Magnolia Solar Corporation announced that it has signed a Merger Agreement with Ecoark, Inc. The Merger Agreement was signed on January 29, 2016. Magnolia Solar will host a shareholder meeting on February 22, 2016 at 9am EST for the approval of certain Merger Agreement closing conditions as required by applicable regulations.
Dr. Ashok K. Sood, President, Chief Executive Officer and Director of Magnolia Solar said, We are very excited about merging with Ecoark. Not only does this merger provide synergy for expanding the use of Magnolias technology, but it also provides us the opportunity to monetize these assets through Ecoarks connectivity. Ecoarks current growth trajectory provides a real win for all of Magnolias stakeholders.
We are delighted for Dr. Sood and his team at Magnolia Solar to become a part of the Ecoark suite of technologies, said Randy May, Ecoarks Chairman and Chief Executive Officer. Magnolia Solar shares Ecoarks core values of sustainability and social responsibility, and has a proven track record of creating a patented portfolio of emerging technologies. We look forward to utilizing Dr. Soods expertise in the expansion of our intellectual property.
Magnolia Solar Inc, a subsidiary of Magnolia Solar Corporation, will continue to operate as a subsidiary of the merged company. Magnolia Solar has filed 15 patents to date and five of them have been issued by the US Patent Office and 10 patents applications are in various stages with the US Patent Office. These patents include the use of Nanostructured Antireflection Coating Technology for the minimization of reflection loss and development of high efficiency solar cells.
