ZEST - Ecoark to sell Banner Midstream unit via reverse merger with Enviro Tech

Enviro Technologies ( OTCPK:EVTN ) +510% after Ecoark Holdings ( NASDAQ: ZEST ) announced plans on Wednesday to spin off its Banner Midstream oilfield services subsidiary through a reverse merger with Enviro Tech.

Enviro Tech ( OTCPK:EVTN ) will issue nearly 13M shares to Ecoark ( ZEST ) in exchange for all issued and outstanding common stock of Banner, giving it a 70% ownership in its former unit at closing.

Ecoark ( ZEST ) said it intends to effect a 4:1 forward stock split of Enviro ( OTCPK:EVTN ) to allow for a ~1:1 stock dividend of Enviro to Ecoark's shareholders at a to be determined record date.

"We are excited for our shareholders to be able to acquire an operating business such as Banner which recorded $18.75M in revenues for its most recently completed year-end on March 31," Enviro Tech ( OTCPK:EVTN ) CEO John DiBella said.

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