STUART, Fla., July 31, 2013 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB: ESPH ), a water engineering, technology licensing and innovative U.S. manufacturing company, today announced that Fidelity National Financial, Inc. (NYSE: FNF ), a Fortune 500 company, exercised its option to purchase an additional 8% ownership of Ecosphere Energy Services, LLC (EES), from Ecosphere Technologies Inc. for $4 million, bringing its total ownership in EES to 39%. After the transaction, Ecosphere Technologies now owns 31% of the energy services division. FNF requested and received an additional option to buy another 12% of EES for $6 million before the end of 2013.
John Kuelbs, Chairman of Ecosphere Energy Services, stated, "Fidelity National Financial, with its increased ownership position and continued support of EES, has been very helpful as we continue our geographic expansion and growth in serving the water treatment needs of the oil and natural gas industry. With our patented Ozonix® technology, satisfied long-term customers, and FNF as our largest shareholder, we now have the depth and resources to meet the challenges and rewards of the oil and gas market."
Dennis McGuire, Chairman and CEO of Ecosphere Technologies added, "This transaction marks FNF's third investment in Ecosphere Energy Services since 2009 and demonstrates its support of EES and commitment to expanding the use of our proven Ozonix® technology, which has been used to treat and recycle over 3 billion gallons of water on more than 750 oil and natural gas wells around the United States."
"FNF looks to invest in companies with proven marketplace advantages and Ecosphere Energy Services certainly has those qualities," stated William P. Foley, II, Chairman of FNF. Foley continued, "EES, with its patented Ozonix® technology and a quality workforce, is the leading non-chemical water treatment company in the hydraulic fracturing market. We wanted to increase our role in growing the company to help it reach its full potential in this industry. FNF expects to see increasing demand for Ecosphere's patented Ozonix® water treatment technology in the oil and natural gas industry in the coming years and we look forward to playing a bigger role."
Ecosphere Energy Services, a leading water treatment provider to the energy services sector, has an exclusive field-of-use license for Ecosphere's patented Ozonix® technology for global energy applications including, but not limited to, onshore and offshore oil and natural gas exploration and production, power generation, refineries and coal. EES currently provides energy exploration companies with mobile wastewater treatment equipment to eliminate liquid chemicals from hydraulic fracturing operations around the United States.
About Ecosphere Technologies
Ecosphere Technologies, Inc. (OTCBB: ESPH ) is a water engineering, technology licensing and innovative U.S. manufacturing company that develops environmental 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 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.
Since 2008, Ecosphere has enabled oil and gas customers to treat, recycle and reuse over 3 billion gallons of water on more than 750 oil and natural gas wells in major shale plays around the United States.
Ecosphere was chosen by Bloomberg as a 2013 New Energy Pioneer and selected by IHS CERAWeek as a 2013 Energy Innovation Pioneer. Ecosphere is also a recipient of the 2013 American Technology Award - "Clean Tech/Green Tech" category and the 2012 Frost & Sullivan North American Product Leadership Award in Disinfection Equipment for Shale Oil and Gas Wastewater Treatment. In addition, Ecosphere has been chosen for the Artemis "Top 50 Water Tech" Listing for the last three years.
For more information, please visit www.EcosphereTech.com .
About Fidelity National Financial
Fidelity National Financial, Inc. (NYSE: FNF ) is a leading provider of title insurance, mortgage services and diversified services. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title and Alamo Title - that collectively issue more title insurance policies than any other title company in the United States. FNF owns a 55% stake in American Blue Ribbon Holdings, LLC, a family and casual dining restaurant owner and operator of the O'Charley's, Ninety Nine Restaurant, Max & Erma's, Village Inn, and Bakers Square concepts. FNF also owns an 87% stake in J. Alexander's, LLC, an upscale dining restaurant owner and operator of the J. Alexander's and Stoney River Legendary Steaks concepts. In addition, FNF also owns a 51% stake in Remy International, Inc., a leading designer, manufacturer, remanufacturer, marketer and distributor of aftermarket and original equipment electrical components for automobiles, light trucks, heavy-duty trucks and other vehicles. FNF also owns a minority interest in Ceridian Corporation, a leading provider of global human capital management and payment solutions.
More information about FNF can be found at www.fnf.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements including the anticipated demand for Ozonix® technology. 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 ability of EES to expand its customer base in the U.S. and expand worldwide, future natural gas pricing, the continued usage of hydraulic fracturing by oil and gas exploration companies, and the reluctance of large companies to adopt new technologies.
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, 2012. 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.
To receive timely information on Ecosphere Technologies, sign up for Ecosphere's email news alert system at http://www.ESPH-IR.com .
Investor Relations: Gary Dvorchak, CFA Senior Vice President ICR, Inc. +1 (310) 954-1123 Press and Media Relations: Brian Ruby Vice President ICR, Inc. +1 (203) 682-8268 Company: Corey McGuire Director of Marketing Ecosphere Technologies, Inc. +1 (772) 287-4846
