Ecoark Holdings Inc. of Rogers on Wednesday announced that it will explore strategic options related to portfolio company Zest Labs, including a potential spin-off of the company. Zest Labs will also expand the size of its board.
Ecoark said its goal is to unlock long-term shareholder value and maximize Zest Labs’ opportunity to lead the agriculture and supply chain industries with cloud-based software solutions.
“Our executive team unanimously feels there is great potential for Zest Labs to generate more shareholder value as a standalone company than as a wholly owned subsidiary within our holding company,” Ecoark CEO Jay Puchir said in a news release. “We are closely evaluating all options, and this board authorization is a key step to establishing Zest Labs as a viable standalone player in this rapidly emerging market.”
Zest Labs’ technology enables retailers to significantly reduce fresh food spoilage by providing a growing suite of proprietary solutions and technologies that drive efficiency and sustainability through improved quality consistency for clients. The company is modernizing the post-harvest fresh food processing and distribution industry by delivering six sigma process management in an approachable and scalable service.
One of its products, Zest Fresh, combines cloud, mobile and cost-effective, item-level monitoring technology with real-time predictive and prescriptive analytics.
Zest Labs CEO Peter Mehring said in the release, “We are excited to explore these initiatives to accelerate our growth and broaden our opportunities as an independent company. This transition best positions Zest Labs to expand our leadership in reducing food waste with Zest Fresh, our proven freshness management solution.”
Zest Labs will also host an open house in San Jose, California, on Sept. 27 and give a presentation on Zest Fresh during that event.
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