As in EPIC, Copeac and several other companies, once the death knell is rung on PMI, the company involved usually announces that they are official closing down. This time, EWA has announced that they are closing the doors effectively pretty much immediately, two days after Ryan Eagle was declared somewhat dead. Unfortunately, this will leave a lot of affiliates unpaid for their hard work and the tenor of the announcement will do little or nothing to alleviate that problem.
This seems to be part of a long list of CPA Networks that have announces their closing. Personally, despite my article two days ago, I’m without a doubt completely flabbergasted by this growing trend of networks going out of business — for the same reasons as the other networks going out of business. Despite the signs, the articles about their advertisers going bankrupt, the message boards, affiliates and other networks still continue to be fooled that these companies will survive huge and catastrophic loses and ignore the obvious. When as an industry will we start to pay attention?
Update: It has been revealed that the person behind the fall of Ryan Eagle is actually Uber Prankster Ronaiah Tuiasosopoooooo!!! Nooo!!!
‘Nuff said, their announcement is below.
Dear EWA Affiliates,
First off, I would like to personally apologize as truly and honestly as I can for everything that EWA Private Network has put our publishers through these past months. It’s been a turbulent road for my company and it’s taken quite the toll on me and the staff around me. Believe it or not, I care about the reputation of my company I care about the publishers in my network – it burdens me daily to see what has happened. We incurred massive losses due to non-paying merchants, combined with internal problems lead to a situation which needed an outside investor to help resolve.
I spent upwards of a year seeking individuals and companies to invest into EWA and the entire process of finding an investor was draining on me – I was lead on and let down many times. Unfortunately, our most recent investor possibility ended up falling through leaving EWA with no other options. We have decided that it’s time to close our doors while we continue to seek a new investor to take over the company. Meanwhile, we will be working with a restructuring agent to liquidating our receivables and sell our assets in a way to repay outstanding payables.
Leaving EWA Network on a note like this was the absolute hardest choice I’ve made in my business career. I gave it my absolute 100% best and tried the hardest that I could, spending hours a day trying to make this company the best that it could be. Running EWA Network for these past four years and interacting with the thousands of EWA affiliates has been one of the best experiences that I’ve had, and I’d like to apologize once again to all our clients for the situation that we were put in.
Finally, I would like to apologize to our staff – especially the account managers, international partners, and our network manager on the front lines everyday. They were put into a situation where they were at the mercy of the companies problems. I accept the blame fully for it, and I want nothing that happened to the company reflect onto their shoulders because they did the best they did with cards they were dealt. When we thought the investor was coming through, I told them to pull – and when we were left empty handed, they were the ones to take the blame. They were the lifeblood of our company and I appreciate every minute they spent making EWA great.
On March 1st, 2013 we will be pausing all traffic to EWA publishers. Thank you for your years of support and the millionsof dollars in revenue that has run through EWA Network. It’s been amazing to see the growth of so many publishers since the beginning and I’m truly grateful for every single one of you.
