NewAge, Inc. (NasdaqCM:NBEV) announced that its Board of Directors has initiated a process to evaluate potential strategic alternatives to maximize shareholder value. As part of the process, the Board will consider a full range of strategic alternatives including available financing alternatives, a potential financial restructuring or a reorganization, merger, sale or other strategic transaction. The Company has retained Houlihan Lokey, Inc. (NYSE:HLI) as its financial advisors to assist with the strategic review process.

In addition, the Company has retained Lawrence Perkins and SierraConstellation Partners, LLC to serve as Chief Restructuring Officer of the Company at the request of the Company's Board to assist management with the preparation of financial information, stakeholder communication and evaluation of cash flow generation capabilities in anticipation of the strategic review process. Ed Brennan, NewAge's Chairman and interim Chief Executive Officer, commented, “Following a detailed evaluation over the past several months, we have determined that it is prudent to undertake a review of our strategic options 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 on their views on improving shareholder value and we are committed to ensuring we evaluate 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 our customers and continuing to provide them with exceptional service." There can be no assurance that the strategic review process will result in any strategic alternative, or any assurance as to its outcome or timing. The Company has not set a timetable for completion of the review process and does not intend to disclose developments related to the process unless and until the Company executes a definitive agreement with respect thereto, or the Board otherwise determines that further disclosure is appropriate or required.