Omegatrend
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Omegatrend is an Australian multi-level marketing company. It was founded in 1990 in Perth, Western Australia by Loren Watts and Sandra Watts, who had achieved Diamond (a significant level) in Amway.ogram have since been suspended.
The accounting firm of CI5 PPB has instructed respected lawyers Ray Doyle and William Bodie to check into the assets and cash-flow of Omegatrend.(N.Y.Post 10/06/06)
In the late 1980s, Amway tried enforcing its rules of conduct with regards to the distribution of non-Amway sanctioned products through the distributor network. As a result, Loren and Sandra Watts left Amway, founded Omegatrend and took many of the direct-level distributors with them. Amway took them to court and lost.The company now is a member of Direct Selling Association of Australia, Malaysia, Singapore, and New Zealand and subscribe to their code of conduct, which protects the overall integrity of the multi-billion dollar Direct Selling industry worldwide.
Expanding initially across Australia, the company opened in New Zealand in 1995, Malaysia in 1997 and Singapore in 2003. In July 2005, Omegatrend initiated a Rapid Global Expansion Program that sees new markets open in Hong Kong, the Philippines, the United States of America, the United Kingdom, South Africa and Brunei. Omegatrend now operates in Australia, New Zealand, Malaysia, Singapore, USA, U.K., South Africa, Philippines, Hong Kong and Brunei.
[edit] Current News
In May 2006, Omegatrend called in administrators from insolvency accounting firm PPB. Omegatrend's suppliers were owed $2 million and Omegatrend directors have said they are fully committed to preserving all members' rights and to fixing the group's financial problems.
Business transactions and functions with most of the countries from the Rapid Global Expansion Program have since been suspended. The accounting firm of CI5 PPB has instructed respected lawyers Ray Doyle and William Bodie to check into the assets and cash-flow of Omegatrend.(N.Y.Post 10/06/06)
On July 20,2006 The Chairman of publicly listed company The New Image Group, Graeme Clegg, announced today that New Image International has successfully negotiated with the Australian administrators to purchase the total shareholding of Omegatrend International. The transaction however still requires final approval from a creditors meeting in Perth next week.
The Perth based direct selling company established in 1990, voluntarily appointed Administrators PPB at the beginning of May when faced with financial difficulties caused by a combination of falling sales, and huge project cost overruns with the development of new global markets and sophisticated global computer software systems.
Omegatrend was founded by Loren and Sandra Watts and quickly became a major player in Australia, with further expansion into New Zealand and Malaysia. It peaked at $60 million a year sales, with over 100,000 representatives. The release from administration and the provision of additional capital removes any uncertainty amongst Omegatrend distributors with regard to continuation, and facilitates the implementation of major enhancements to the system that have been planned for some time.
New Image International has operated in the Asia-Pacific Region for 22 years since its inception in June 1984. The New Image Group listed on the Main Board of the New Zealand Stock Exchange in November 2004. The core business of the Group is nutritional supplements with a proactive focus on prevention of disease. The New Image Group are pioneers in the development and marketing of Colostrum products and extracts. The group has been the recipient of 3 major export awards and were listed in 2003 by NZ Business magazine as one of the top one hundred export companies, and as No. 2 in the spectacular growth category. The New Image chairman and founder, Graeme Clegg, was the 2003 Ernst and Young Entrepreneur of the year, Technology and Communication category winner.
The New Image Group's head office is based in Auckland, New Zealand, and has offices in Australia and five Asian countries - Malaysia, Singapore, Philippines, Indonesia and Taiwan. The group has biotech research facilities, formulating and manufacturing operations, private label and branded marketing as well as a large direct sales division. Recent expansion into the medical field arena has been successful with contractual arrangements to supply special colostrum formulae and extracts to several multi-national pharmaceutical companies.
The Omegatrend group will continue independently, but will have access to the New Image nutritional supplement range of products. The new Omegatrend group reinforced with additional working capital will continue progressing with an enhanced compensation plan, and will focus on developing the four key product markets of Home Care, Beauty, Services and Nutritional supplements, with better profitability for all stakeholders in these categories..
