Ecoark Provides Third Quarter Fiscal 2018 Update on Recent Business Progress
Zest Labs Generates Revenue Related to Project with Leading Retailer and Leverages Blockchain Technology to Provide True Transparency for the Fresh Food Supply Chain
Rogers, AR – February 12, 2018 – Ecoark Holdings, Inc. (“Ecoark”), dba Zest TechnologiesTM, (OTCQX: ZEST) is providing an update on recent business developments. In addition, the Company filed its Form 10-Q for the fiscal third quarter ended December 31, 2017, with the Securities and Exchange Commission on Friday, February 9, 2018.
“During the third quarter, we continued to make solid progress with five growers and two retailers by testing and deploying our Zest Fresh solution,” said Randy May, Founder, Chairman and Chief Executive Officer of Zest Technologies. “As an example, we began testing with Hy-Vee, a leading retail grocery chain based in the Midwest to validate the Zest Fresh solution. We continue to enhance our Zest Fresh solution and recently announced our integration of blockchain technology as a means to capture Zest Fresh true transparency data. The data reflects agricultural or protein product’s condition and history from field-to-shelf, incorporating track-and-trace, food safety, and freshness data that ensures delivered freshness to the retailer and consumer. Blockchain technology provides a trusted interface to further extend the value of our true transparency data for all players within the supply chain.”
May continued, “In addition to agriculture opportunities, we are beginning to experience interest and demand from the protein industry. We believe the Zest Fresh solution has broad applicability to the beef, poultry and seafood supply chain industries, and are pursuing an opportunity to introduce Zest Fresh for managing beef cattle to track and trace pedigree, farming practices, authenticity, food safety and freshness from birth of the animal through to the retail store or restaurant. In January we announced our plans to submit a bid to purchase the key assets of a beef processing operation where we believe we will be able to utilize our breakthrough technology to improve the facility’s profitability and generate additional opportunities in the protein industry.”
Business Highlights
- Zest Technologies announced that FINRA allowed a change in the Company’s stock symbol trading on the OTC Markets. The Company began trading under the symbol “ZEST” (OTCQX: ZEST) on November 30, 2017. Zest Technologies will seek approval to formally change its name from Ecoark Holdings, Inc. to Zest Technologies, Inc. at the next annual shareholder meeting in the first half of 2018.
- Zest Technologies continues to focus on divesting all non-core holdings, with the aim to appropriate all proceeds toward working capital for Zest Technologies.
- Zest Labs’ revenues in the three months ended December 31, 2017 were from a project with a leading retailer and from a Magnolia Solar contract with the United States Air Force Research Laboratory. Zest Labs’ revenues from the previous quarter were from Software as a Service (SaaS) revenues from produce growers.
- Zest Labs announced it is in testing with Hy-Vee, Inc., the employee-owned supermarket chain that operates more than 245 retail stores across eight Midwestern states.
- Zest Labs became a member of the Western Growers Center for Innovation and Technology (WGCIT) in Salinas, Calif., operated by Western Growers. By joining the WGCIT, Zest Labs will be able to expand its footprint with growers across California, Arizona, Colorado and New Mexico, and share its knowledge of the fresh food supply chain.
Financial Highlights for Third Quarter of Fiscal 2018:
The Company generated $2.2 million of revenue through Pioneer Products, Sable Polymer Solutions and Zest Labs.
As of December 31, 2017, the Company had $2.2 million in cash and $1.0 million in certificates of deposit.
About Ecoark Holdings, Inc.
Ecoark Holdings, Inc. dba Zest Technologies (OTCQX: ZEST) is focused on improving the agriculture and supply chain industries through innovative AgTech solutions for growers, processors, ranchers, restaurants and retail grocers. The Company offers a suite of proven solutions that address the $161 billion fresh food waste problem, improve delivered freshness, and provide true transparency for the fresh produce, meat and seafood supply chains. To learn more about Zest Labs, please click here. To watch a video about Zest Fresh, please click here.
Forward Looking Statements
This release contains forward-looking statements, including, without limitation, statements concerning the business and possible or assumed future results of operations of Zest Labs; and 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. 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.
Contact
Investor Relations:
John Mills
ICR
646-277-1254
John.Mills@icrinc.com
Public Relations:
Keith Watson
fama PR
617-986-5001
ecoark@famapr.com