STUART, Fla., May 24, 2013 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (ESPH), a water engineering, technology licensing and innovative U.S. manufacturing company, today announced that Fidelity National Financial, Inc. (FNF), a Fortune 500 company, acquired an additional 12% ownership of Ecosphere Energy Services, LLC, from Ecosphere Technologies Inc. for $6 million, bringing its total ownership in EES to 31%. After the transaction, Ecosphere Technologies will own 39% of the energy services division. In addition, the agreement allows FNF to purchase an additional 8% from Ecosphere within the next 90 days for $4 million.
John Kuelbs, Chairman of Ecosphere Energy Services, stated, "EES is pleased to have Fidelity National Financial increase their ownership position in EES. FNF's increased ownership and participation brings an added wealth of experience and knowledge to the EES team. In addition, FNF's increased presence on the Board of Directors positions Ecosphere Energy Services for rapid growth and expansion."
Dennis McGuire, Chairman and CEO of Ecosphere Technologies added, "FNF has played an integral role in the growth of Ecosphere Energy Services since their first investment in November of 2009. The Ozonix(R) equipment that we built with FNF's initial investment has been on contract with the same customer since 2009, allowing us to commercially prove the Ozonix(R) technology which has been used on over 700 oil and gas wells around the United States. We look forward to working with FNF as we continue to manufacture world-class, patented Ozonix(R) wastewater treatment equipment for EES and its customers."
"We are excited to be a part of a company that is bringing revolutionary technology to the energy industry," stated William P. Foley, II, Chairman of FNF. "Ecosphere's patented Ozonix(R) technology offers energy producers a cost-effective water treatment solution to increase production and protect the environment without the use of traditional chemicals. We have helped and watched Ecosphere grow over the last 4 years and were ready to make another strategic investment into EES in order to take the company to the next level."
Ecosphere Energy Services, a leading water treatment provider to the energy services sector, has an exclusive field-of-use license to Ecosphere's patented Ozonix(R) 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. (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(R) process. The patented Ecosphere Ozonix(R) 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 700 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 2012 Frost & Sullivan North American Product Leadership Award in Disinfection Equipment for Shale Oil and Gas Wastewater Treatment.
For more information, please visit www.EcosphereTech.com.
About Fidelity National Financial
Fidelity National Financial, Inc. (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 rapid growth and expansion of EES. 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.
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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