U.S. Markets closed

NewAge, Inc. (NBEV)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
Add to watchlist
3.3500+0.0500 (+1.52%)
At close: 4:00PM EST

3.3497 -0.00 (-0.01%)
After hours: 5:43PM EST

Full screen
Loading interactive chart...
  • NewAge Upgrades Financial Flexibility With the Addition of a New $30 Million Debt Facility
    GlobeNewswire

    NewAge Upgrades Financial Flexibility With the Addition of a New $30 Million Debt Facility

    Total unrestricted cash balance now in excess of $50MMDENVER, Dec. 01, 2020 (GLOBE NEWSWIRE) -- NewAge, Inc. (Nasdaq: NBEV), the Colorado-based social selling and distribution company with a network of independent business owners across 75 countries worldwide, today announced that it will close a new debt facility for a total of $30 million, increasing its unrestricted cash balance to more than $50 million. The new two-year debt facility with funds and accounts managed by JGB Management, Inc. (JGB), replaces the existing line of credit that the Company had in place with East West Bank, which will be satisfied in full at closing. In addition to eliminating the East West facility, the new line of credit will be used to provide $10 million in cash as part of the ARIIX transaction and for general working capital purposes. Details of the agreement are included in the Company’s Current Report on Form 8-K filed on December 1, 2020.Greg Gould, Chief Financial Officer of NewAge, commented, “We are pleased to be able to secure this financing and partner with a great organization like JGB. I’m excited about our new partnership with JGB, which even further strengthens our company’s financial position. We intend to use the funds to fully pay off our loan balance with East West Bank, fulfill our cash payment obligation under the ARIIX transaction, and use strategically to fund operating activities designed to accelerate our global organic revenue growth. With the addition of this financing our unrestricted cash balance will now exceed $50 million. With the completion of the NewAge/ARIIX merger and the expected improved cash generation of the combined company augmented with the new credit facility, I believe we have significant financial flexibility to meet our organic operating needs throughout 2021.”Brett Cohen, Founder of JGB mentioned, “We are very excited to be working with NewAge and to provide the financing for their organic growth and other needs. We look forward to this new relationship and being a key component of their strategic growth plans.”Advising NewAge on the transaction was A.G.P./Alliance Global Partners as advisor and placement agent. About NewAge, Inc. (NASDAQ: NBEV) NewAge is a Colorado-based organic and healthy products company intending to become one of the world’s leading social selling and distribution companies. The Company builds brands across three primary platforms including health and wellness, healthy appearance, and nutritional performance. NewAge employs an omnichannel route to market across more than 75 countries worldwide with a team of more than 400,000 independent distributors. The Company operates the websites newage.com, noninewage.com, ariix.com, mavie.com, thelimucompany.com, zennoa.com and a number of other individual brand websites.About A.G.P. /Alliance Global Partners A.G.P./Alliance Global Partners is an investment banking and advisory firm that has been a member of FINRA and registered with the SEC since 1980. A.G.P provides brokerage and wealth management services with access to all major domestic exchanges as well as over 30 global markets. A.G.P. specializes in wealth management and the middle market institutional arena. A.G.P. provides clients with boutique-level services along with the confidence of knowing their assets are held at Fidelity Clearing and Custody. A.G.P maintains long-lasting relationships with clients, ranging from some of the largest institutions investors and selected individual investors. More information on Alliance General Partners can be found at www.allianceg.com.Safe Harbor Disclosure This press release contains forward-looking statements that are made under the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statement reflecting management's expectations regarding future results of operations, economic performance, financial condition, the acquisition of ARIIX, statements about the benefit of the ARIIX transaction, upgrades to NewAge’s financial position, acceleration of our global organic revenue growth, expected improved cash generation of the combined company, having significant financial flexibility to meet the Company’s organic operating needs throughout 2021, and the extent and duration of COVID-19 on its business. The forward-looking statements are based on the assumption that operating performance and results will continue in line with historical results. Management believes these assumptions to be reasonable, but there is no assurance they will prove to be accurate. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. NewAge competes in a rapidly growing and transforming industry, and risk factors, including those disclosed in the Company's filings with the Securities and Exchange Commission, might affect the Company's operations. Unless required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements.For investor inquiries about NewAge please contact:NewAge Investor Relations: Riley Timmer Vice President, Investor Relations Tel: 1-801-870-8685 Riley_Timmer@NewAge.comInvestor Relations Counsel: John Mills/Scott Van Winkle ICR – Strategic Communications and Advisory Tel: 1-646-277-1254/1-617-956-6736 newage@icrinc.comNewAge, Inc.: Gregory A. Gould Chief Financial Officer Tel: 1-303-566-3030 Greg_Gould@NewAge.com

  • Do Hedge Funds Love NewAge, Inc. (NBEV)?
    Insider Monkey

    Do Hedge Funds Love NewAge, Inc. (NBEV)?

