Environmental Protection & Preservation
Ecosphere Announces $8 Million Technology Sale in the Clean Tech Market
Ecosphere Technologies, Inc, a provider of clean air and water technologies that solve business and environmental challenges, announced today it has signed a binding letter of intent to sell $8 million of patents and environmental marine robotic technology. The technology sale is the first for Ecosphere since establishing its Innovation Network to create and develop patented clean air and water technologies.
Ecosphere's Chief Executive Officer, Dennis McGuire, stated, "This is a significant event for shareholders of Ecosphere. The sale of our first environmental technology provides proof of concept of our Innovation Network business model. We develop clean technologies from patenting, prototyping, and finally industry acceptance by an eventual sale and involvement in the technology going forward with the customer. Ecosphere will be a 5% owner in the new marine coating removal company that will be formed around our patented robotic technology. Ecosphere Technologies
has an extensive patent portfolio of intellectual property, with respect to coating removal from aircraft and automobiles, which are not being sold as part of the transaction. Ecosphere will focus on developing these technologies while also executing its previously stated strategic plan of developing and marketing its state-of-the-art water filtration and renewable energy technologies to customers and licensing or selling it to larger corporations in the clean technology sector."
The Company's Chief Financial Officer, J. C. "Jim" Rushing III, commented, "This event is certainly the most profitable transaction in the Company's history and will produce a multi-million dollar EBITDA in 2007 for Ecosphere. The consummation of this sale will validate the ability of Ecosphere to produce technology that is recognized by the clean technology community as a source of profitable investment."
Stephen R. Johnson, President of UltraStrip Envirobotic Solutions stated, "It is gratifying to have participated in the development of Dennis McGuire's original concept for automated ultra high pressure hydro jetting from the early prototype into full maturity as a patented, customer accepted product. It is a tribute to his vision and persistence that we have now validated the capability of this technology to revolutionize shipyards all over the globe to improve productivity, worker safety, and to protect the environment. Truly, everyone profits."
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