Zest Labs Completes Development Phase and Recognizes First SaaS Revenue Related to Leading Global Retailer
Company to Hold Business Update Conference Call on November 15, 2017 at 4:30 p.m. ET
Rogers, AR – November 8, 2017 –Ecoark Holdings, Inc. (“Ecoark”) (OTCQX: EARK), to be renamed Zest Technologies, an AgTech company, is providing an update on recent business developments. In addition, the Company is filing its Form 10-Q for the fiscal second quarter ended September 30, 2017, with the Securities and Exchange Commission today. The Company previously announced that the Board unanimously determined the most prudent strategy to enhance long-term shareholder value is focusing on Zest Labs, and for Ecoark to rebrand all aspects of its company to Zest – including renaming the Company “Zest Technologies,” and changing its stock ticker symbol from EARK to ZEST – in the coming months.
“I’m very excited that we have moved from the development phase of Zest Fresh into deployment and initial revenue generation on a per pallet basis from suppliers working with one of the largest global retailers,” said Randy May, Founder, Chairman and Chief Executive Officer of Ecoark. “This milestone proves the tangible value of Zest Fresh and reaffirms our belief that we are enacting the right strategy of repositioning and rebranding the company from Ecoark to Zest Technologies. In our third fiscal quarter of 2018, we expect to announce new customers and achieve a meaningful increase in revenue as we modernize the post-harvest fresh food supply chain for a wide range of organizations including growers, distributors, restaurants and retailers.”
May continued, “We have invested over $25 million in our Zest Labs solution and many years of research and testing with some of the largest retailers and growers throughout North America to ensure we have a leading AgTech solution. We are now officially deploying a solution that will enable retailers to significantly reduce fresh food spoilage by providing a growing suite of proprietary solutions and technologies that drive efficiency and sustainability through improved quality consistency.”
- Ecoark is actively transitioning from a diversified holding company into a company focused solely on its Zest Labs Ecoark is exploring divesting all non-core holdings, including Pioneer Products, Magnolia Solar and Sable Polymer Solutions, and will appropriate all proceeds toward working capital for Zest Labs.
- Ecoark announced that former IBM executive Michael Green joined the Company’s Board of Directors. Green joins the Company’s Board after an impressive career with IBM, where he was most recently vice president for Strategic Services North America.
- Zest Labs announced integrated blockchain support at no additional cost or labor for growers and shippers using the Zest Fresh platform. The addition of blockchain support creates an added layer of security and trust throughout the fresh food supply chain by creating true transparency about key food freshness and safety factors to all participants within the network.
- Zest Labs launched its Produce Advisory Board, which enables the Company to further align products and services with industry needs. The advisory board reflects the produce grower community’s perspective and insight, which are invaluable to Zest Labs, helping it better prioritize and coordinate Zest Fresh products, roadmaps and directions.
- Randy May has rejoined the Company full-time as its CEO and will continue to serve as Chairman of the Company’s Board. Jay Puchir transitioned from CEO to CFO and Peter Mehring was named President of Ecoark, while still keeping his role as CEO of Zest Labs.
“We have gained significant momentum through active deployments this summer, validating our value to growers and retailers,” stated Peter Mehring, CEO of Zest Labs. “The addition of Michael Green to our board is both a reflection of and enhancement to that momentum. We look forward to Michael’s guidance and advice as we grow through new opportunities and technologies, such as blockchain.”
Financial Highlights for Second Quarter of Fiscal 2018:
The Company generated $1.9 million of revenue through Pioneer Products, Sable Polymer Solutions and Zest Labs.
As of September 30, 2017, the Company had $8.3 million in cash.
The conference call to discuss these results is scheduled for Wednesday, November 15, 2017, at 4:30 p.m. ET. A webcast of the conference call will be available live on the Investor Relations section of Ecoark’s website at www.ecoarkusa.com. Interested parties unable to access the conference call via the webcast may dial +1-877-407-9039. A replay of the conference call will be available on Ecoark’s website for 30 days following the event, and can be accessed at +1-844-512-2921 using replay pin number 13672036.
About Ecoark Holdings, Inc. and Zest Labs
Ecoark is an AgTech company modernizing the post-harvest fresh food supply chain for a wide range of organizations including growers, distributors and retailers. The company’s Zest Fresh™ solution, a breakthrough approach to quality management of post-harvest fresh food, is specifically designed to help substantially reduce the $161 billion amount of food loss the U.S. experiences each year. Through item-level monitoring and real-time predictive analytics, Zest Fresh enables customers to improve the freshness and quality of produce, realize substantial cost savings and reduce food waste. To learn more about Zest Fresh click here.
Forward Looking Statements
This release contains forward-looking statements, including, without limitation, statements concerning business and possible or assumed future results of operations of Ecoark Holdings, Inc. and its subsidiaries; statements concerning the ability of Zest Labs’ technology to improve delivered quality consistency, significantly reduce perishable food waste, drive sustainability, and increase efficiency in the industry; statements concerning the ability of Zest Labs to develop new customers and achieve meaningful revenue increases; and statements concerning the Company’s ability to successfully divest non-core holdings and appropriate proceeds towards working capital for Zest Labs. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: access to growth capital on favorable terms; adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.