STUART, Fla., July 19, 2012 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a diversified water engineering, technology licensing and environmental services company, today provided an update on the Chief Financial Officer transition process as initially disclosed in the Company's Form 10-K for the year 2011, filed with the U.S. Securities and Exchange Commission on March 15, 2012.
On March 14, 2012, Ecosphere's CFO Adrian Goldfarb gave notice in writing that he intended to resign the position upon the filing of the Form 10-Q for the period ending March 31, 2012. Because the Company had not identified a successor as of the filing date of May 10, Mr. Goldfarb agreed to continue in the position on an interim, part-time basis, as disclosed in that 10-Q filing.
On July 1, 2012 Mr. Goldfarb joined Information Systems Associates as President and Chief Financial Officer. ISA is a Stuart, Florida-based provider of Mobile Data Center Management systems. Mr. Goldfarb, with the consent of ISA, continues to provide advisory services to Ecosphere on a part-time basis. Mr. Goldfarb is working closely with Ecosphere's Controller, Barbara Carabetta, to ensure that all activities related to the financial management of the Company are completed in a timely manner.
Ecosphere anticipates that Mr. Goldfarb will continue to advise the Company on a part-time basis until a new CFO is appointed. The Company is actively evaluating CFO candidates on a regular basis.
Charles Vinick, Chairman and Chief Executive Officer of Ecosphere Technologies, stated, "We appreciate the contribution made by Adrian Goldfarb over the years. Adrian truly enjoys taking companies from the start-up stage to the more mature revenue-generating phase. We are sure Adrian will find continued success at ISA. We appreciate his willingness to continue to assist in our CFO transition even as he takes on responsibilities in his new role at ISA."
Adrian Goldfarb added, "I have enjoyed working with Ecosphere as the Company has grown so significantly and I am pleased to be able to continue to assist during the CFO transition. Joining ISA as President and CFO is an excellent opportunity for me and one that I could not pass up."
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 technologies for a variety of industrial markets. The Company provides environmental services and technology solutions for large-scale, sustainable applications across industries, nations and ecosystems.
Ecosphere is currently driving clean water innovation with its patented Ozonix advanced oxidation technologies and 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. A recipient of Frost & Sullivan's 2012 North American Product Leadership Award in Disinfection Equipment for Shale Oil and Gas Wastewater Treatment, Ecosphere has enabled oil and gas customers to recycle and reuse over 1.8 billion gallons of water on approximately 530 oil and natural gas wells in major U.S. shale plays since 2008.
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