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Ecosphere Technologies Announces First Quarter 2011 Results With an Increase in Revenues Compared to the First Quarter of 2010

STUART, Fla., May 11, 2011 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a diversified water engineering and environmental services company, announced financial improvements in its Form 10-Q that was filed yesterday. The company reported revenues of $2.2 million for the first quarter of 2011 as well as improvements in gross margin. Notably, the balance sheet continues to reflect ongoing improvements including a $2.6 million increase in current assets and an $850K reduction in accounts payable and accrued liabilities. The increase in current assets includes $2.1 million in restricted cash that is reserved for the construction of Ecosphere's new Ozonix EF60 water treatment systems for the recently announced licensing agreement with Hydrozonix, LLC.
/ Source: GlobeNewswire

STUART, Fla., May 11, 2011 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a diversified water engineering and environmental services company, announced financial improvements in its Form 10-Q that was filed yesterday. The company reported revenues of $2.2 million for the first quarter of 2011 as well as improvements in gross margin. Notably, the balance sheet continues to reflect ongoing improvements including a $2.6 million increase in current assets and an $850K reduction in accounts payable and accrued liabilities. The increase in current assets includes $2.1 million in restricted cash that is reserved for the construction of Ecosphere's new Ozonix EF60 water treatment systems for the recently announced licensing agreement with Hydrozonix, LLC.

Adrian Goldfarb, Chief Financial Officer, stated, "The balance sheet improvements illustrate the first benefits of the agreement signed with Hydrozonix in Q1 for the manufacture and license of the Ozonix EF60 mobile, high volume water treatment units for U.S. oil and gas exploration and production. The agreement provides for significant deposits to build the units and these amounts are reflected in the cash now present on our balance sheet. The cash will be used to construct EF60 systems and will fund ongoing manufacturing operations. Additionally, our majority owned subsidiary, Ecosphere Energy Services, recorded net income for Q1 and was cash flow positive for the quarter."

Ecosphere is currently constructing two Ozonix EF60 systems at its Stuart, Florida based manufacturing facility.

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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 solutions for industrial markets. The Company provides environmental services and technologies for use in large-scale and sustainable applications across industries, nations and ecosystems. Ecosphere is driving clean water innovation with its patented Ozonix advanced oxidation technologies and its mobile, low maintenance water treatment systems. Ecosphere, through its majority-owned subsidiary Ecosphere Energy Services, LLC ("EES"), provides energy exploration companies with an onsite, chemical free method to kill bacteria and reduce scaling during fracturing and flowback operations. For more information, please visit:

CONTACT: Investor Relations Contact: Gerald Kieft The WSR Group 772-219-7525 EcosphereIR@wallstreetresources.net http://www.WallstreetResources.net/Ecosphere.asp Press and Media Relations Contact: Corey McGuire Ecosphere Technologies, Inc. 772-287-4846 cmcguire@EcosphereTech.com