Ecosphere Announces CEO Succession
John Brewster Named Chairman and CEO; Charles Vinick Continues on Board
STUART, Fla., Jan. 9, 2013 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc.
(OTCBB:ESPH), a water engineering, technology licensing and innovative
manufacturing company, today announced that the Company appointed John
Brewster as Chairman and Chief Executive Officer, effective immediately. Mr.
Brewster succeeds Charles Vinick, who will remain on the Board of Directors.
Until August 2012, Mr. Brewster was President and CEO of NAES Corporation, the
world's largest third party power plant operating company.His background
includes 35 years of experience in the power industry, including plant
operations, early stage development, marketing, and executive
management.Until his appointment as Chief Executive Officer,Mr.
Brewsterserved as a consultant to Ecosphere on energy applications for
Ecosphere's patented Ozonix® technology.
"John's corporate expertise and years of experience in the energy and
environmental fields bring tremendous leadership to Ecosphere at precisely the
time when the Company is poised for expansion.John has worked with us as a
consultant and knows the Company well. I look forward to working with him on
the Board of Directors and helping in every way I can," stated Charles Vinick,
outgoing Chairman and CEO.
"John's appointment will further strengthen our technology portfolio and
improve our ability to solve our customers' toughest water treatment and
recycling challenges," added Dennis McGuire, Founder and Chief Technology
Officer of Ecosphere Technologies."We are pleased to attract a professional
of John's caliber to lead Ecosphere in its next phase of growth.Both the
addition of John as Chairman and CEO and the recent appointment of Dean Becker
to our Board of Directors create a solid foundation for future success."
Prior to joining NAES, Mr. Brewster was Chief Commercial Officer of Composite
Technology Corporation and President of its transmission line subsidiary, CTC
Cable Corporation.He also served as the Chief Operating Officer of Calera
Corporation, a Khosla Venture funded startup company that is dedicated to
reversing global warming by capturing and storing greenhouse gasses in the
built environment, and was EVP Plant Operations and Development Engineering,
Procurement and Construction Division for NRG Energy Inc., where he was
responsible for the implementation of the new build and repower program along
with plant operations worldwide.Mr. Brewster presently serves as an advisor
to Concentric, a commercial power generation startup company located in
"Ecosphere is a leader in the field of innovative water treatment technologies
and I am delighted to assume a leadership role at the Company," said
Brewster."In a very short time-frame, Ecosphere has created tremendous value
in Ecosphere Energy Services and its work in the onshore oil and gas hydraulic
fracturing market. I look forward to building on what has already been
accomplished as we expand internationally and move into offshore applications,
power generation and other immediate energy related fields of use. Ecosphere's
patented Ozonix Advanced Oxidation Process is a true game changer for not only
the energy industry but for all industrial processes that use water and I look
forward to addressing customer needs in these new industries as well."
Charles Vinick will continue to serve on the Board of Directors. Mr. Vinick
initially joined Ecosphere in 1998, and has served on the Advisory Board and
the Board of Directors.He was appointed Executive Chairman in 2010 and CEO in
January 2011.Mr. Vinick was instrumental in leading the Company from a
development stage entity into a rapidly growing, profitable, recognized leader
in the water treatment industry.
"This Company would not be where it is today without Charles' contributions,"
stated Mr. McGuire."When Charles joined the Company in 1998, we were a small
start-up with a great technology and tremendous potential.Charles helped
guide us to our position of prominence today.We have an attractive business
model, a vast technology portfolio, a great partner in Hydrozonix, recognized
technology leadership, and numerous growth opportunities.We greatly
appreciate Charles' contribution to Ecosphere."
"Ecosphere has never been in a better position to continue rapid growth,"
stated Mr. Vinick."When joining the Company, my goal was to take it from
development stage to market leadership, and we accomplished this objective.
Our energy subsidiary, Ecosphere Energy Services, has positioned itself as a
leader in the treatment of energy related wastewaters and our financial
position has never been better, with record revenues over the last few years.
With Dennis' ongoing leadership and vision, and the new skills John Brewster
brings to the team, the Company is in excellent hands and will continue its
During Mr. Brewster's transition to CEO, Ms. Barbara Carabetta will remain
interim Chief Financial Officer.Although the Company previously announced
progress in the CFO transition, the Board of Directors believes the best
interests of the Company are served by deferring any CFO appointment until the
CEO transition is complete.
About Ecosphere Technologies
Ecosphere Technologies, Inc. (OTCBB:ESPH) is a water engineering, technology
licensing and innovative manufacturing company that develops non-chemical
water treatment solutions for industrial markets throughout the world. The
Company is a leader in emerging advanced oxidation processes and has an
extensive portfolio of intellectual property that includes five United States
("U.S.") patents for the Ecosphere Ozonix process. The patented Ecosphere
Ozonix process is a revolutionary advanced oxidation process that is currently
being used by energy exploration companies to reduce costs, increase treatment
efficiencies and eliminate liquid chemicals from wastewater treatment
operations around the United States.
A recipient of Frost & Sullivan's 2012 North American Product Leadership Award
in Disinfection Equipment for Shale Oil and Gas Wastewater Treatment,
Ecosphere has enabled oil and gas customers to recycle and reuse overtwo
billion gallons of water on more than 600 oil and natural gas wells in major
shale plays around the United States since 2008.
For more information, please visitwww.EcosphereTech.com.
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Ecosphere's email news alert system at http://www.ESPH-IR.com.
The Ecosphere Technologies, Inc. logo is available at
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements including rapid growth
and growth opportunities and international expansion.
Forward-looking statements can be identified by words such as "anticipates,"
"intends," "plans," "seeks," "believes," "estimates," "expects" and similar
references to future periods. 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 a decline in the price of natural gas, the ability of Ecosphere to
expand the Ozonix technology offshore and outside of the United States, the
reluctance of businesses to change to new technologies, federal, state, local
and international regulations which affect hydraulic fracturing and wastewater
recycling, and the ability to reach agreements to use our technology in other
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, 2011. 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.
CONTACT: Investor Relations:
Gary Dvorchak, CFA
Senior Vice President
+1 (310) 954-1123
Press and Media Relations:
+1 (203) 682-8268
Director of Marketing
Ecosphere Technologies, Inc.
+1 (772) 287-4846
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