosystems.
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