Ecosphere Announces Private Placement With Institutional Investor
STUART, Fla., Feb. 20, 2013 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a water engineering, technology licensing and innovative manufacturing company, today announced it has entered into a definitive securities purchase agreement with CIM Investment Management Ltd., a London-based institutional investment firm, to issue $3.4 million of convertible notes and warrants. On February 19, 2013, the Company closed the first tranche of $750,000. Subject to meeting a milestone by March 15, 2013, the Company will close the second tranche of $2,650,000. The proceeds will strengthen the Company's balance sheet and are expected to enable the Company to pursue the development of new markets for its patented Ozonix technology, including specific opportunities in the mining, utilities and municipal wastewater treatment industries.
"CIM is excited to partner with Ecosphere as it pursues new opportunities for its proven Ozonix wastewater treatment technology," stated Daniel Nye, Portfolio Manager for CIM Investment Management Ltd., the manager of the funds. "Ecosphere has established itself as a leader in the oil and gas hydraulic fracturing industry with its innovative chemical-free water treatment solutions, and we look forward to this investment helping to propel Ecosphere into future wastewater treatment applications including but not limited to the mining and utility industries."
"We are excited to partner with a firm of the stature of CIM," stated John Brewster, Chairman and CEO of Ecosphere. "We appreciate CIM's confidence in our unique Ozonix technology, and their understanding of the market opportunities in front of us. Their investment in Ecosphere will assist us in sustaining the rapid growth of our business."Brean Capital, LLC acted as the exclusive placement agent for the transaction. Further details of the financing are provided in a Form 8-K, which has been filed with the U.S. Securities and Exchange Commission. About Ecosphere Technologies Ecosphere Technologies, Inc. (OTCBB:ESPH) is a water engineering, technology licensing and innovative manufacturing company that develops non-chemical 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 ("U.S.") 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.
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