STUART, Fla., Jan. 16, 2014 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), an innovative U.S. technology licensing and manufacturing company, today announced that the U.S. Patent and Trademark Office has issued a formal Notice of Allowance for a process patent for lowering the scaling tendencies in flowback water used in the exploration and production of oil and natural gas. This notice of allowance marks the sixth patent for Ecosphere's patented Ozonix ® water treatment technology issued by the U.S. Patent Office since 2010. Ecosphere's patented Ozonix ® systems are currently being used by major energy exploration and production companies around the United States to reduce the amount of chemicals used during hydraulic fracturing (or "fracking") operations. Ecosphere's latest patent is directed to a technology that allows energy companies to save millions of gallons of water and reduce the amount of production wastewaters being disposed of in Class II injection wells. The advanced oxidation system covered by the allowable patent combines ozone, hydrodynamic and acoustic cavitation, and electro oxidation equipment in a process that causes colloidal suspension of precipitated hardness salts suitable for water recycling without the need for conventional liquid chemicals. Dean Becker, Director and Intellectual Property Strategist for Ecosphere Technologies, stated, "This newest patent further reinforces that our timing for this technology in the oil & gas industry was right on point. Ecosphere's patent portfolio continues to expand, while at the same time the State of Florida House Agriculture and Natural Resources Subcommittee is supporting two bills that would require oil and gas companies to disclose to state agencies what chemicals are being used during oil and gas exploration. We believe this type of regulation will accelerate the industries desire to reduce chemicals being used during their operations." Dennis McGuire, Chairman and CEO of Ecosphere Technologies, stated, "The latest receipt of our sixth Ozonix ® patent clearly shows that the U.S. Patent Office has recognized our early position as being a leader in the development of emerging advanced oxidation technologies. In 2008, Ecosphere pioneered the concept of treating hydraulic fracturing fluids with a combined advanced oxidation process that allows operators to leave reservoir brines in the fracturing fluid without having to remove them using costly evaporation and separation technologies. As a result of our patent protection and commercialization strategy, Ecosphere has manufactured and delivered more than 40 Ozonix ® systems for the U.S. oil and gas industry." Fidelity National Environmental Solutions, a company in which Ecosphere owns approximately 31%, and its licensing partners have enabled oil and gas customers to treat, recycle and reuse over three billion gallons of water on more than 800 oil and natural gas wells, protecting $4 billion worth of well assets, and generating over $65 million in revenue.
About Ecosphere TechnologiesEcosphere Technologies, Inc. (OTCBB:ESPH) is an innovative U.S. technology licensing and manufacturing company that develops environmental solutions for global markets. We help industry increase production, reduce costs, and protect the environment through a portfolio of more than 35 patented and patent-pending technologies: Technologies like Ozonix ® and Ecos PowerCube ®, which are licensable across a wide range of industries and applications throughout the world. For more information, please visit http://www.ecospheretech.com About Fidelity National Environmental Solutions Fidelity National Environmental Solutions, LLC, a leading water treatment provider to the energy services sector, has an exclusive field-of-use license for Ecosphere's patented Ozonix ® technology for global energy applications including, but not limited to, onshore and offshore oil and natural gas exploration and production, power generation, refineries and coal. FNES currently provides energy exploration companies and licensing partners with mobile wastewater treatment equipment to eliminate harmful chemicals from hydraulic fracturing operations. For more information, please visit http://www.ecospheretech.com/divisions/fidelity-national-environmental-solutions To receive timely information on Ecosphere Technologies, sign up for Ecosphere's email news alert system at http://www.ESPH-IR.com. Cautionary Note Regarding Forward-Looking Statements. This press release contains forward-looking statements including our belief regarding the eventual prohibition of the usage of chemicals in fracking. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the ability of chemical companies to successfully lobby members of Congress and local authorities to vote against any such legislation.
Further information on our risk factors is contained in our filings with the SEC, including our Form 10-K for the year ended December 31, 2012. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
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