STUART, Fla., Jan. 6, 2014 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), an innovative U.S. technology licensing and manufacturing company, today announced that Fidelity National Environmental Solutions ("FNES"), a company in which ESPH holds a 31% interest, has signed an exclusive technology licensing and equipment purchase agreement with Hydrosphere Energy Solutions, a Canadian Corporation, to deploy its patented Ozonix ® water treatment technology in the territory of Alberta and North East British Columbia, Canada.
Under the terms of the agreement, Hydrosphere Energy Solutions is required to purchase:
- One (1) Ozonix ® EF10M unit for immediate delivery.
- Eight (8) Ozonix ® EF10 units within the first 12 months.
- One (1) Ozonix ® EF80 unit within the first 12 months.
- A minimum of two (2) Ozonix ® EF80's within 24 months following the delivery of the first purchased Ozonix ® units.
Hydrosphere has also agreed to pay on-going royalty payments to FNES on all water processed in the licensed territory. So long as the commitments are met, Hydrosphere shall remain the exclusive sub-licensed partner of FNES in the territory of Alberta and North East British Columbia, Canada for all hydraulic fracturing applications."The latest equipment purchase, sub-license and services agreement with Hydrosphere Energy Solutions is a testament to Ecosphere and FNES's competitive positioning in the oil and gas water treatment space," stated Dennis McGuire, Chairman and CEO of Ecosphere Technologies. "In 2009, Ecosphere and FNES pioneered the treatment and recycling of produced and flowback waters at the well site with our patented Ozonix ® technology, a chemical-free, combined advanced oxidation process (AOP) capable of treating 100% of the water required for fracturing operations. Today, Ozonix ® continues to be a game-changing product for the oil and gas industry, having been used on more than 800 wells around the United States, recycling over 3 billion gallons of water and continuing to offer customers a competitive and cost-effective advantage over the use of conventional toxic, liquid chemicals." Robert Cathey, CEO of Fidelity National Environmental Solutions, said, "We are pleased to be working with Hydrosphere Energy Solutions and look forward to assisting them as they begin to deploy our patented and proven Ozonix ® water treatment technology in the territory of Alberta and North East British Columbia, Canada. Hydrosphere and its principals have extensive experience in the Canadian oil and gas industry, including on-site specific expertise in hydraulic fracturing and a positive history and track-record of servicing major oil and gas customers." Cathey continued, "This agreement marks the beginning of our expansion outside of the U.S. oil and gas market and demonstrates continued demand for a cost-effective, patented and proven solution for replacing traditional biocides and scale inhibitors while managing the large volumes of water required for oil and natural gas exploration and production around the world."