LOS ANGELES, Oct. 20, 2016 (GLOBE NEWSWIRE) -- Reed’s, Inc. (NYSE:REED), maker of the top selling craft sodas nationwide announced today that the Board of Directors has appointed Lewis Jaffe to fill the vacant board seat caused by the resignation of Mark Harris. Mr. Jaffe is considered an “independent” director and will serve on the board until the 2016 annual meeting where he will be a candidate on the slate of directors being presented by the Company to all shareholders. Mr. Jaffe serves as the Chairman of the Corporate Governance Committee and on the Compensation and Audit Committees.
Chris Reed, CEO and Founder of Reed’s, Inc. stated: “I am particularly excited about the corporate governance expertise that Lew brings to our Board. Lew has a Masters Professional Director Certification and substantial board experience. He has served as an executive or a key advisor to a significant number of growth companies. Lew is one of a slate of four independent directors we will be announcing shortly for election at our December shareholder meeting. These directors bring expertise in the areas of sales and marketing, operations, finance and corporate governance. We felt that Lew was the best fit to fill our current board vacancy. We believe that he will be an invaluable asset to the strategic and board governance side of Reed’s and a catalyst for our next level of expansion.”
“After meeting Chris for the first time and hearing his vision and strategy, I am very excited to join the board as an independent director and serve as the Chairman of the Corporate Governance Committee and as a member of the Compensation and Audit Committees. I believe the company is on the right track for growth and creating real shareholder value,” commented Lewis Jaffe.
Mr. Jaffe is currently Clinical Faculty and Entrepreneur-in-Residence at the Fred Kiesner Center for Entrepreneurship, Loyola Marymount University, where he was voted “Professor of the Year” in 2016. He teaches Entrepreneurship with a focus on management, leadership, sales, corporate ethics and corporate governance.
Mr. Jaffe earned his Masters Professional Director Certification from the American College of Corporate Directors. He currently serves as Chairman of the Board for FitLife Brands, Inc. (OTCBB:FTLF), and as a Director of York Telecom, a privately held company. His past board experience includes: Lead Independent Director of publicly traded Benihana, Inc., serving for almost a decade prior to the company being taken private. He was also a Director of Oxford Media, Inc., Cyclone Power Technologies, Inc., and Glowpoint, Inc. His board work includes sitting on numerous Audit, Compensation and Governance committees., Mr. Jaffe’s extensive Board experience includes leading special committees to explore options for raising capital, strategic planning, and strategic alternatives including exit transactions.
As an operating executive Mr. Jaffe has led numerous public and private companies serving as Co-Founder of MovieMe Network; Chief Executive Officer of Oxford Media Inc.; Chief Operating Officer of Verso Technologies; Chief Executive of PictureTel Corporation, and Managing Director of Arthur Andersen‘s Corporate Finance practice in Boston.
Mr. Jaffe has been a guest on business programs aired on CNBC, MSNBC and ABC and has been quoted in the New York Times, The Wall Street Journal, Forbes and Business Week. Mr. Jaffe is a graduate of the Executive MBA Program (EPSC) at Stanford University’s Graduate School of Business and completed his undergraduate work at La Salle University.
About Reed’s, Inc.
Reed’s, Inc. makes the top-selling sodas in the natural and specialty foods industry which are sold in over 15,000 natural and mainstream supermarkets nationwide. Reed’s products are sold through an additional estimated 40,000 accounts that include specialty gourmet, natural food stores, retail stores, convenience stores and restaurants nationwide and in select international markets. Reed’s has sold over 500 million bottles since inception in June 1989 and is considered the leader of the fast growing craft soda category. Its seven award-winning non-alcoholic Ginger Brews are unique in the beverage industry, being brewed, not manufactured and using fresh ginger, spices and fruits in a brewing process that predates commercial soft drinks. The Company owns the top-selling root beer line in natural foods, the Virgil’s Root Beer product line, and a top-selling cola line in natural foods, the China Cola product line. In 2012, the Company launched its Reed’s Culture Club Kombucha line of organic live beverages. Other product lines include Reed’s Ginger Candies and Reed’s Ginger Ice Creams.
For more information about Reed’s, please visit the Company’s website at: http://www.reedsinc.com or call 800-99-REEDS.
SAFE HARBOR STATEMENT
Some portions of this press release, particularly those describing Reed’s goals and strategies, contain “forward-looking statements.” These forward-looking statements can generally be identified as such because the context of the statement will include words, such as “expects,” “should,” “believes,” “anticipates” or words of similar import. Similarly, statements that describe future plans, objectives or goals are also forward-looking statements. While Reed’s is working to achieve those goals and strategies, actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. These risks and uncertainties include difficulty in marketing its products and services, maintaining and protecting brand recognition, the need for significant capital, dependence on third party distributors, dependence on third party brewers, increasing costs of fuel and freight, protection of intellectual property, competition and other factors, any of which could have an adverse effect on the business plans of Reed’s, its reputation in the industry or its expected financial return from operations and results of operations. In light of significant risks and uncertainties inherent in forward-looking statements included herein, the inclusion of such statements should not be regarded as a representation by Reed’s that they will achieve such forward-looking statements. For further details and a discussion of these and other risks and uncertainties, please see our most recent reports on Form 10-K and Form 10-Q, as filed with the Securities and Exchange Commission, as they may be amended from time to time. Reed’s undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.