STUART, Fla., Oct. 9, 2012 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a diversified water engineering, technology licensing and environmental services company, today announced that it is completing the final phase of the Chief Financial Officer transition. In order to promote a smooth transition, the Board of Directors of Ecosphere named Barbara Carabetta as Interim Chief Financial Officer. Barbara, the Company's controller, is currently closely involved in managing all aspects of the Company's finances, and has proven invaluable to senior management.
"Barbara is an integral member of our financial management team," stated Charles Vinick, Chairman and CEO of Ecosphere Technologies. "She is highly skilled and intimately familiar with our financial systems. With Barbara as interim CFO, Ecosphere's financial management is in competent hands until our new CFO is on board full-time."
Ecosphere is also concluding the recruiting phase of the CFO transition. The Company has reached agreement with a candidate who is currently the CFO of a publicly-traded company engaged in a material transaction. Upon the earlier of either December 31, 2012, or the completion of the transaction, the candidate is expected to begin work for Ecosphere as CFO. The candidate has exceptional credentials that the Company believes make him ideal for the position at Ecosphere.These credentials encompass: over 24 years of financial experience including Big Four public accounting, 14 years as a Chief Financial Officer with both private and public companies, a proven track record of value creation, a comfort level with fast-paced growth environments, and extensive expertise in managing emerging growth companies. "I am pleased that we are able to attract a candidate of this caliber as our new CFO," continued Vinick. "His exceptional qualifications make it worth the wait to allow him to complete his responsibilities at his current employer. We value loyalty and are happy that he considers it important to fulfill his current obligations before moving to Ecosphere. We look forward to a long-term working relationship, and do not see any difficulties in a couple months of transition period."