STUART, Fla., Aug. 11, 2014 /PRNewswire/ -- Ecosphere Technologies, Inc. (OTCBB: ESPH), today announced that the Company received a ruling on August 8, 2014 after the close of market regarding its arbitration proceeding filed with the American Arbitration Association in February 2013 against Halliburton Energy Services, Inc. ("Halliburton").
The arbitration claim included a count alleging that Halliburton had breached a 2009 Joint Confidentiality Agreement and converted or misappropriated Ecosphere's trade secrets related to Ecosphere's advanced oxidation process of treating and recycling water used in the hydraulic fracturing of oil and natural gas wells. During the term of the Confidentiality Agreement, Halliburton offered to purchase Ecosphere but negotiations broke down and Halliburton subsequently began to advertise an advanced oxidation process of treating and recycling water for use in the hydraulic fracturing of oil and natural gas wells, and filed three (3) related patent applications with the U.S. Patent Office.
During the arbitration proceeding, Halliburton admitted it had not commercialized a similar advanced oxidation process and had no intentions to commercialize such a process; accordingly Ecosphere voluntarily withdrew that count from the proceeding. The remaining count was directed to the three (3) patent applications filed with the U.S. Patent Office that described a process similar to Ecosphere's advanced oxidation process of treating and recycling water. Halliburton subsequently expressly abandoned the applications.
The arbitration panel denied Ecosphere's claims for damages as well as Halliburton's claims to be reimbursed for attorney's fees. The panel ruled that both parties pay their own fees, costs and expenses (including fees and expenses of counsel and experts) in connection with the arbitration.About Ecosphere Technologies Ecosphere Technologies, Inc. (OTCBB: ESPH) is a U.S. technology licensing and innovative manufacturing company that develops environmental solutions for global markets. We help industry increase production, reduce costs, and protect the environment through a portfolio of unique, patented clean water and energy technologies: Technologies like Ozonix® and our Ecos PowerCube®, which are licensable across a wide range of industries and applications throughout the world.
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