LAS VEGAS, March 21, 2023 (GLOBE NEWSWIRE) -- BitNile Metaverse, Inc. (Nasdaq: BNMV) (“BitNile Metaverse” or the “Company”) today announced that the Company has changed its name from Ecoark Holdings, Inc. to BitNile Metaverse, Inc. effective today, March 21, 2023, to reflect its focus on growing its browser-based metaverse solution as its core business. The Company’s shares will continue to be traded on The Nasdaq Capital Market. The Company’s ticker symbol will change from “ZEST” to “BNMV”. The name and stock ticker are the next steps after the Company’s recent acquisition of BitNile.com, Inc. from Ault Alliance, Inc. (NYSE American: AULT).
According to Randy May, Chairman and CEO of the Company, “As we retire the old ‘Ecoark’ name, we are excited to embrace the booming metaverse industry and to grow our business in this high-growth sector.”
BitNile Metaverse’s Platform (the “Platform”), which went live to the public on March 1, 2023, offers a preview of the foundational world and related activities. The Platform continues to add new features and functionality weekly, including 3D immersive games, eCommerce, live streaming entertainment, and social networking. The Platform’s tiered rewards system incentivizes users to visit often and remain for longer durations, benefitting advertisers from the increased “stickiness” and innovative advertising models unique to the metaverse. The Platform also serves as an arena for content creators and media and entertainment companies to present their products and videos to users through their avatars in a new immersive experience.
The Platform is device-agnostic, enabling end-users to access the metaverse via a web browser on any modern device, including mobile phones, tablets, PCs, and VR headsets. BitNile Metaverse encourages the public to experience the early access version of the Platform and subsequent updates through the link https://bitnile.com.
For more information on BitNile Metaverse and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company’s public filings and press releases available under the Investor Relations section at www.bitnile.net or available at www.sec.gov.
About BitNile Metaverse Inc.
Founded in 2011, BitNile Metaverse owns 100% of BitNile.com, Inc., including the BITNILE.COM metaverse platform. The Platform, which went live to the public on March 1, 2023, allows users to engage with a new social networking community and purchase both digital and physical products while playing 3D immersive games. In addition to BitNile.com, Inc., BitNile Metaverse also owns three non-core subsidiaries either directly or indirectly: approximately 66% of Wolf Energy Services Inc. (OTCQB: WOEN) indirectly, 100% of Zest Labs, Inc. directly and approximately 89% of Agora Digital Holdings Inc. directly. BitNile Metaverse also owns approximately 70% of White River Energy Corp (OTCQB: WTRV).
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and Ecoark does not undertake any obligation to update any of these statements publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. In addition to risks relating to the acceptance of the Platform by individuals, competition with much larger companies operating metaverses, Ecoark’s ability to raise capital, and state regulation of bitcoin mining, investors should review the risk factors that could affect Ecoark’s business and financial results which are included in Ecoark’s filings with the U.S. Securities and Exchange Commission, including, but not limited to its Forms 10-K, 10-Q and 8-K. All such filings are available at www.sec.gov and on the Company’s website at www.bitnile.net.
