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."
Scott Donahue, CEO of Hydrosphere, stated, "Hydrosphere is excited to exclusively license the Ozonix® technology from FNES in our market and to provide our clients' with recycled flowback and produced water in a cost effective, safe and environmentally sound manner. We believe this is the best technology available in the world and look forward to offering innovative water management solutions to our clients' using the Ozonix® technology as a market leader in the space."
Ecosphere's patented Ozonix® EF10, EF10M and EF80 units are mobile advanced oxidation systems specifically designed, developed and manufactured by Ecosphere to treat 100% of the water required for oil and natural gas production. Built for increased flexibility and to maximize utilization, the Ozonix® EF10, EF10M and EF80 can be used to pre-treat water needed for hydraulic fracturing (or "fracking") operations or for the post-treatment of flowback and produced waters at pond sites or fixed facilities. The EF10 and EF10M are capable of processing flow rates up to 10 barrels per minute (420 GPM), while the EF80 is capable of processing high variable flow rates up to 80 barrels per minute (3,360 GPM) or more than 4 million gallons per day.
For more information, please visit http://www.ecospheretech.com/divisions/fidelity-national-environmental-solutions/wastewater-treatment-frac-tanks/ecosphere-ef10
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 with mobile wastewater treatment equipment to eliminate harmful chemicals from hydraulic fracturing operations around the United States.
For more information, please visit http://www.ecospheretech.com/divisions/fidelity-national-environmental-solutions
About Hydrosphere Energy Solutions
Please visit http://hydrospherecorp.ca/
About Ecosphere Technologies
Ecosphere 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
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