Ecosphere Technologies Closes $10 Million Cleantech Investment by Bledsoe Capital Group

STUART, FL--(Marketwire - July 22, 2009) - Ecosphere Technologies, Inc. (OTCBB: ESPH), a diversified water engineering and services company, announces today that its oil and gas environmental services subsidiary, Ecosphere Energy Services, LLC (EES), finalized its agreements with Bledsoe Capital Group. Bledsoe Capital becomes a 33% owner of EES, which owns the license for the Ecosphere Ozonix technology in the energy business.

Drew Bledsoe, former NFL quarterback and principal of Bledsoe Capital, stated: "Our goal was to find a 'green' technology to invest in that would make a major difference for present and future generations. EES has recently signed master service agreements with some of the most respected energy producers in the world. This is a testament to just how much of a game changing technology we have here. The Ecosphere opportunity allows us to participate in conserving two of the most important natural resources we have in the world, 'Water and Natural Gas.' The Ecosphere investment opportunity has exceeded all of our expectations."

Ecosphere Energy Services LLC President Dennis McGuire said, "It is very rewarding to have seen how our Ozonix technology has matured from our first water recycling pilot program in Texas to signing contracts with the major energy producing companies in the oil and gas business. Bledsoe Capital continued to believe in us and stayed the course during some very rough times in the capital markets. We are pleased to have them now as our partners in Ecosphere Energy Services as we move forward with our Ozonix technology not only in the U.S. energy markets, but global energy markets as well."

Ecosphere Technologies Inc. Chief Financial Officer Adrian Goldfarb stated: "Closing the $10 million Bledsoe Capital investment into Ecosphere Energy Services is a major financial milestone for Ecosphere Technologies. It further confirms our business model of partnering and licensing environmental technologies to third parties. Ecosphere received an initial $2.5 million licensing payment this week. Most importantly, we now have a clear path forward with our Bledsoe Capital partners and can focus our efforts on building business and continuing to sign service contracts."

For more details concerning the Bledsoe Capital transaction, investors should review the Form 8-K filed today with the Securities and Exchange Commission.

Bledsoe Capital funded the capital for the first Ozonix prototype equipment for EES to take to the oil and gas industry to help energy companies recycle the water that is used during the exploration and recovery of natural gas in shale plays. The management of Bledsoe Capital has made numerous trips to the various shale plays in the U.S. to see the Ecosphere Ozonix equipment working in the field, as well as meeting the major energy customers that EES is providing its water treatment services to. The Ecosphere Ozonix technology has multiple applications for water recycling in U.S. and global shale plays, onshore and offshore oil production, as well as coal bed methane applications.

To stay informed of news and events, join Ecosphere's e-mail list by clicking the link below: http://www.b2i.us/irpass.asp?BzID=1368&to=ea&s=0

About Ecosphere Technologies:

Ecosphere Technologies, Inc. (OTCBB: ESPH) is a diversified water engineering and services company primarily focused on the natural gas industry.

The Company provides water-recycling services to provide clean water for energy companies to extract natural gas from unconventional shale plays. Ecosphere's mission is to identify, create and produce 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.