Ecoark Holdings said Wednesday (Aug. 9) it is exploring a possible spin-off of Zest Labs, one of the portfolio companies owned by the Rogers-based holding company.
In a company news release, Ecoark leadership said all options will be evaluated for Zest Labs, in an effort to “unlock long-term shareholder value and maximize Zest Labs’ opportunity to lead the agriculture and supply chain industries.”
Zest Labs will also increase the size of its board of directors, according to the release.
“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 the 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’ proprietary ZIPR technology helps retailers reduce fresh food spoilage. You can learn more about the company in a Talk Business & Politics story at this link.
“We are excited to explore these initiatives to accelerate our growth and broaden our opportunities as an independent company,” Zest Labs CEO Peter Mehring said in the release. “This transition best positions Zest Labs to expand our leadership in reducing food waste with Zest Fresh, our proven freshness management solution.”