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The first phase should become operational in 90 days

SAN ANTONIO, Aug. 09, 2021 (GLOBE NEWSWIRE) – Ecoark Holdings, Inc. (“Ecoark”) (NASDAQ: ZEST), has announced plans to allocate approximately $ 3 million of the net proceeds of its recently $ 20 million completed. registered direct offer, towards the development of a digital asset mining business proposal, with a focus on Bitcoin. We intend to deploy capital for the development of a beta site (“beta”) of a 6 MW (“megawatt”) cryptocurrency mining operation in Texas, with expansion capacity. short-term target of 50 MW on the first project. The project will represent the first major investment in cryptocurrency mining to be operated by our newly formed indirect wholly owned subsidiary Bitstream Mining LLC (“Bitstream”), a wholly owned subsidiary of Trend Discovery Holdings LLC (“Trend ”), Another wholly owned subsidiary of Ecoark. On August 6, 2021, Bitstream signed an engagement agreement with a leading strategic industry partner, the Electric Reliability Council of Texas (“ERCOT”), with comprehensive energy services experience over the full lifecycle of over 20 years, which we consider critical for energy. deployment of associated infrastructures. Bitstream is expected to enter into a power contract within the next 30 days and begin marketing within 90 days, subject to market conditions and the availability of mining equipment.

With the deficiencies in the ERCOT power grid encountered during the severe weather cycles of last winter, Bitstream should be positioned to help mitigate grid imbalances at critical times, as part of our environmental, social and governance strategy. (“ESG”), by turning off cryptocurrency mining and reselling our 6 MW of electricity to the ERCOT grid. We plan to use the capabilities of our strategic partner to monitor the market for ERCOT supply and demand in real time and redirect our energy away from cryptocurrency mining at all times to mitigate market imbalances. network. Additionally, Ecoark will continue to monitor potential future opportunities in stranded natural gas.

“By reducing our energy consumption when charging resources are insufficient, we can help alleviate the strain on the grid, which benefits local communities and helps ensure they have access to electricity when they need it. need them most, ”said Britt Swann, President of Bitstream. “We look forward to helping the development of green infrastructure in Texas by mitigating grid imbalances when solar and wind power are unable to meet demand. Today’s exciting announcement of our first mining project serves as a platform for value creation in this rapidly growing industry. We anticipate that this beta project will help Ecoark to diversify its business in the cryptocurrency market and, if successful, expand Bitstream’s future capacity beyond 50 MW.

About Ecoark Holdings, Inc.

Founded in 2011, Ecoark is a diversified holding company. The Company has three wholly owned subsidiaries: Zest Labs, Inc. (“Zest Labs”), Banner Midstream Corp (“Banner Midstream”) and Trend Discovery. Zest Labs offers the Zest Fresh ™ solution, a revolutionary approach to fresh food quality management, specially designed to help dramatically reduce the US $ 161 billion in food loss each year. Banner Midstream is engaged in oil and gas exploration, production and drilling operations on more than 30,000 cumulative acres of active mining claims in Texas, Louisiana and Mississippi. Banner Midstream also provides transportation and logistics services and purchases and finances equipment for oilfield transportation service contractors. In addition to leading our new business opportunity, Trend invests annually in a number of start-ups as part of the fund’s venture capital strategy; we are open-minded investors with a founder’s mindset. Trend Discovery LP has an audited history of uncorrelated outperformance of the S&P 500 since inception.

ZEST FRESH ™ and Zest Labs ™ are registered trademarks of Zest Labs, Inc.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the intended use of the net proceeds of the recently concluded offering, to the development of a mining operation. cryptocurrency in Texas, on schedule for the execution of a binding power contract and commissioning of the Beta mining facility, our plans regarding the use of future mining to mitigate imbalances grid using the capabilities and expected benefits of our strategic partner, our plans for natural gas, the potential future expansion of Bitstream’s future capacity, and other statements that are not statements of historical fact. The words “believe”, “can”, “estimate”, “continue”, “anticipate”, “intend”, “should”, “plan”, “could”, “target”, “” will be “,” Expect “and similar expressions as they apply to us are intended to identify forward-looking statements. These statements are based on management’s current expectations and beliefs, as well as a number of assumptions about future events. These forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, such as market and other conditions, many of which are beyond the control of management. Important factors that could cause actual results to differ from those of forward-looking statements include our ability to perform a binding power contract when expected on terms acceptable to us, or not at all, our ability to provide high speed computers required for timely cryptocurrency mining, especially due to the international semiconductor shortage, our limited experience in mining cryptocurrency on a commercial scale, intense competition in the cryptocurrency mining market, future legislation or regulatory initiative limiting the use of digital assets as a medium of exchange, significant volatility in the price of digital assets, and their potentially limited liquidity. Additional risks and uncertainties are identified and discussed in documents filed by Ecoark with the SEC, including the Annual Report on Form 10-K for the year ended March 31, 2021 and the prospectus supplement dated August 4, 2021. Any forward-looking statements made by us herein speak only from the date on which they are made. Other factors or events that could cause our actual results to differ may occur from time to time, and we cannot predict all of them. We assume no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Contact:

Investor Relations:
Marc Silverberg
RIC
[email protected]