Ecosphere Serves Halliburton With $300 Million Demand For Arbitration
STUART, Fla., Feb. 21, 2013 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB: ESPH), a water engineering, technology licensing and innovative manufacturing company, today announced that its counsel Leopold Law has issued the following press release:
Ecosphere Technologies, Inc. ("Ecosphere") put Halliburton Energy Services, Inc. ("Halliburton"), on notice today of a Demand for Arbitration that is being filed with the American Arbitration Association, alleging that Halliburton took and disclosed Ecosphere's trade secrets and proprietary technical, business and strategic information. Ecosphere demands $300 Million in damages in the filing, alleging specifically that Halliburton both breached a non-disclosure agreement with Ecosphere, and that Halliburton stole, converted or misappropriated Ecosphere's trade secrets, all relating to Ecosphere's green technology business model to treat and recycle water used during hydraulic fracturing or "fracking" operations for oil and natural gas.
Ecosphere developed a novel business platform and supporting technology to treat and recycle "flowback" and "produced water" for use as a bacteria-free and scale-free fracturing fluid. The revolutionary platform not only provided an environmentally appealing alternative to the current system but also provided considerable cost saving measures. The average unconventional shale well requires 5.2 million gallons of clean water as a fracturing fluid to allow the release of oil and natural gas. After injection, the fluid that flows back up the wellbore is normally contaminated with heavy metals, volatile organic compounds and bacteria, and is treated as contaminated wastewater. Ecosphere developed a system to treat the flowback and produced water without the use of liquid chemicals, for use as a fracturing fluid. The breakthrough does and will continue to greatly reduce the environmental impact traditionally associated with hydraulic fracturing, and has been proven to significantly increase productivity in hydraulic fracturing operations.Ecosphere spent greater than $70 Million between 1998 and 2007 to develop its proprietary broad spectrum advanced oxidation process, now trademarked as Ozonix®, which uses ozone, hydrodynamic cavitation, acoustic cavitation and electro chemical oxidation to treat produced fluids. In 2008, Ecosphere developed the ability to use Ozonix directly at a well site, at the flow rate of the frack (up to 5,000 gallons per minute), thereby lowering the costs and environmental impact of both disposing of flowback and produced water, and sourcing new water to continue fracking. Ecosphere named the treated produced fluid Ecos-Brine®.Stock quotes in this article: ESPH
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