Ecoark Announces Executive Leadership Addition
Ecoark Holdings appoints Julia Olguin as CEO of its subsidiary, White River Holdings Corp, effective February 18, 2021. Olguin, a seasoned energy executive with a history in major firms like BP and NextEra Energy, will focus on strategic growth within traditional and renewable energy, including launching an energy trading desk. The company aims to expand its board with an independent director by mid-2021, positioning Ecoark for growth in energy markets, particularly in Texas, Louisiana, and Mississippi.
- Appointment of a seasoned executive with extensive experience in energy.
- Focus on strategic growth in both traditional and renewable energy sectors.
- Plans to launch an energy trading desk to capitalize on market opportunities.
- Anticipation of board expansion to include new independent directors to strengthen governance.
- Potential risks associated with oil and gas drilling and market fluctuations.
- Dependence on selecting qualified board candidates may introduce uncertainties.
Seasoned energy executive to drive Ecoark’s strategic growth plan
SAN ANTONIO, Feb. 18, 2021 (GLOBE NEWSWIRE) -- Ecoark Holdings, Inc. ("Ecoark" or the “Company”) (OTC: ZEST), is announcing the addition of Julia Olguin as Chief Executive Officer of its subsidiary, White River Holdings Corp (“White River”). Ms. Olguin is also expected to join the Board of Directors (the “Board”) of Ecoark immediately upon the appointment of an additional independent director later this year.
Julia Olguin is a seasoned energy executive with an extensive career across the energy value chain, including trading and midstream operations. Ms. Olguin has held various leadership roles at a number of major and supermajor energy companies including BP, NextEra Energy, American Electric Power, and Southern Company.
In her new role, Ms. Olguin will lead the Company’s strategy across traditional and renewable energy, with a focus on mergers and acquisitions and business development. In addition, Ms. Olguin intends to launch an energy trading desk, with a focus on capturing opportunities in the commodities and energy markets.
“I am incredibly excited to be joined by Julia – a proven energy executive with a world-class track-record, pedigree and experience,” said Randy May, Chairman and CEO of Ecoark. “Julia’s rich background spans energy trading, renewable energy, E&P and midstream, which are all areas White River expects to further pursue over the next 6 to 18 months. With the bench strength we have in place, Ecoark is in a prime position to deliver growth and success over the long-term.”
“I am extremely humbled and grateful for the opportunity to lead White River through its next stage of growth into an integrated energy company in the Texas, Louisiana, and Mississippi region, said Julia Olguin. “The business has all of the building blocks necessary to support rapid growth. I look forward to hitting the ground running and am committed to driving value for Ecoark and its stakeholders.”
Ecoark currently has three independent directors on its five-member Board. Ecoark intends to add a fourth independent director by the end of the quarter ending June 30, 2021. Once completed, Ecoark intends to add Ms. Olguin to the Board, subject to Board approval.
About Ecoark Holdings, Inc.
Founded in 2011, Ecoark is a diversified holding company. The Company has three wholly owned subsidiaries: Zest Labs, Inc. (“Zest Labs”), Banner Midstream Corp (“Banner Midstream”) and Trend Discovery Holdings (“Trend Discovery”). Zest Labs, offers the Zest FreshTM solution, a breakthrough approach to quality management of fresh food, is specifically designed to help substantially reduce the amount of food loss the U.S. experiences each year. Banner Midstream is engaged in oil and gas exploration, production, and drilling operations on over 30,000 cumulative acres of active mineral leases in Texas, Louisiana, and Mississippi. Banner Midstream also provides transportation and logistics services and procures and finances equipment to oilfield transportation services contractors. Trend Discovery invests in a select number of early-stage startups each year as part of the fund’s Venture Capital strategy; we are open-minded investors with a founder-first mentality. Trend Discovery LP has an audited track record of uncorrelated outperformance of the S&P 500 since inception.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including our near-term strategy across traditional and renewable energy and expected changes in the Board composition. 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, many of which are outside management’s control. Important factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to, the availability of qualified candidates to join our Board, the risks arising from oil and gas drilling and completion, the impact of the COVID-19 pandemic on our Company and the national and global economy, our ability to realize fully the anticipated benefits of the recent acquisitions, changes in applicable laws, regulations, or executive and administrative orders, fluctuations in oil and gas prices, and the possibility of adverse economic, business, and/or competitive factors. Additional risks and uncertainties are identified and discussed in Ecoark’s filings with the SEC, including the Annual Report on Form 10-K for the fiscal year ended March 31, 2020 and the registration statement on Form S-3 filed on October 16, 2020, as amended by Amendment No. 1 filed on December 22, 2020, and Amendment No. 2 filed on December 28, 2020. 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.
ZEST FRESH™ and Zest Labs™ are trademarks of Zest Labs, Inc.
Contact:
Investor Relations:
John Mills
ICR
646-277-1254
John.Mills@icrinc.com
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