Ecoark Holdings, Inc. Establishes $10 Million Credit Facility to Accelerate Growth
Rogers, Ark. – January 2, 2019 – Ecoark Holdings, Inc. (“Ecoark”), to be renamed Zest Technologies, Inc., (OTCQX: ZEST), an AgTech company modernizing the post-harvest fresh food supply chain, has established a revolving credit facility with Trend Discovery SPV I, LLC for up to $10 million that will help fund the company’s continued growth and market development. Ecoark’s wholly-owned subsidiary, Zest Labs, continues to see a high-level of interest in its freshness management and operational efficiency solutions from national growers and leading retailers across North America.
Ecoark has right-sized Zest Technology operating expenses now that Zest Labs has commercialized its software and reduced its development costs and increased spending in sales and marketing. In addition, Ecoark Holdings expects to sell or close the remaining subsidiaries, excluding Zest Labs, in 2019, allowing management to focus and invest in Zest Labs moving forward.
“Zest Labs will enter 2019 with industry-leading clients and customer prospects that can lead to significant revenue growth,” said Randy May, CEO of Ecoark. “This credit facility will help ensure that we can fund the investment necessary to execute against those opportunities, meeting the pace of interest we see in the market with commercial borrowings without diluting our shareholders equity. It is great to work with Trend Discovery Capital Management and align with their successful strategy of funding strong management teams with emerging technologies.”
About Ecoark Holdings, Inc.
Founded in 2011, 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 FreshTM 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.
About Trend Discovery Capital Management
Trend Discovery invests in a select number of early stage startups each year as part of the fund’s Venture Capital strategy. We are open-minded investors with a founder first mentality. Check out our Portfolio to see examples of the types of startups that we are excited about. To learn more about Trend Discovery click here.
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. Other factors that may cause such a difference include, without limitation, risks and uncertainties related to market and other conditions, and industry or political conditions in the United States or internationally. 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.
Zeno Group for Zest Labs