SAN JOSE, Calif., June 13, 2018 (GLOBE NEWSWIRE) -- Ecoark Holdings, Inc. (“Ecoark”), to be renamed Zest TechnologiesTM, (OTCQX:ZEST), an AgTech company focused on solutions that reduce food waste and improve product margins, is providing an update on recent business developments for its Zest Labs™ subsidiary.
“Zest Labs is seeing increased traction and interest in its solutions from the retail grocery and the produce grower, processor and distribution industries,” said Peter Mehring, CEO and President of Zest Labs, a wholly-owned subsidiary of Ecoark. “The grocery retail market is fundamentally changing with the combination of increased pricing pressure on fresh foods from discounters, increased expense in e-commerce support, and increased costs associated with freight delivery. These industry trends put a squeeze on fresh product margin, and fresh products are critical to grocery retailers as they drive customer traffic. Zest Fresh has been recognized as a proven approach to improve fresh product margin by reducing shrink in distribution and retail, while improving shelf-life consistency for consumers.”
Zest Labs recently began early phase implementations of Zest Fresh with a national retailer and a national distributor, each with two suppliers, to show how operational savings can be quickly realized from coast to coast. Mehring continued, “Waste in retail groceries is nothing new, but with the increased margin pressure it can no longer be tolerated. We are experiencing a significant increase in interest as the industry has become aware that Zest Fresh delivers real savings.” Zest Labs is continuing discussions with these companies for expanding coverage to additional products. Initial revenue from these programs will be recognized in First Quarter Fiscal 2019.
Zest Labs also continues to gain traction with growers and processors, as the benefits of improving operational efficiency are recognized. In June, two new sites were added for a national grower, with additional deployment work scheduled. “To maximize effectiveness for retailers, Zest Fresh is used to capture data from the field through processing and distribution. Delivering real value to growers and processors is critical to broad adoption and use. Zest Fresh has proven value for growers and processors, ensuring reliable data capture and operational insights for both food safety and freshness management.
Zest Labs continues to work with previously announced growers and retailers, each recognizing the delivered value and exploring broader use of Zest Fresh.
“We’re excited by the progress of the Zest Labs’ Zest Fresh solution in the marketplace,” said Randy May, Chairman of the Board and CEO of Ecoark Holdings. “Leading retailers, distributors and growers are increasingly recognizing the value we provide them with our autonomous, end-to-end cold chain visibility solutions for proactive decision making that improve delivered freshness and reduce shrink by 50 percent or more.”
About Ecoark Holdings, Inc. and Zest Labs
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, restaurants and retail grocers. Through its Zest Labs subsidiary, the company offers a suite of proven solutions that address the $161 billion fresh food waste problem, and provide true transparency for the fresh produce, meat and seafood supply chains. Zest Labs’ flagship solution, Zest Fresh, provides autonomous, field-to-shelf visibility for proactive decision making to improve delivered freshness and reduce shrink by 50% or more. Integrated blockchain technology provides true transparency for food safety, product freshness and traceability. Zest Fresh improves product margins and increases customer satisfaction and brand loyalty while promoting sustainability. 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.
Contacts
Investor Relations:
John Mills
ICR
646-277-1254
John.Mills@icrinc.com
Public Relations:
Greg Wood
Zeno Group for Zest Labs
650-801-7958
Greg.Wood@zenogroup.com