Dallas, Texas (August 11, 2011) – StockGuru Shines its Spotlight on Ecosphere Technologies, Inc. (OTCBB: ESPH), a diversified water engineering, technology licensing and environmental services company which showed financial improvements in its Form 10-Q. The Company reported revenues of $2.4 million for the second quarter of 2011 compared with $2.2 million during the trailing quarter. Operating expenses for the second quarter were $3.1 million, $1.8 million lower than the trailing quarter. The Company traded on August 10, 2011, at $0.44, in a fifty-two week range of $0.87 – 0.40.
Most notably, net cash provided by operating activities during the second quarter was $0.5 million versus cash used in operations of $1.2 million during the trailing quarter. In addition, the Company repaid $0.3 million in outstanding debt during the second quarter.
Adrian Goldfarb, Chief Financial Officer of Ecosphere Technologies, stated, “We continue to execute against our financial plan for 2011 and believe that we are now well-positioned to further improve our financial stability in Q3 and beyond. Completing the first Ozonix EF80, without adding additional debt or equity, highlights the ongoing benefits of the Hydrozonix agreement. Our majority owned subsidiary, Ecosphere Energy Services, also recorded net income for Q2 and was cash flow positive for the quarter.”
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About Ecosphere Technologies:
Ecosphere Technologies, Inc. (OTCBB:ESPH) is a diversified water engineering, technology licensing and environmental services company that designs, develops and manufactures wastewater treatment solutions for industrial markets. The Company provides environmental services and technologies for use in large-scale and sustainable applications across industries, nations and ecosystems. Ecosphere is driving clean water innovation with its patented Ozonix advanced oxidation technologies and its mobile, low maintenance water treatment systems. Ecosphere’s patented Ozonix Technology is a high volume, advanced oxidation process designed to recycle water while reducing liquid chemicals used during water treatment applications. For more information, please visit: www.EcosphereTech.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements including continuing to execute our financial plan for 2011 and our belief regarding our position and ability to improve our financial stability.
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 the condition of the credit and financial markets, the effects of the global recession, the future price of natural gas, future legislation, markets for smaller public companies, general reluctance of businesses to utilize new technology, continued positive results in the field, Hydrozonix acceptance of the initial two units, and Hydrozonix placing additional orders.
Further information on our risk factors are contained in filings with the Securities and Exchange Commission including those in Part II, Item 1A of our Form 10-Q and those in our Form 10-K for the year ended December 31, 2010. Any forward-looking statement made by us 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.
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