Ecoark Subsidiary Announces Formation of Wolf Energy Services Brand

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Ecoark investee, Enviro Technologies U.S. Inc., has begun doing business as Wolf Energy Services

Rebranding initiative marks important first step in developing a larger and more diversified oilfield services company

SAN ANTONIO, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Ecoark Holdings, Inc. (“Ecoark”) (NASDAQ: ZEST) today announced the rebranding and renaming of its majority-owned indirect subsidiary, Enviro Technologies U.S., Inc. (OTC: EVTN) (“Enviro” or the “Company”) to Wolf Energy Services. On September 7, 2022, Enviro filed with the State of Florida to begin conducting business as Wolf Energy Services. In the coming weeks, the Company expects to request approval from its shareholders and the Financial Industry Regulatory Approval (“FINRA”) to formally change its business name to Wolf Energy Services Inc. This rebranding and renaming initiative is the completion of the Company’s first planned step, after its recently completed reverse merger, to begin developing a larger and more diversified oilfield services company.

“We are excited to announce this rebranding and renaming initiative, and are motivated by the opportunity to create value for all stakeholders by leveraging our strong energy services platform to expand and diversify our solutions,” stated Jim Galla, Wolf Energy Services CFO and Interim CEO. “Work is already underway, and I am confident we have the right team to help achieve our growth initiatives. We look forward to driving a process that seeks to uplist our company to the OTCQB or OTCQX, and ultimately, to a national securities exchange.”

“Oilfield services is a very unique industry where extremely hard working individuals such as rig hands, roustabouts, and truck drivers wear their company’s logo with a sense of pride and loyalty,” stated JD Reedy, Wolf Energy Services COO. “Our recent merger with Enviro positions Wolf Energy for success through a new public platform, combined with our company’s long-term customer base and reputation for safe and efficient operations. We are proud to introduce our new Wolf Energy brand and excited by our plans to expand and diversify our oilfield services business.”

About Ecoark Holdings, Inc.

Founded in 2011, Ecoark is a diversified holding company. Ecoark owns four principal subsidiaries either directly or indirectly: approximately 70% of Enviro Technologies US, Inc. (OTC: EVTN) (“Enviro”) indirectly, approximately 70% of Fortium Holdings Corp (OTC: FRTM) (“Fortium”) indirectly, 100% of Zest Labs, Inc. (“Zest Labs”) directly, and approximately 89% of Agora Digital Holdings Inc. (“Agora”) directly. Enviro provides trucking and other services for oil and gas services companies through its Banner Midstream business. Fortium owns White River Holdings Corp., an oil and gas drilling, exploration, and production company. Zest Labs, offering the Zest Fresh™ solution, a breakthrough approach to quality management of fresh food, is specifically designed to help substantially reduce the $161 billion amount of food loss the U.S. experiences each year. Agora engaged in the mining of Bitcoin prior to the industry sell-off through its subsidiary, Bitstream Mining LLC.

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

Cautionary Note on Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the timing of the planned rebranding and uplisting and building a diversified oilfield services business. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate 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 concerning future events. Such 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 outside management’s control. Additional factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Among the risks that may affect these forward-looking statements are delays in filing the Form 14f-1, compliance with OTC Markets requirements, FINRA delays, and issues including contractual difficulties and political ocn sideration which may adversely affect EVTN’s ability to acquire another business. Additional risks and uncertainties are identified and discussed in Ecoark’s and EVTN’s filings with the SEC, including the Annual Report on Form 10-K for the fiscal year ended March 31, 2022. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Additional factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Contact:

Investor Relations:Marc Silverberg, ICRBrian McBride, Ecoark1-800-762-7293[email protected]