Ecosphere Technologies, Inc. (OTCBB: ESPH) has closed a $5 million private capital raise with institutional and accredited investors. Proceeds will be used to support expansion of the Company’s subsidiaries, for working capital and to repay debt.
Ecosphere’s CEO Dennis McGuire stated, “This financing provides the capital resources required to expand our growth strategy. We are also very pleased with the quality of institutional investors that have responded to our strategy and opportunity to invest in our Company and products. With the increasing global focus on the importance of Clean Tech solutions, Ecosphere is well positioned to create value from our intellectual property portfolio that addresses improving the quality of life around the world.”
Mr. McGuire, continued, “This infusion of capital will help Ecosphere make additional operational investments to drive our organic growth and meet our financial targets. We are at a focal point, with all major R&D concluded, as we center our efforts on producing profits to increase shareholder value.”
About Ecosphere Technologies:
Ecosphere creates engineered and patented Clean Tech solutions that address pressing global environmental and humanitarian issues. The Company has developed products that reduce the discharge of contaminated residue into the air, oceans and other water systems, as well as products that purify water through unique mobile systems that can operate independently throughout the world.
Ecosphere has ten registered US patents related to robotic coating removal technology for airplane and automotive paint, and has filed three US patent applications for its water filtration system. The Company has 411 patent applications pending in numerous countries, around the world.
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