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In the company's news yesterday,
Ecosphere Technologies, Inc. announced that its oil and gas environmental services subsidiary, Ecosphere Energy Services, LLC (EES), closed its agreements with Bledsoe Capital Group who now owns 33% of the subsidiary.
Drew Bledsoe, principal of Bledsoe Capital, stated, "Our goal was to find a 'green' technology to invest in that would make a major difference for present and future generations. EES has recently signed master service agreements with some of the most respected energy producers in the world. This is a testament to just how much of a game changing technology we have here. The Ecosphere opportunity allows us to participate in conserving two of the most important natural resources we have in the world, 'Water and Natural Gas.' The Ecosphere investment opportunity has exceeded all of our expectations."
Ecosphere Energy Services LLC President Dennis McGuire commented, "It is very rewarding to have seen how our Ozonix technology has matured from our first water recycling pilot program in Texas to signing contracts with the major energy producing companies in the oil and gas business. Bledsoe Capital continued to believe in us and stayed the course during some very rough times in the capital markets. We are pleased to have them now as our partners in Ecosphere Energy Services as we move forward with our Ozonix technology not only in the U.S. energy markets, but global energy markets as well."
Ecosphere Technologies Inc. Chief Financial Officer Adrian Goldfarb added, "Closing the $10 million Bledsoe Capital investment into Ecosphere Energy Services is a major financial milestone for Ecosphere Technologies. It further confirms our business model of partnering and licensing environmental technologies to third parties. Ecosphere received an initial $2.5 million licensing payment this week. Most importantly, we now have a clear path forward with our Bledsoe Capital partners and can focus our efforts on building business and continuing to sign service contracts."
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