STUART, Fla., Jan. 18, 2011 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a diversified water engineering and environmental services company, today announced that its Executive Chairman, Charles Vinick, has been appointed by the Board of Directors to become its new Chief Executive Officer. Founder and current CEO Dennis McGuire moves full time to Chief Technology Officer as the Company begins its expansion into new applications and industries for its patented and revolutionary Ozonix non-chemical water treatment systems. Founder Dennis McGuire and CTO stated, "When I resumed my role as CEO in 2009, the Company was just introducing our Ozonix technology to the world and specifically the oil and gas industry. The Ozonix technology is now a proven technology in the energy sector and our equipment is working every day for major energy companies. Revenues have increased dramatically and our majority-owned subsidiary, Ecosphere Energy Services, continues to gain traction and market share in the energy sector. I can now focus on adapting our technology to the many markets and industries that need a non-chemical water treatment system. Our recently announced formation of Ecosphere Exploration and Mining Services will get my immediate attention, but that is just the first of many potential applications." McGuire further stated, "I look forward to working with our new CEO, Charles Vinick. We have known each other for more than ten years and spent the last six months working very closely together when he became Executive Chairman. Charles will take Ecosphere to the next level as we expand our technology and presence in the market place. I also want to thank the Board of Directors for their confidence and support during my tenure as CEO." Chairman and new CEO Charles Vinick said, "I want to personally thank Dennis McGuire on behalf of the Company and the Board of Directors for his creative ability to keep the Company moving forward in a very demanding year in the financial markets, while at the same time innovating and developing the cutting edge Ozonix technology that is capturing market share in the natural gas industry. He has done a remarkable job as CEO and it has been a pleasure working with him. We will continue that close relationship as he begins to focus all his considerable talents and skills at what he loves and does best… creating revolutionary technology and bringing it to the marketplace."
Mr. Vinick further stated, "2010 marked a significant increase in revenue as well as substantial reduction in debt for the company. During the past 18 months the Company has treated water at over 200 gas wells and recycled more than 525 million gallons of water. This is a huge tribute to Dennis McGuire and the whole Ecosphere team. Ecosphere is now poised to expand the use of its technology in the energy sector and into other industries where treating industrial waste waters is critical."Mr. Vinick added, "Treating industrial wastewater is a very high priority in this country and throughout the world. Treating these waters without chemicals is not only an industrial priority, it is a moral necessity. Not a day goes by that we do not see news headlines calling for environmentally sensitive ways to treat water and protect our scarce water resources. This is the business of Ecosphere and I look forward to my new role as CEO and working shoulder to shoulder with Dennis and the team he has brought together to help lead the Company forward." Make sure you are first to receive timely information on Ecosphere Technologies when it hits the newswire. Sign up for Ecosphere's email news alert system today at: http://www.ESPH-IR.com. About Ecosphere Technologies: Ecosphere Technologies, Inc. (OTCBB:ESPH) is a diversified water engineering and environmental services company. The Company provides environmental services and technologies for use in large-scale and sustainable applications across industries, nations and ecosystems. For more information, please visit: www.EcosphereTech.com
CONTACT: Investor Relations Contact Gerald Kieft The WSR Group 772-219-7525 EcosphereIR@wallstreetresources.net http://www.WallstreetResources.net/Ecosphere.asp