STUART, FL--(Marketwired - November 22, 2016) - Ecosphere Technologies, Inc. (OTCQB: ESPH), a technology development and intellectual property licensing company, today announced that its wholly owned subsidiary, Ecosphere Development Company, LLC ("EDC"), received its building permit for the first phase of its Cannatech Agriculture Center in Finley, Washington.
A Groundbreaking Ceremony was held on November 18th and was attended by Ecosphere's Dennis McGuire Sr., Dennis McGuire Jr., Corey McGuire, Pete Grosso, and William Mckay of McKay Construction. In addition to the Groundbreaking Ceremony and Event, EDC's Custom-Designed Greenhouses and Buildings have arrived and are on location to be erected.
To view pictures from the event, please visit: http://www.ecospheretech.com/water-recycling-news/blog/post?id=6748
As part of its first installation in Washington State, EDC is constructing Phase 1 of its 6 acre Cannatech Ag Center that at complete build out will include up to forty-thousand square feet of growing canopy that is split among four licensed, Tier II tenants or ten-thousand square feet per tenant. Each Cannatech Ag Center will be a turnkey, high tech growing facility that will maximize quality and increase plant yield. EDC plans to build and lease each Cannatech Ag Center to licensed I-502 growers in Washington State that will pay monthly rent and licensing fees to EDC for the use of the facility, EDC has begun construction of Phase 1 and has signed preliminary leases with its first tenant. Upon completion of construction and the granting of a license to the tenant -- which can only occur after completion of construction -- the tenant intends to commence growing marijuana in accordance with Washington State law.
Dennis McGuire, Chairman and CEO of Ecosphere, said, "This Groundbreaking Event marks a significant step forward for the Shareholders of Ecosphere and the unique Business Model that has been developed with EDC. We have spent the past 2 plus years locating and acquiring our land in Washington State, designing our facilities and structuring a business model that is expected to generate significant monthly recurring revenues over a potential lease term of up to 30 years."
McGuire continued, "Rather than leasing buildings or warehouses with no technology in them, EDC is building the most state-of-the-art, turnkey 'Smart' growing facilities that have been engineered to produce consistent, high quality, increased plant yields. We plan to replicate this model of designing, building and leasing turnkey growing facilities not just in Washington State, but throughout the entire United States market where States have approved either medical and or recreational use of marijuana."
About Ecosphere Development Company
Ecosphere Development Company, LLC. ("EDC") is a wholly owned subsidiary of Ecosphere Technologies that was organized to develop and lease turnkey, high tech Agricultural Centers in locations around the United States that are geographically, politically and economically well positioned. EDC's first project is located in Southeastern Washington State, where water and natural resources are plentiful, with over 300 days of sunshine per year.
For more information, please visit http://www.EcosphereTech.com/Divisions/Ecosphere-Development-Company
About Ecosphere Technologies
Ecosphere Technologies, Inc. (OTCQB: ESPH) is a technology development and intellectual property licensing company that develops environmental solutions for global water, energy, industrial and agricultural markets. We help industry increase production, reduce costs, and protect the environment through a portfolio of unique, patented technologies: technologies like Ozonix®, the Ecos PowerCube® and the Ecos GrowCube™, which are available for sale, as well as exclusive and nonexclusive licensing opportunities across a wide range of industries and applications throughout the world.
Our technologies and products are available through multiple brands and subsidiaries that include Sea of Green Systems, Ecosphere Development Company and Fidelity National Environmental Solutions.
For more information, please visit www.EcosphereTech.com
For investor related inquiries or to stay informed of news and events, join Ecosphere's email list by visiting us at http://ir.stockpr.com/ecospheretech/request-information.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding the construction and development of EDC's growing facilities and the receipt of revenues, and, EDC's plans with respect to the Cannatech Agricultural Center in Washington State and elsewhere. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect results of operations and business strategy. Important factors that could cause actual results to differ from those in the forward-looking statements include EDC's ability to complete construction within budget, the ability of EDC's tenants to successfully grow marijuana, and developments affecting the price of marijuana and other crops. Further information related to risks affecting us and our subsidiaries is contained in our filings with the SEC, including our Form 10-K filed on April 14, 2016. Any forward-looking statement made by us herein 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.