SOURCE: Ecosphere Technologies, Inc.

November 06, 2007 08:19 ET

Ecosphere Technologies Reports Record Revenues and Gains for Ten Months of 2007 With a 310% Increase Over 2006

For the Second Year in a Row, Ecosphere Is One of Florida's 10 Fastest Growing Companies

STUART, FL--(Marketwire - November 6, 2007) - Ecosphere Technologies, Inc. (OTCBB: ESPH), a diversified clean technology and water engineering services company, today announced its preliminary Third Quarter and year-to-date 2007 results. The Company's revenues for the third quarter of 2007 were approximately $7,000 and for the nine months were approximately $668,000. The third quarter was spent negotiating a term sheet and definitive agreement as well as supplying extensive due diligence material to the buyer of Ecosphere's robotic coating removal technology. As a result of these efforts in the third quarter, the approximate $8 million landmark sale of its patented ship stripping robotic technology closed on October 9, 2007. Ecosphere's un-audited revenues and gains, before related direct costs of approximately $3 million, for the 10 months ended October 31, 2007 were approximately $8.6 million up 310% over the comparable period in 2006 of approximately $2.1 million. It also equates to an increase of 258% over full year 2006 revenues of $2.4 million. Ecosphere has not yet finalized its net earnings for the 10 months ended October 31, 2007 as the Fourth Quarter results will be reported pursuant to the completion of the 2007 10-KSB annual report.

Dennis McGuire, the Company's founder and CEO, stated, "I am very pleased with our preliminary year-to-date revenue results and I look forward to closing the year out even stronger as we roll out our Ecosphere Ozonix™ technology to treat produced water from oil and gas production. Treating produced water is an estimated $40 billion problem in global oil and gas production. Ecosphere has developed a cost-effective, environmentally safe on-site filtration process to treat produced water at the well site rather than haul off the produced waters to a treatment facility. Our first Ecosphere Ozonix™ systems will initially be working in the Barnett Shale area of Texas filtering drilling muds and produced water from gas exploration."

The Barnett Shale is a natural gas source bed rock that stretches over 16 to 21 North Texas counties and is still actively being discovered. Its 6,000+ square-mile reservoir is already the second largest producing on-shore domestic natural gas field in the United States after the San Juan Basin in New Mexico and Colorado.

J. C. "Jim" Rushing III, the Company's CFO, stated, "This important technology sale that closed shortly after the 3rd Quarter has had a material effect on the Company's financial statements. This first sale of only one of our many clean technologies we have available for sale or licensing has allowed us to reduce our debt by 75% as well as our monthly operating overhead by about 40%." For the past two years Ecosphere has posted over 200% increases in our total revenues & gains. This consistent 200% plus year-over-year growth rate in 2006 and now 2007 puts Ecosphere Technologies in the same league as the top 10 fastest growing companies in Florida for two years running.

About Ecosphere Technologies

Ecosphere Technologies, Inc. (OTCBB: ESPH) is a diversified clean technology and services company dedicated to creating products that make life better. Ecosphere's mission is to identify, create and incubate clean technologies that solve a significant industry challenge, improve the quality of life and the environment, and are economically viable. Ecosphere has an extensive portfolio of patented clean technologies that can be purchased and licensed for use in large-scale and sustainable applications across industries, nations and ecosystems. For more information, please visit: www.ecospheretech.com.

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Safe Harbor

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") including the roll-out of its Ozonix™ technology. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the ability of Ecosphere to execute definitive agreements with its joint venture partners and the performance of the initial units in the field. Further information on Ecosphere's risk factors is contained in its filings with the Securities and Exchange Commission, including the prospectus filed February 1, 2007, as supplemented, the Form 10-KSB for the year ended December 31, 2006 and the Form 10-QSB filed August 14, 2007. Ecosphere does not undertake any duty nor does it intend to update the results of these forward-looking statements.

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