Ecosphere Announces Final Phase of Chief Financial Officer Search
Barbara Carabetta Named Interim CFO; New CFO Expected to Join Before Year-End
STUART, Fla., Oct 9, 2012 (Menafn - GlobeNewswire via COMTEX) --Ecosphere Technologies, Inc. ESPH, a diversified water engineering, technology licensing and environmental services company, today announced that it is completing the final phase of the Chief Financial Officer transition. In order to promote a smooth transition, the Board of Directors of Ecosphere named Barbara Carabetta as Interim Chief Financial Officer. Barbara, the Company's controller, is currently closely involved in managing all aspects of the Company's finances, and has proven invaluable to senior management.
"Barbara is an integral member of our financial management team," stated Charles Vinick, Chairman and CEO of Ecosphere Technologies. "She is highly skilled and intimately familiar with our financial systems. With Barbara as interim CFO, Ecosphere's financial management is in competent hands until our new CFO is on board full-time."
Ecosphere is also concluding the recruiting phase of the CFO transition. The Company has reached agreement with a candidate who is currently the CFO of a publicly-traded company engaged in a material transaction. Upon the earlier of either December 31, 2012, or the completion of the transaction, the candidate is expected to begin work for Ecosphere as CFO. The candidate has exceptional credentials that the Company believes make him ideal for the position at Ecosphere.
These credentials encompass: over 24 years of financial experience including Big Four public accounting, 14 years as a Chief Financial Officer with both private and public companies, a proven track record of value creation, a comfort level with fast-paced growth environments, and extensive expertise in managing emerging growth companies.
"I am pleased that we are able to attract a candidate of this caliber as our new CFO," continued Vinick. "His exceptional qualifications make it worth the wait to allow him to complete his responsibilities at his current employer. We value loyalty and are happy that he considers it important to fulfill his current obligations before moving to Ecosphere. We look forward to a long-term working relationship, and do not see any difficulties in a couple months of transition period."
About Ecosphere Technologies
Ecosphere Technologies, Inc. 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 2 billion gallons of water on approximately 600 oil and natural gas wells in major shale plays around the United States since 2008.
For more information, please visit www.EcosphereTech.com.
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SOURCE: Ecosphere Technologies, Inc.
CONTACT: Investor Relations:
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
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