Ecosphere Technologies, Inc. (ESPH), a diversified water engineering, technology licensing and environmental services company, provided an update on the Chief Financial Officer transition process as initially disclosed in the Company's Form 10-K for the year 2011, filed with the U.S. Securities and Exchange Commission on March 15, 2012.
On March 14, 2012, Ecosphere's CFO Adrian Goldfarb gave notice in writing that he intended to resign the position upon the filing of the Form 10-Q for the period ending March 31, 2012. Because the Company had not identified a successor as of the filing date of May 10, Mr. Goldfarb agreed to continue in the position on an interim, part-time basis, as disclosed in that 10-Q filing.
On July 1, 2012 Mr. Goldfarb joined Information Systems Associates as President and Chief Financial Officer. ISA is a Stuart, Florida-based provider of Mobile Data Center Management systems. Mr. Goldfarb, with the consent of ISA, continues to provide advisory services to Ecosphere on a part-time basis. Mr. Goldfarb is working closely with Ecosphere's Controller, Barbara Carabetta, to ensure that all activities related to the financial management of the Company are completed in a timely manner.
Ecosphere anticipates that Mr. Goldfarb will continue to advise the Company on a part-time basis until a new CFO is appointed. The Company is actively evaluating CFO candidates on a regular basis.
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