STUART, Fla., April 23, 2010 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a diversified water engineering and environmental services company, announced first quarter revenue in excess of $2,100,000 for the quarter ended March 31, 2010. This represents an increase of 980% over the first quarter ended March 31, 2009 and an increase of 100% over the fourth quarter ended December 31, 2009. In addition, the Company has been able to reduce its debt outstanding by 55% from $8.2 million as of March 31, 2009 to $3.7 million as of March 31, 2010.
Dennis McGuire, Ecosphere Technologies' CEO, said, "We are very pleased to report this record revenue growth and debt reduction to our shareholders. It is a direct result of our patented technology being accepted by the energy companies. As we move in to the second quarter our intensified sales and marketing efforts have resulted in a number of paid pilot programs scheduled to take place for numerous leading exploration and production companies."
Adrian Goldfarb, Ecosphere Technologies' CFO, said, "We continue to show solid improvement in our financial health as demonstrated by the significant growth in revenues accompanied by a substantial reduction in our outstanding debt."
Ecosphere Technologies was recently awarded two patents for the Ecosphere Ozonix technology by the US Patent Office. Patent #s, U.S. 7,699,994 B2, U.S. 7,699,988 B2.
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About Ecosphere Technologies
Ecosphere Technologies, Inc. (OTCBB:ESPH) is a diversified water engineering and environmental services company. The Company provides environmental services and technologies for use in large-scale and sustainable applications across industries, nations and ecosystems.
For more information, please visit: www.ecospheretech.com.