STUART, Fla., March 6, 2013 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCQB:ESPH), a water engineering, technology licensing and innovative U.S. manufacturing company, today announced that its subsidiary, Ecosphere Exploration and Mining Services LLC (EEMS) has signed a Letter of Intent (LOI) with Dominion Water LLC of Sedalia, Colorado. Per the agreement, Ecosphere will deploy its patented Ozonix® technology to mine sites in Colorado for both companies to explore mining applications of the Ozonix® technology in the State of Colorado.
"This Letter of Intent with Dominion represents a significant new growth opportunity in a very important vertical market for Ecosphere as we expand outside of the oil and gas industry," stated John Brewster, Chairman and CEO of Ecosphere Technologies. "The mining industry is facing an era of increased regulation and water scarcity which is driving up the value of clean water. Mining companies must address these challenges to stay competitive – while continuing to protect the environment."
Brewster continued, "Dominion's President, Tom Wiens, is a former state senator in Colorado and a staunch supporter of preserving water resources in Colorado. Mr. Wiens is also a member of the Colorado Mining Association and CEO of New West Capital LLC. New West Capital owns the senior debt associated with three precious and base metal mining projects in Colorado. Additionally, Wiens is CEO of New West Minerals, a significant holder of patented and unpatented mining claims related to precious and base metals in Colorado. We are looking forward to working with Senator Wiens and Dominion to bring our Ozonix® technology to the Colorado mining industry.""Colorado has historic water quality issues and is desperately in need of 21st century solutions," stated Tom Wiens, President of Dominion Water. "The Ozonix® technology is a proven non chemical water treatment technology and is being used everyday in the oil and gas industry to help exploration and production companies recycle the waters used during hydraulic fracturing operations. The Ozonix® Dominion approach is all about protecting the environment and preserving vital water resources. We are excited to begin our work together."
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts