Ecoark Announces Addition of Susan Chambers and Steven Nelson to Its Board of Directors

Company Expands Board to Increase Breadth of Experience In Preparation for Nasdaq Uplisting

Rogers, AR – April 27, 2017Ecoark Holdings, Inc. (“Ecoark”) (OTCQX: EARK), a diversified holding company, today announced that Susan Chambers and Steven Nelson have joined the company’s Board of Directors. The board additions come after the recent organizational changes to streamline operations and focus key subsidiaries on attaining profitability as the company prepares for its uplisting to the Nasdaq Capital Market.

Chambers and Nelson offer invaluable experience to Ecoark as it prepares for the next critical stage of growth.  Moreover, their appointments increase the number of independent directors serving on the board to five members, who now represent a majority of the Board. Chambers’ extensive background in retail, with particular emphasis on human resources, executive compensation, supply chain, risk management and technology, will be an asset to the Board and Ecoark. Nelson’s professional background and experience qualify him as an “audit committee financial expert,” as defined by the rules of the SEC, and serve as the basis for his position on the Board and its audit committee.  Both new board members’ insights from careers with exchange-traded publicly held companies will be vital as Ecoark prepares for its uplisting.

“Susan Chambers has held key senior leadership positions in strategic operational roles, and combined with her service on the board of another public company provides the experience that will be instrumental to our Board,” said Jay Puchir, CEO of Ecoark. “Additionally, Steven Nelson’s history as the former controller of a public company uniquely qualifies him to give direction to Ecoark on general accounting and financial matters as well as areas in corporate governance and risk management that the company will now address.”

Susan Chambers has over 30 years of experience in the retail industry, and, since July 2015, has served as principal of Chambers Consulting LLC. She previously served as the Chief Human Resource Officer for Walmart from 2006 to her retirement in July 2015. Prior to serving as Chief Human Resource Officer, Chambers served in various positions at Walmart, including Vice President of Application Development — Merchandising and Supply Chain Systems and Senior Vice President of Risk Management, Retirement and Benefits. Before joining Walmart, Chambers served as Director of Application Development at Hallmark Cards, Inc., where she had roles of increasing responsibility in IT and finance over a 14-year tenure. Chambers also currently serves on the Board of Directors of USA Truck, Inc. (NASDAQ:USAK) and as chair of its executive compensation committee.  Chambers will chair Ecoark’s compensation committee.

Steven Nelson joins Ecoark’s Board with 35 years of experience as a CPA and extensive experience as controller of a publicly traded company. He has been a lecturer for the Department of Accounting at the University of Central Arkansas since 2015. Previously, Nelson served as Vice-President, Controller of Dillard’s, Inc. (NYSE:DDS), where he was responsible for administering all aspects of financial accounting and reporting. He maintains an active license as a CPA in the State of Arkansas, and regularly develops and delivers continuing professional education presentations for CPAs in Arkansas. Nelson will chair Ecoark’s audit committee.

The two new directors come at a pivotal time in Ecoark’s history, as it positions itself for aggressive growth through strategic acquisitions while helping its current subsidiaries focus on increasing sales and attaining profitability in order to increase shareholder value.

About Ecoark Holdings Inc.

Founded in 2011, Ecoark Holdings, Inc. is a diversified holding company focused on delivering long-term shareholder value. The company currently has three wholly-owned subsidiaries: Zest LabsPioneer Products and Magnolia Solar. For more information, please visit www.ecoarkusa.com, and follow us on Twitter and LinkedIn.

Forward Looking Statement

This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. 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.

Zest Labs CEO Peter Mehring to Join Panel Discussion at MIT IoT Conference, Connected Things 2017

Expert panel to discuss how businesses will navigate the next era of their industry, or “industry 4.0”, propelled by a global transition from an IT-based economy to an IoT-focused one

Rogers, AR (March 9, 2017) – Zest Labs, a wholly owned subsidiary of Ecoark Holdings, Inc. (OTCQX: EARK) and provider of Zest Fresh, a freshness management solution for produce, meats, seafood and dairy announced today that Peter Mehring, CEO, will participate in a panel discussion entitled, “The Future Titans of Industry 4.0: Organizations Rewiring Legacy Industries” at the Connected Things 2017 conference hosted by MIT Enterprise Forum on March 13 in Cambridge, Massachusetts. The panel will take place at 3:10pm ET in the Silverman Skyline room of the MIT Media Lab.

Jenny Fielding, the Managing Director of Techstars IoT and Fintech will moderate the corporates and startups who are on the front line of rewiring traditional industries such as construction, manufacturing, agriculture, and healthcare.

The thesis of the program is the next era of industries or “industry 4.0” propelled by a global transition from an IT-based economy to an IoT-focused one. By 2025, IoT’s yearly economic impact will be more than $10 trillion – the majority of which will be seen in the industrial space. These companies all represent how legacy industries are currently being rewired through the Internet of Things and that the next wave of innovation will hit the largest industries including construction, healthcare, and supply chain.

“I am excited for the opportunity to participate in the discussion on Rewiring Legacy Industries at Connected Things 2017,” said Mehring. “This is a terrific opportunity to showcase the industry leading capabilities of Zest Labs and to share our experiences with respect to introducing new solutions to the post-harvest agriculture industry. While new technology is a key ingredient to enabling improved performance and efficiency, it is just as critical to incorporate current practices and industry knowledge to provide an approachable solution. Introducing new technologies to legacy industries offers significant opportunities, but requires considerable added value to break from the status quo. Zest Labs delivers that value by significantly reducing the 30% post-harvest fresh food waste, while improving fresh food quality consistency.”

Zest Labs’ Zest Fresh™ technology is a breakthrough approach for quality management of post-harvest fresh food that substantially reduces food loss and waste by improving quality consistency. With Zest Fresh™, growers, distributors and retailers improve quality consistency, profitability and sustainability while reducing waste.

About Zest Labs, Inc.

Zest Labs is a company of passionate problem solvers, addressing the significant challenge of reducing fresh food waste. Zest Fresh is a fresh food management solution that focuses on three primary value propositions – consistent food quality, reduced waste, and improved food safety. Zest Fresh empowers workers with real-time tools and alerts that improve efficiency while driving quality consistency through best practice adherence on every pallet. Zest Fresh drives both business success and environmental sustainability by significantly reducing waste. Zest Labs delivers best-in-class solutions such as Zest Fresh, by addressing the science at the core of the problem, and then provides the tools that make it easy to do “the right thing” every time.

To learn more about Zest Labs, please click here.
To watch a video about Zest Fresh, please click here.

About Ecoark Holdings Inc.

Based in Rogers AR and founded in 2011, Ecoark Holdings, Inc. is a growth-oriented company based in the retail and logistics hub of Northwest Arkansas. Ecoark’s portfolio of technology solutions increase operational visibility and improve organizational transparency for a wide range of corporate clients.

Ecoark’s technologies fight waste in Operations, Logistics, and Supply Chains across the evolving global economy. Ecoark’s portfolio of companies and technologies work to integrate people, processes, and data in order to overcome ingrained operational hurdles and create new revenue streams.

Ecoark’s vision is to expose the cycles of waste that reduce efficiency and cost effectiveness across the business landscape. Ecoark’s strategically acquired subsidiaries have anticipated and responded to key economic factors impacting every business today.

Ecoark addresses these vital economic factors through four active subsidiaries, Zest Labs, Eco3d, Pioneer Products, and Magnolia Solar.

For more information, please visit http://www.ecoarkusa.com/.

Forward Looking Statement:

This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern; 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.

 

The Supply Side: Zest Labs ready to push process to improve freshness (Talking Business & Politics)

When it comes to food, fresh is a must for consumers, whether that’s reaching to the back of the dairy case for the latest “sell by date” or scouring the produce looking for what might have the longest window of freshness.

Peter Mehring, CEO of Zest Labs, one of the sustainability companies owned by Rogers-based EcoArk, has spent the past four years testing how its proprietary technology can raise the bar for freshness with supply chain transparency from growers through distribution and into a store.

Mehring said the problem is the misconceptions around freshness which are made by the assumption of a “best use by date” which is assigned to the product. He said this date is a guess at best based on limited information. The missing component from the data is how the product might have been handled or treated in the supply chain.

Zest Labs has worked with produce growers and suppliers for the past four years testing its ZIPR technology which acts as a measure for how the product has been handled and any impact that handling might have on the product’s freshness. He said the company is preparing to launch its technology at retail on a national scale in the coming months, though he would not say which retailers are looking at the product.

The largest grocers in the country — Walmart U.S., Kroger and a H-E-B — have all made “fresh” a major initiative in recent years and they often speak of the positive impact fresh is having on their grocery businesses. The flip side of that is the huge amount of waste associated with trying to deliver fresh products to the consumer.

The U.S. Department of Agriculture estimates $161 billion annually is lost in food waste. Walmart U.S. CEO Greg Foran has said reducing shrink and improving freshness for consumers is a major goal. The retailer lowered sight lines and revamped fresh produce centers in its stores last year. More staff were added to produce departments and each received training on how to handle the produce, rotate and recognize “fresh” based on consistency patterns.

The industry admits only 70% of the products meet the consistency requirements, which creates a 30% loss rate. Mehring said consistency is the primary key used in identifying freshness. But he said indirect benefits such as water reduction, transportation, and cooling times may also have an impact on how long a product stays fresh once it gets to the retailer. The retailers don’t have complete visibility all the way back to the grower and worker who might have picked the produce.

He said Zest Labs freshness metric known as the ZIPR code is based on the specific product type, growing location and harvest and processing conditions that enable improved freshness management decisions. Zest calculates a ZIPR code for each tracked pallet, using patented methodology and sensors, ensuring inventory and shipping decisions are based on actual freshness. Mehring said the technology makes use of Internet of Things (IoT) cloud-based software which can be pushed out to workers in the field on handheld devices or viewed on a laptop or desktop further up the supply chain. Through RFID and Bluetooth technology growers and suppliers using the software can tag an entire pallet of bagged lettuce or crates of strawberries and track freshness through the supply chain. Everything possibly affecting a crop of strawberries can be seen upstream in real time.

The software can notify workers at the grower levels about a potential problem and offer solutions to mitigate any damage to the product’s freshness window. That means there is less waste upstream when the products reach retailers. U.S. testing of the product has shown that using Zest with the ZIPR code can reduce that waste by roughly half, and improve the customer experience, Mehring added.

California growers have been using the technology to monitor their winter crops in Mexico. He said the company owner described the ZIPR technology as “turning on the light.” He said without the visibility of ZIPR it was like working in the dark, but now that they have complete view of the supply chain they can do a better job extending freshness.

Mehring said if a certain batch of berries is handled differently and the fresh window is going to be shorter, they know up the chain to distribute that batch to retailers close by and reduce transportation time.

Retailers like Wal-Mart use a scorecard system that looks at the history of the product, but that system isn’t really helping them detect freshness or expand freshness given that industry-wide wastes are still roughly 30%. Mehring said growers and suppliers testing ZIPR are finding it takes about two to three months to get comfortable with the system, and the cost is about 1 cent per item. He said companies using the technology are finding savings about 10 times over the cost.

When asked about future plans, Mehring said Zest Labs has 65 patents for the technology and 12 others in process. He said it’s been four years in the making, being tested along the way, not just by produce growers but also dairy producers, restaurants, fish distributors and some retail. He expects to see the technology being used more this year and continues to look for those opportunities.

Mehring, a former hardware exec at Apple, said during his work for the late Steve Jobs, Apple insisted on a 99% production yield from its manufacturing line. He said anything less meant people lost their jobs. But in food production a 70% yield has become acceptable.

“We think Zest Labs ZIPR technology can increase that to 90% now, and that’s a big savings for everyone along the supply chain,” Mehring said.

