Fidelity National Financial Increases Ownership Position In Ecosphere Energy Services
STUART, Fla., May 24, 2013 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCQB:ESPH), a water engineering, technology licensing and innovative U.S. manufacturing company, today announced that Fidelity National Financial, Inc. (NYSE:FNF), a Fortune 500 company, acquired an additional 12% ownership of Ecosphere Energy Services, LLC, from Ecosphere Technologies Inc. for $6 million, bringing its total ownership in EES to 31%. After the transaction, Ecosphere Technologies will own 39% of the energy services division. In addition, the agreement allows FNF to purchase an additional 8% from Ecosphere within the next 90 days for $4 million.
John Kuelbs, Chairman of Ecosphere Energy Services, stated, "EES is pleased to have Fidelity National Financial increase their ownership position in EES. FNF's increased ownership and participation brings an added wealth of experience and knowledge to the EES team. In addition, FNF's increased presence on the Board of Directors positions Ecosphere Energy Services for rapid growth and expansion."
Dennis McGuire, Chairman and CEO of Ecosphere Technologies added, "FNF has played an integral role in the growth of Ecosphere Energy Services since their first investment in November of 2009. The Ozonix® equipment that we built with FNF's initial investment has been on contract with the same customer since 2009, allowing us to commercially prove the Ozonix® technology which has been used on over 700 oil and gas wells around the United States. We look forward to working with FNF as we continue to manufacture world-class, patented Ozonix® wastewater treatment equipment for EES and its customers.""We are excited to be a part of a company that is bringing revolutionary technology to the energy industry," stated William P. Foley, II, Chairman of FNF. "Ecosphere's patented Ozonix® technology offers energy producers a cost-effective water treatment solution to increase production and protect the environment without the use of traditional chemicals. We have helped and watched Ecosphere grow over the last 4 years and were ready to make another strategic investment into EES in order to take the company to the next level."
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