    In this article we will analyze whether NewAge, Inc. (NASDAQ:NBEV) is a good investment right now by following the lead of some of the best investors in the world and piggybacking their ideas. There’s no better way to get these firms’ immense resources and analytical capabilities working for us than to follow their lead into […]

  • Dr. Fred W. Cooper Joins Board of Directors of NewAge, Inc.
    GlobeNewswire

    Dr. Fred W. Cooper Joins Board of Directors of NewAge, Inc.

    DENVER, Nov. 19, 2020 (GLOBE NEWSWIRE) -- NewAge, Inc. (Nasdaq: NBEV), the Colorado-based social selling and distribution company with a network of independent business owners across 75 countries worldwide, today announced that it has appointed Dr. Fred W. Cooper, Ph.D., as a member of its board of directors, effective November 16, 2020. Dr. Cooper brings more than 25 years of e-commerce and direct selling experience and was a Founder and the Chief Executive Officer of ARIIX prior to completing the merger. Under Dr. Cooper’s leadership, ARIIX was one of the fastest-growing direct selling companies over its nine years of business, and in 2020, was recognized as number 35 on the DSN’s list of Top 100 global companies. Prior to founding ARIIX in July 2011, he was the President and Chief Operating Officer of NYSE listed USANA Health Sciences. He started his career in direct sales at USANA in 1998 where he played many critical roles, serving in different executive capacities in Special Projects, Information Technology, and Global Operations. Dr. Cooper also spent over ten years teaching entrepreneurship and statistics courses as a part-time professor at the University of Utah.Dr. Cooper earned a B.S. in Finance and a B.S. in Psychology from the University of Utah. He also earned a Ph.D. in Business Administration, with an emphasis on statistics and operations processes and management, from the University of UtahGreg Fea, Chairman of the Board of NewAge, commented, “We are pleased to welcome Dr. Cooper to the Board and look forward to working closely with him to further the success of NewAge. His expertise in Direct Sales at the highest levels makes for a natural addition as we continue to execute our direct-to-consumer strategy. His track record in the industry is unmatched, which along with his diverse experience as a successful business owner, entrepreneur, and a former top executive of a publicly-traded company, significantly strengthens the NewAge Board.”In response to his appointment to the Board of Directors of NewAge, Dr. Cooper commented, “I’m excited to take on a new responsibility to help guide the strategic direction of NewAge, combining our global leading companies. I know and have worked personally with many of the new executives of NewAge and have a high level of confidence in their leadership and abilities. NewAge is well-positioned globally to drive growth, improve profitability, and reach more consumers than ever before. I look forward to playing a significant role to help further the company’s position in the global consumer market to create additional value for all of our representatives, consumers and shareholders.”About NewAge, Inc. (NASDAQ: NBEV) NewAge is a Colorado-based organic and healthy products company dedicated to inspiring and educating consumers to “Live Healthy.” The Company is a social selling and distribution company with access to e-commerce, direct-to-consumer, and medical channels across more than 75 countries worldwide when combined with ARIIX. NewAge markets a portfolio of better-for-you products including the brands Tahitian Noni, TeMana, ‘Nhanced and others. The Company operates the websites www.newage.com, www.noninewage.com, and a number of other individual brand websites.Safe Harbor Disclosure This press release contains forward-looking statements that are made under the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statement reflecting management's expectations regarding future results of operations, economic performance, financial condition, the acquisition of ARIIX, statements about the benefit of the ARIIX transaction, and the extent and duration of COVID-19 on its business. The forward-looking statements are based on the assumption that operating performance and results will continue in line with historical results. Management believes these assumptions to be reasonable, but there is no assurance they will prove to be accurate. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. NewAge competes in a rapidly growing and transforming industry, and risk factors, including those disclosed in the Company's filings with the Securities and Exchange Commission, might affect the Company's operations. Unless required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements.For investor inquiries about NewAge please contact:NewAge Investor Relations: Riley Timmer Vice President, Investor Relations Tel: 1-801-870-8685 Riley_Timmer@NewAge.comInvestor Relations Counsel: John Mills/Scott Van Winkle ICR – Strategic Communications and Advisory Tel: 1-646-277-1254/1-617-956-6736 newage@icrinc.comNewAge, Inc.: Gregory A. Gould Chief Financial Officer Tel: 1-303-566-3030 Greg_Gould@NewAge.com