Approval has been granted to promote NewAge off to authentic Morinda co-founder John Wadsworth.
NewAge, who owns the MLM corporations Noni by NewAge and Ariix, filed for Chapter 11 chapter on August thirtieth.
That very same day NewAge signed an Asset Buy Settlement with DIP Financing LLC.
DIP Financing LLC is a Wyoming shell firm with a PO Field tackle in Puerto Rico.
The only named consultant of DIP Financing LLC within the NewAge Asset Buy Settlement is John Wadsworth.
Wadsworth is among the authentic co-founders of Tahitian Noni Worldwide, relationship all the way in which again to 1996. Non-MLM enterprise operations date again even farther to 1993.
In a 2011 interview with the Salt Lake Tribune, John Wadsworth claimed Tahitian Noni adopted the MLM enterprise mannequin as a result of he and his companions “ran out of cash”.
Tahitian Noni Worldwide rebranded as Morinda in 2012.
John Wadsworth, president of TNI said, “The brand new identify stays true to our noni roots (since Morinda citrifolia is the scientific identify for noni), whereas broad sufficient to seize the brand new bioactives imaginative and prescient.
The identify Morinda symbolizes all the things that this firm represents–previous, current, and future.”
BehindMLM reviewed Morinda in December 2015. The concentrate on affiliate autoship recruitment lent itself to Morinda working as a pyramid scheme.
Morinda was offered off to New Age Drinks in December 2018. By then Wadsworth seems to have already left.
In December 2016 BehindMLM famous Wadsworth as one in every of six Zennoa co-founders.
Zennoa was purchased out by Ariix in 2018. Ariix in flip was purchased out by NewAge in 2020.
That brings us full-circle again to New Age’s 2022 chapter.
Unknowns at this stage are
- how a lot DIP Financing LLC has agreed to buy NewAge for;
- whether or not Wadsworth is alone in DIP Financing LLC; and
- what Wadsworth’s plans are for NewAge, Noni by NewAge and Ariix.
September twenty eighth Statements of Monetary Affairs reveal that, all through 2021, NewAge seems to have been stored afloat by a $3.2 million PPP Mortgage.
Of the mortgage quantity, $2.8 million was forgiven.
Ariix’s monetary affairs in the meantime look kinda suss. The corporate recorded $23.9 million in gross income in 2021, which plummeted to only $15,506 from January 2022 to August 2022.
Whereas NewAge did add a press-release to their web site acknowledging its chapter on August thirtieth, the corporate hasn’t in any other case made any public acknowledgement.
All through chapter NewAge has remained energetic on social media, evidently discussing… extra “vital” points.
I’m not anticipating any additional substantial updates however I’ll proceed to observe NewAge’s chapter docket.
