SALT LAKE CITY, June 08, 2022 (GLOBE NEWSWIRE) — NewAge, Inc. (NBEV) (the “Company”), the Utah-based direct-to-consumer (D2C) organic and wholesome products company, today announced that its Board of Directors has initiated a process to evaluate strategic alternatives potential to maximize shareholder value. As part of the process, the Board of Directors will consider a full range of strategic alternatives, including available financing alternatives, possible financial restructuring or reorganization, merger, sale or other strategic transaction.

The Company has retained Houlihan Lokey as a financial advisor to assist with the strategic review process. In addition, the Company has retained the services of Lawrence Perkins and SierraConstellation Partners, LLC to act as the Company’s Restructuring Director at the request of the Company’s Board of Directors to assist management in preparing financial information, communication with stakeholders and assessment of cash flow generation capabilities in anticipation of the strategic review process.

Ed Brennan, Chairman and Interim Chief Executive Officer of NewAge, said, “Following a detailed assessment over the past several months, we have determined that it is prudent to undertake a review of our strategic options in order to determine which alternative or alternatives, including our standalone plans, are in fact the best way to maximize shareholder value. We have received many communications from shareholders about their views on enhancing shareholder value and we are committed to ensuring that we assess all opportunities. Regardless of the outcome of our review, the entire NewAge team is fully committed to meeting the needs of our Brand Partners and customers and continuing to provide them with exceptional service.”

There can be no assurance that the strategic review process will result in a strategic alternative, nor any assurance as to its outcome or timing. The Company has not set a timetable for the completion of the review process and does not intend to disclose developments related to the process unless and until the Company signs a definitive agreement to this effect. regard, or the Board otherwise determines that further disclosure is appropriate or required.

About NewAge, Inc.

NewAge is a determined company dedicated to inspiring the planet to live well™. The Utah-based company markets a portfolio of organic and healthy products globally, primarily through a direct-to-consumer (D2C) route to market distribution system in more than 50 countries. The company competes in three major platform categories, including health and wellness, inner and outer beauty, nutritional performance and weight management, through a network of independent brand partners exclusive, equipped with the main social selling tools and technologies available in the world. More information about the company can be found at NewAgeGroup.com.

Forward-looking statements

This press release contains forward-looking statements based on the beliefs and assumptions of management and on information currently available to the management of the Company. Forward-looking statements include statements regarding the Company’s exploration of strategic alternatives and the Company’s plans to consider a wide range of options, including available financing alternatives, possible financial restructuring or reorganization, merger, sale or other strategic transaction. Forward-looking statements include statements that are not historical facts and can be identified by words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”. of’, ‘may’, ‘plan’, ‘potential’, ‘predict’, ‘project’, ‘seek’, ‘should’, ‘shall’, ‘would’ or similar expressions and the negatives of these terms. The Company’s actual results and the timing of events could differ materially from those anticipated in these forward-looking statements due to certain risks and uncertainties. These risks and uncertainties include the risk that the Company may not be able to identify one or more strategic alternatives or ultimately pursue a strategic alternative, the risk that the Company’s exploration of strategic alternatives or the public announcement thereof may disrupt the Company’s business activities or cause the Company’s share price to fluctuate significantly, the risk that the Company’s exploration of strategic alternatives is time-consuming and involves the allocation of significant resources and may require the Company to incur significant costs and expenses, the risk that the Company’s exploration of strategic alternatives will divert the attention of the Company’s management and its Board of Directors from existing business operations, have an impact adversely affect the Company’s ability to attract, retain and motivate key employees, and expose the Company to potential litigation related to the process of exploring strategic alternatives or any resulting transaction. n, among other risks and uncertainties, as well as the factors described in more detail in the company’s most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission (“SEC”), each of which may be found on the SEC’s website, www.sec.gov, or the Investor Relations portion of the Company’s website, Investors.newagegroup.com. Except as required by law, the Company undertakes no obligation to update these forward-looking statements or to update the reasons why actual results could differ materially from those anticipated in these forward-looking statements, even if new information become available in the future. Accordingly, undue reliance should not be placed on forward-looking statements.

Contact:

Investors
NewAge, Inc.
Lisa Müller
Vice President, Investor Relations
[email protected]