STUART, Fla.--(BUSINESS WIRE)--Ecosphere Technologies, Inc. (OTC BB: ESPH), the Stuart, Florida-based company that creates engineered and patented Clean Tech solutions that address pressing global environmental and humanitarian issues, today announced it closed on a $5 million private capital raise with institutional and accredited investors.
Proceeds of the placement will be used to support expansion of the Company's subsidiaries, for working capital and to repay debt. Ecosphere has announced plans to build additional coating removal robots to deliver to various customers located around the world. In addition, the Company’s Tactical Water Filtration Truck is being marketed for use in military applications, homeland security, disaster recovery, and developing countries.
Ecosphere’s CEO Dennis McGuire stated, “This financing provides the capital resources required to expand our growth strategy. We are also very pleased with the quality of institutional investors that have responded to our strategy and opportunity to invest in our Company and products. With the increasing global focus on the importance of Clean Tech solutions, Ecosphere is well positioned to create value from our intellectual property portfolio that addresses improving the quality of life around the world.”
Mr. McGuire, continued, “This infusion of capital will help Ecosphere make additional operational investments to drive our organic growth and meet our financial targets. We are at a focal point, with all major R&D concluded, as we center our efforts on producing profits to increase shareholder value.”
About Ecosphere Technologies:
Ecosphere creates engineered and patented Clean Tech solutions that address pressing global environmental and humanitarian issues. The Company has developed products that reduce the discharge of contaminated residue into the air, oceans and other water systems, as well as products that purify water through unique mobile systems that can operate independently throughout the world. Our intellectual property includes a portfolio of registered and pending patents, trade secrets, trademarks, and copyrights. Ecosphere has ten registered United States patents all relating to robotic coating removal technology, airplane and automotive paint removal technology. Ecosphere has filed three United States patent applications relating to our water filtration system. In addition, the Company has 411 patent applications pending either actual filings or reserved under the right to seek priority date filing covering our robotic coating removal technology and automotive paint removal technology in numerous countries, including Europe, Asia, and the rest of the world. Additional information is available at www.Ecospheretech.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"), including, but not limited to (i) Ecosphere being well positioned to create value from its intellectual property portfolio, (ii) Ecosphere’s making investments to drive organic growth and meet its financial targets, and (iii) Ecosphere focusing its efforts on producing profits and creating shareholder value. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward- looking statements may not occur. Factors that could cause or contribute to such differences include worldwide economic conditions, unforeseen costs that may divert the planned use of the proceeds of this financing, uncertainty of market acceptance of Ecosphere’s products, and unforeseen technical difficulties that may delay the rolling out of additional robots. Further information on the Company's risk factors is contained in its Form 10-KSB and other reports filed with the Securities and Exchange Commission. Ecosphere does not undertake any duty nor does it intend to update the results of these forward-looking statements.
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