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Magnolia Solar and Ecoark Sign Merger Agreement; Plan for Name Change to Ecoark Holdings and Migration to a National U.S. Stock Exchange
Magnolia Solar and Ecoark Sign Merger Agreement; Plan for Name Change to Ecoark Holdings and Migration to a National U.S. Stock Exchange.
About this update from Riskon International, Inc.
[{"type":"text","content":"\n\n ALBANY, N.Y. and WOBURN, Mass., Feb. 04, 2016 (GLOBE NEWSWIRE) -- Magnolia Solar Corporation (OTCQB:MGLT) (“Magnolia Solar”) announced that it has signed a Merger Agreement with Ecoark, Inc. (“Ecoark”).  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.\n 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 Magnolia’s technology, but it also provides us the opportunity to monetize these assets through Ecoark’s connectivity.  Ecoark’s current growth trajectory provides a real win for all of Magnolia’s 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, Ecoark’s Chairman and Chief Executive Officer.  “Magnolia Solar shares Ecoark’s 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. Sood’s 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. About Ecoark Corporation Based in Rogers, AR, Ecoark was founded in 2011 to develop and deploy intelligent technologies and consumer products to national and international retailers, agriculture, food service, and commercial real estate and government agencies.  Ecoark’s products have been developed through strategic acquisition and ground-up development.  Ecoark has filed 78 patents and to date 58 h...