Ecoark Holdings Plans to Change Its Name to BitNile Metaverse

Company to focus on building out its browser-based metaverse solution as its core business to capture market share in booming metaverse industry

SAN ANTONIO, March 10, 2023 (GLOBE NEWSWIRE) -- Ecoark Holdings, Inc. $(ZEST)$ ("Ecoark" or the "Company") today announced its plan to rename the company to "BitNile Metaverse Inc.", and change its stock ticker symbol to "BNMV". The name and ticker symbol change are subject to regulatory approval and are expected to be completed within the next 10 trading days. The plan to change the Company's name and stock ticker are a planned next step after the Company's recent acquisition of BitNile.com, Inc. from Ault Alliance, Inc. (NYSE American: AULT). (See press release here).

Milton "Todd" Ault, III, Ault Alliance's Executive Chairman, stated, "The recent challenges that other device-based metaverses have encountered with user adoption are a clear indicator that the BITNILE.COM metaverse platform chose the correct path as a device-agnostic browser-based metaverse. We are excited to continue growing our user base and have numerous new offerings and enhancements we plan to be announcing in the coming weeks in the BitNile Metaverse."

Ecoark's Founder, Chairman and CEO, Randy May, stated, "I'm proud to be able to retire the old 'Ecoark' business name in exchange for a high-growth sector such as the metaverse. I'm looking forward to continuing to work with Todd Ault and our teams on growing this business."

About Ecoark Holdings, Inc. (to be renamed BitNile Metaverse, Inc.)

Founded in 2011, Ecoark, soon to be renamed 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., Ecoark 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. Ecoark 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.ecoarkusa.com.

Contacts

Ecoark Holdings Investor Contact:

investorrelations@ecoarkusa.com or 1-800-762-7293

(END) Dow Jones Newswires

March 10, 2023 08:30 ET (13:30 GMT)