Press Release

Ecoark, Inc. Merges with Magnolia Solar Corporation

Announces Name Change to Ecoark Holdings, Inc. and Symbol Change to EARK. Plans Uplisting to National Securities Exchange After 1-for-250 Reverse Stock Split.
Ecoark
Ecoark Holdings, Inc., formerly Magnolia Solar Corporation, announced that it has completed the merger of one of its subsidiaries with Ecoark, Inc. (“Ecoark”). As a result, Ecoark Holdings, Inc. will consolidate the operations of Ecoark and Magnolia Solar Inc., its current subsidiary.

Effective Monday, March 28, 2016, the company’s common shares will commence trading with the symbol MGLTD. After 20 trading days, the company’s ticker symbol will continue as EARK.
As previously reported, Magnolia Solar Corporation and Ecoark entered into a Merger Agreement on January 29, 2016. On March 18, 2016, Magnolia held a special meeting of shareholders where its shareholders overwhelmingly approved the name change to Ecoark Holdings Inc. and a 1-for-250 reverse stock split, which were conditions to the completion of the merger.
Dr. Ashok K. Sood, President, Chief Executive Officer and Director of Magnolia Solar said, “We are delighted that the merger with Ecoark is now complete. As I stated in the past, this combination creates synergies for both Magnolia Solar and Ecoark’s intellectual property. We have already identified several opportunities within each other’s intellectual property portfolio where we can drive significant value creation for shareholders.”
“This is an important milestone for Ecoark,” said Randy May, Ecoark’s Chairman and Chief Executive Officer. “When we founded Ecoark in 2011, we set a lofty goal of becoming a publicly-traded company within five years. Dr. Sood, and the team at Magnolia Solar made this goal a reality. As the merger-related activities are now behind us, we look forward to working with Dr. Sood and his team as we continue to address the significant, unmet opportunities in sustainability through our intelligent technologies.”