STUART, Fla., March 26, 2013 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a water engineering, technology licensing and innovative U.S. manufacturing company, today announced that its counsel, Leopold Law, has issued the following press release:
For more information on this development and the original Demand for Arbitration press release dated February 20, 2013, please visit: http://www.leopold-law.com/press-releases About Ecosphere Technologies Ecosphere Technologies, Inc. (OTCBB:ESPH) is a water engineering, technology licensing and innovative U.S. 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 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.
The American Arbitration Association issued a ruling in favor of Ecosphere Technologies, Inc. ("Ecosphere") last Friday, mandating that hearings in a $300 million demand against Halliburton Energy Services, Inc. will be held in Miami, FL. The ruling came after Halliburton petitioned to have the venue changed to Houston, Texas.
The demand for arbitration, filed on February 20, 2013, alleged Halliburton took and disclosed Ecosphere's trade secrets and proprietary technical, business and strategic information. Ecosphere demands $300 million in damages, 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.The two parties have until April 8, 2013 to agree upon three arbitrators or the arbitrators will be appointed. Upon appointment of the arbitrators a preliminary hearing will be set. Trial Attorneys Theodore Leopold and Gregory Weiss of Leopold Law, P.A. and Patent Attorney Michael Slavin of McHale & Slavin, P.A., both in Palm Beach Gardens, Florida, represent Ecosphere in this demand for arbitration.