The sale of NewAge to Morinda’s original co-founder, John Wadsworth, has been approved.
On August 30th, NewAge, owner of the Multi-Level Marketing firms Noni by NewAge and Ariix, filed for Chapter 11 bankruptcy.
On the same day, NewAge and DIP Financing LLC signed an Asset Purchase Agreement.
DIP Financing LLC is a Wyoming limited liability company that lists a Puerto Rico post office box as its address.
In the NewAge Asset Purchase Agreement, John Wadsworth is listed as the sole representative of DIP Financing LLC.
Tahitian Noni International was founded in 1996, and Wadsworth was there at the beginning. In fact, non-MLM commercial activity may be traced all the way back to 1993.
In an interview with the Salt Lake Tribune from 2011, John Wadsworth explained that he and his company partners “ran out of money,” prompting them to switch to a multi-level marketing structure for Tahitian Noni.
When 2012 rolled around, Tahitian Noni International became known as Morinda.
The new name is a nod to TNI’s noni heritage (Morinda citrifolia is the scientific term for noni) while still being inclusive enough to reflect the company’s focus on bioactives, as stated by TNI president John Wadsworth.
That’s why they called it Morinda; it embodies their history, their present, and their future.
In December 2015, Morinda was evaluated. Due to its emphasis on autoship recruitment among affiliates, Morinda was easily able to function as a pyramid schemeor
It was in December of 2018 that New Age Beverages acquired the Morinda brand. Apparently, at that time, Wadsworth had already left.
Wadsworth was named as one of the six founders of Zennoa in December 2016.
In 2018, Ariix acquired Zennoa. When NewAge acquired Ariix in 2020, the cycle repeated.
Which leads us back to New Age’s demise in 2022.
Wadsworth’s intentions for NewAge, Noni by NewAge, and Ariix, as well as the acquisition price that DIP Financing LLC has agreed to pay for the company,
Financial statements released on September 28 suggest that a $3.2 million PPP loan looks to have kept NewAge afloat throughout the entirety of 2021.
About $2.8 million of the debt was written off.
Meanwhile, Ariix’s financial situation appears murky. In 2021, the company earned $23.9 million in sales; in the next twelve months, that number dropped to just $15,506.
On August 30, NewAge filed for bankruptcy, and the corporation has made no more public announcements about the matter since then.
Despite filing for bankruptcy, NewAge has maintained a social media presence, where it has apparently discussed more “essential” matters.
Even though I don’t think anything big will happen, I will keep an eye on the NewAge bankruptcy proceedings.