The sale of NewAge to John Wadsworth, a co-founder of the unique Morinda, has been authorised.
On August 30, NewAge, the proprietor of the MLM corporations Noni by NewAge and Ariix, filed for Chapter 11 chapter.
NewAge and DIP Financing LLC signed an asset buy settlement on the identical day.
DIP Financing LLC is a fictitious enterprise registered in Wyoming with a Puerto Rico PO Field.
John Wadsworth is the one designated consultant of DIP Financing LLC within the NewAge Asset Buy Settlement.
Tahitian Noni Worldwide was based in 1996, and Wadsworth was one of many unique co-founders. Operations for non-MLM companies started in 1993.
In a 2011 interview with the Salt Lake Tribune, Tahitian Noni allegedly selected the MLM enterprise mannequin as a result of John Wadsworth and his colleagues “ran out of cash.”
In 2012, Tahitian Noni Worldwide modified its title to Morinda.
As a result of Morinda citrifolia is the scientific time period for noni, TNI President John Wadsworth stated, “The brand new title retains loyal to our noni heritage whereas being broad sufficient to embody the brand new bioactive mission.
The corporate’s previous, current, and future are all represented by the title Morinda.
Morinda obtained evaluation in December 2015. Due to its emphasis on affiliate autoship recruiting, Morinda would possibly simply function as a pyramid rip-off.
In December 2018, Morinda was bought to New Age Drinks. Wadsworth appeared to have left at that time.
Wadsworth was listed by us in December 2016 as one of many six co-founders of Zennoa.
By buying Zennoa, Ariix did so in 2018. In 2020, Ariix was acquired by NewAge.
That brings us full circle to the chapter of New Age in 2022.
On this regard, there are
What are Wadsworth’s plans for NewAge, Noni by NewAge, and Ariix?, in addition to the worth at which DIP Financing LLC has agreed to buy NewAge.
In keeping with the September twenty eighth Statements of Monetary Affairs, NewAge appears to be like to have been supported by a $3.2 million PPP Mortgage all through 2021.
$2.8 million of the mortgage quantity was forgiven.
In the meantime, Ariix’s monetary scenario appears a bit precarious. Product sales for the corporate fell from $23.9 million in 2021 to only $15,506 from January to August of the next 12 months.
On August 30, NewAge uploaded a press launch confirming its chapter to their web site, however the firm hasn’t made any further public acknowledgements.
NewAge has continued to be lively on social media all through chapter, apparently speaking about extra “important” matters.
I do not assume there shall be any extra necessary information, however I am going to regulate NewAge’s submitting for chapter.