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Ecosphere Technologies And Ecosphere Energy Services Announce A $44 Million Technology Licensing Agreement For U.S. Oil And Gas Industry

Stock quotes in this article: ESPH

STUART, Fla., March 22, 2011 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a diversified water engineering and environmental services company, today announced that it and its majority owned subsidiary Ecosphere Energy Services, LLC have signed an exclusive technology licensing agreement with Hydrozonix, LLC to deploy its patented Ecosphere Ozonix technology in the U.S. oil and gas exploration and production industry. To maintain their exclusivity in the onshore oil and gas shale plays across the U.S., the agreement requires Hydrozonix to purchase a specified number of Ecosphere's new EF60 mobile high volume water treatment units each quarter during the initial 24 months. If Hydrozonix purchases the minimum number of units each quarter, Ecosphere will recognize approximately $44 million of revenue over the next 24 months, plus recurring performance-based royalties. Thereafter, Hydrozonix may maintain its exclusive license by meeting annual minimum purchases over the 20-year life of the Ecosphere Ozonix patents.

Charles Vinick, Chairman of Ecosphere Energy Services and Chairman and CEO of Ecosphere Technologies, stated, "It is a pleasure to announce that we have signed an agreement with Hydrozonix to become our exclusive partner in licensing and deploying our patented Ozonix technology to the U.S. oil and gas exploration and production industries. One of our objectives over the past 12 months has been to find the right industrial services company to deploy our patented Ozonix technology to this market. Hydrozonix's principals have all managed some of the most prestigious and difficult engineering contracts in the U.S. during the past 20 years. They understand how to take unique technical equipment to the field and service their customers. We could not have found a better partner."

Ben Turner, CEO of Hydrozonix and President of Phillips and Jordan of Knoxville, TN, stated, "We are extremely pleased to be the service company that will now roll out the Ozonix, 'non chemical' water treatment technology to the U.S. oil and gas industry. Our deployment team has a 20-year history of rapid-deployments managing 24 by 7 by 365 complex operations on high profile projects throughout the United States. This same team recently completed a $200 million design/build, public-private water storage project. On the Phillips and Jordan side, we have a rich history of 'doing first what no one else has done;'

  • "Our firm was selected by the U.S. Army Corps of Engineers to assist New York City and the FBI in the forensic investigation of the debris resulting from the World Trade Center terrorist attack. Later, the City engaged us to complete the forensic investigation of debris resulting from the reconstruction of the World Trade Center. Our work for the Corps resulted in both an Outstanding Performance Evaluation and the award of their highest civilian recognition, Contractor of the Year for 2002;"
  • "Phillips and Jordan was also awarded the hardest hit area of the Gulf Coast (Orleans Parish) following the passage of Hurricane Katrina in 2006. Pursuant to a full and open competition (22 bidders), Phillips and Jordan was awarded a fixed-price $1 billion contract. We managed the demolition and debris removal for 71 square miles of Orleans Parish. Our effort earned us an Outstanding Performance Evaluation."

Turner further stated, "From our Trout Run, PA field office, Phillips and Jordan, Inc. currently provides pad construction services pursuant to master service agreements with a number of the leading oil and gas exploration companies."

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