Company Plans to Implement Zest Labs™ Solution with Blockchain Technology to Modernize and Provide True Transparency for the Beef Supply Chain
ROGERS, Ark.--(BUSINESS WIRE)--Ecoark Holdings, Inc. ("Ecoark"), dba Zest Technologies™, (OTCQX: ZEST) today announced that it has obtained Board approval to submit a bid to purchase the key assets of a beef processing operation in a sales process conducted under Section 363 of the U.S. Bankruptcy Code. The bid would be subject to the receipt of competing offers from other potential bidders and court approval. Additional details will be provided on the transaction if and when it reaches a definitive agreement.
"We see a tremendous opportunity to introduce disruptive technology to the beef supply chain to track and trace pedigree, farming practices, authenticity, food safety and freshness from birth of the animal through to the retail store or restaurant," stated Randy May, Chairman and CEO of Zest Technologies. "We have a proven packing plant turnaround team which we plan to insert into this operation to work alongside its current management to create a state-of-the-art operation with breakthrough technology."
The facility would be expected to generate significant revenue for Zest Technologies and allow it to utilize its Zest Labs freshness management solution, Zest Fresh™, proven to be effective within major retail chains. "Consumers are increasingly expecting more information about the food theyre being served and are demanding true transparency in the perishable supply chain," stated Peter Mehring, CEO of Zest Labs. "Zest Fresh, with integrated blockchain support, can help address the increasing demand for complete visibility related to the provenance, source, quality, compliance and pedigree of meat from pasture to premium beef."
"We have confidence that our selected team, combined with the current management team, will be successful in steering this proven entity back to profitability and growth," continued May. "The acquisition would be expected to generate over $75 million of annual revenue in its first year after the proposed acquisition, and along with the continued commercialization of Zest Fresh, will accelerate our overall growth and shorten our time to profitability."
About Ecoark Holdings Inc.
Ecoark Holdings, Inc. (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.