Morinda/New Age (NASDAQ: NBEV) recently announced that it plans to expand operations into three regions: Africa, Europe and Latin America.
“We call this new initiative Project: White Spaces, and it begins today,” said Chief Commercial Officer Kelly Olsen. “We see white spaces in every market, and we will seek the best leaders in the industry to seize the opportunity to become ‘Top of Market’ in new regions throughout the world.”
According to Olsen, white spaces are those areas in the world with little-to-no market penetration for Morinda/New Age. The company will roll out operations in the coming months in Nigeria, South Africa, various countries in the Caribbean and Bulgaria. Independent product consultants, or IPCs, who build businesses in these new territories will be rewarded with new titles, bonuses and a new compensation structure.
Expansion into new markets figures prominently in CEO Brent Willis’s goal of reaching $1 billion in revenue in the next three years. During a recent Nasdaq closing bell ceremony in which he was invited to headline, Willis stated, “We have the people, we have the team, we have the aligned vision, we have the brands, we have the products, we have the distribution—we have everything we need to win and really be successful.”
Nearly 1,000 Morinda/New Age affiliates and distributors were in attendance to watch the ceremony on the seven-story Nasdaq screen in Times Square.
“I’ve been here for 14 years,” said Nasdaq Executive Vice President Joseph Brantuk, who introduced Willis at the ceremony, “and we’ve never had a company bring that many folks outside to watch us. Truly remarkable stuff.”
Since its initial listing in February 2017, Morinda/New Age has seen revenue growth of more than 15,000 percent. The company was listed at No. 54 in the Direct Selling News Global 100 list of the top direct selling companies in the world based on 2018 revenue.