Ecoark, Inc. Merges with Magnolia Solar Corporation

Announces Name Change to Ecoark Holdings, Inc. and Symbol Change to EARK
Plans Uplisting to National Securities Exchange After 1-for-250 Reverse Stock Split
Ecoark Holdings, Inc. (OTCQB: EARK), formerly Magnolia Solar Corporation (OTCQB: MGLTD), announced that it has completed the merger of one of its subsidiaries with Ecoark, Inc. (“Ecoark”). As a result, Ecoark Holdings, Inc. will consolidate the operations of Ecoark and Magnolia Solar Inc., its current subsidiary.
Effective Monday, March 28, 2016, the company’s common shares will commence trading with the symbol MGLTD. After 20 trading days, the company’s ticker symbol will continue as EARK.
As previously reported, Magnolia Solar Corporation and Ecoark entered into a Merger Agreement on January 29, 2016. On March 18, 2016, Magnolia held a special meeting of shareholders where its shareholders overwhelmingly approved the name change to Ecoark Holdings Inc. and a 1-for-250 reverse stock split, which were conditions to the completion of the merger.
Dr. Ashok K. Sood, President, Chief Executive Officer and Director of Magnolia Solar said, “We are delighted that the merger with Ecoark is now complete. As I stated in the past, this combination creates synergies for both Magnolia Solar and Ecoark’s intellectual property. We have already identified several opportunities within each other’s intellectual property portfolio where we can drive significant value creation for shareholders.”
“This is an important milestone for Ecoark,” said Randy May, Ecoark’s Chairman and Chief Executive Officer. “When we founded Ecoark in 2011, we set a lofty goal of becoming a publicly-traded company within five years. Dr. Sood, and the team at Magnolia Solar made this goal a reality. As the merger-related activities are now behind us, we look forward to working with Dr. Sood and his team as we continue to address the significant, unmet opportunities in sustainability through our intelligent technologies.”
About Ecoark Corporation
Based in Rogers, AR, Ecoark was founded in 2011 to develop and deploy intelligent technologies and consumer products to national and international retailers, agriculture, food service, and commercial real estate and government agencies. Ecoark’s products have been developed through strategic acquisition and ground-up development. In concert with this product development, Ecoark and its subsidiaries have more than 55 U.S. patents issued, with more than 15 U.S. patents pending. Ecoark’s operations are guided by sustainability policy emphasizing the “triple bottom line” of social, economic and environmental responsibility. Ecoark’s subsidiaries (Intelleflex, Inc., Eco3D, LLC and Pioneer Products, LLC) were strategically acquired to be scalable with a focus on recurring revenue, value and the customer experience.
For more information, please visit www.ecoarkusa.com, or visit us on Facebook, Twitter or LinkedIn.
About Magnolia Solar Corporation
Based in Woburn, MA and Albany, NY, Magnolia Solar was founded in 2008 to develop and commercialize high performance, flexible thin-film solar cell technologies that employ nanostructured materials and designs. Both
higher current and higher voltage outputs are expected from thin-film solar cells that combine Magnolia’s exclusive material structures with advanced optical coatings. Magnolia’s has filed 15 patents with 5 of them issued and the remainder are patent pending. The technology has the ability to capture a larger part of the solar spectrum to enable high efficiency solar cells, and incorporates a unique, nanostructure-based antireflection coating technology to further increase solar cell efficiency, thereby reducing the cost per watt. The company is targeting a variety of civilian and defense applications for its photovoltaic solar cells. Magnolia’s solar cell technology is particularly well-suited for distributed and portable power generation applications.
For more information, please visit www.MagnoliaSolar.com, or visit Magnolia Solar on Facebook, Twitter, YouTube, or LinkedIn.
Forward-Looking Statements
This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, 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; our ability to successfully obtain a listing on a national securities exchange 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.

For more information contact:
ECOARK, INC.:

Brad Hoagland, CFA
(479) 259-2981
Bhoagland@ecoarkusa.com

MAGNOLIA SOLAR CORPORATION:
Dr. Ashok K. Sood
(781) 497-2900
info@magnoliasolar.com