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STUART, Fla., June 6, 2013 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a water engineering, technology licensing and innovative U.S. manufacturing company, today announced that its Board of Directors approved a five percent (5%) common stock dividend to all common shareholders of record as of June 15, 2013.
"We are pleased to announce a stock dividend to reward our shareholders for their continued loyalty," stated Ecosphere Chairman and Chief Executive Officer, Dennis McGuire. "In recent years, Ecosphere has made significant strides in reducing debt and generating positive cash flow for the Company. We positioned Ecosphere to be a leading developer of innovative, patented solutions for some of the world's toughest challenges and have been recognized by leading industry peers. The Board of Directors joins me in thanking our shareholders for their continued support."
Ecosphere Chief Financial Officer David Brooks added, "The Company's innovative patented Ozonix® technology has fueled our rapid growth to date. We believe it's the right time to reward our shareholders for our improved financial position."
2012 Highlights and Recent Key Achievements
2012 revenue increased by approximately 48% over 2011
2012 was the first year of net income in Company history
2012 was the second consecutive year of positive cash flow from operations
On May 24, 2013, Ecosphere sold 12% of its ownership interest in Ecosphere Energy Services ("EES") to Fidelity National Financial, Inc. ("FNF"), for $6 million.
Ecosphere recognized a $28 million gain from the FNF transaction.
Since 2008, Ecosphere has generated approximately $63 million of revenue related to the manufacture, delivery and operation of 42 Ozonix® mobile wastewater treatment systems for the oil and gas industry.
Since 2008, the Ecosphere Ozonix® technology has been used to treat, recycle and reuse approximately 3 billion gallons of water on more than 700 oil and natural gas wells in major shale plays around the United States.
Ecosphere was chosen by Bloomberg New Energy Finance as a 2013 New Energy Pioneer
Ecosphere was chosen as a 2013 IHS CERAWeek Energy Innovation Pioneer
Ecosphere was awarded the Frost & Sullivan 2012 "North American Product Leadership Award" for disinfection equipment in the shale oil and gas wastewater treatment market
Ecosphere was chosen for the last three (3) consecutive years as an Artemis "Top 50" water treatment company.
About Ecosphere Technologies
Ecosphere Technologies, Inc. (OTCBB:ESPH) is a water engineering, technology licensing and innovative U.S. manufacturing company that develops environmental 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.