Ecosphere Receives $250,000 Deposit With Deal Scheduled to Close October 30, 2008

STUART, FL–(EMWNews – July 30, 2008) – Ecosphere Technologies, Inc. (OTCBB: ESPH), a

diversified water engineering and services company, announces it has signed

a definitive purchase agreement with Bledsoe Capital Group, LLC (“BCG”) to

become a partner in the commercialization of Ecosphere Technologies, Inc.’s

Ecos Lifelink and Ecos Power Cube technologies. Under the terms of the

agreement, Ecosphere formed a new subsidiary, named Ecosphere Renewable

Energy Corp, in which BCG will purchase a 49% ownership for $1,715,000.

Ecosphere has received a $250,000 deposit and the deal is scheduled to

close on October 30, 2008.

Chairman and Co-CEO Patrick Haskell of Ecosphere stated, “We are extremely

pleased to be partnered with Bledsoe Capital to bring clean water, power,

and communications to off-grid communities around the world that

desperately need this technology. The Ecos LifeLink and Ecos Power Cube are

revolutionary products in which we have completed the conceptual

engineering and filed the appropriate patent application. This important

investment by Bledsoe Capital enables us to take these revolutionary

products from the conceptual stage to a working prototype to be able to

bring these products to the market.”

“Ecos LifeLink is revolutionary in the fact that it will use only the power

of the sun and wind to create and store the energy needed to run water

filtration components, pumps, or motors,” said Jean Michel Cousteau,

Ecosphere spokesperson, ocean pioneer and leading environmentalist.

“LifeLink can be used to provide water and electricity for a small village.

Multiple systems could be used throughout a village to power its school,

water system, buildings, and communications systems.”

Chad Wold, Managing Director and General Counsel of BCG, stated, “We are

excited to take this important step in our relationship with Ecosphere to

bring clean technologies into the marketplace that help people and the

planet. We look forward to working with Ecosphere Technologies and Jean

Michel Cousteau to bring Ecosphere’s revolutionary technologies to those

people in the world that presently don’t have the electrical infrastructure

in place to enjoy even basic water, electricity and Internet connectivity

needs.”

To stay on top of new 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. (ESPH) is a diversified water engineering and

services company dedicated to creating products that make life better.

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.

Safe Harbor

This press release contains forward-looking statements within the meaning

of the Private Securities Litigation Reform Act of 1995 (the “Act”)

including the commercialization of the products. Additionally, words such

as “seek,” “intend,” “believe,” “plan,” “estimate,” “expect,” “anticipate”

and other similar expressions are forward-looking statements within the

meaning of the Act. Some or all of the events or results anticipated by

these forward-looking statements may not occur. A factor that could cause

or contribute to such differences includes acquiring the necessary capital

to commercialize such products. Further information on Ecosphere’s risk

factors is contained in its filings with the Securities and Exchange

Commission, including the Form 10-KSB for the year ended December 31, 2007

and the Form 10-Q filed April 15, 2008. Ecosphere does not undertake any

duty nor does it intend to update the results of these forward-looking

statements.