LOS ANGELES, Dec. 12, 2016 (GLOBE NEWSWIRE) -- Reed's, Inc. (NYSE MKT:REED), the leading maker of craft sodas nationwide, today announced the committee positions of its recently elected Board of Directors. In the first meeting of the newly elected Board, by unanimous votes, Mr. John Bello was elected Chairman of the Board, Stefan Freeman was elected to be Chairman of the Compensation committee and Charles Cargile was elected to be Chairman the Audit committee. Additionally, Lewis Jaffe who was previously elected to lead the Governance committee in August of this year was re-elected by the new Board to continue to serve as Chairman of the Governance committee.
In addition to electing independent directors to lead each of the committees, the Board also approved a restructuring of debt with the Company’s main lender PMC Financial Services, LLC that will provide additional capital of $1.5 million to fund the plant completion and extend the maturities of all PMC related debt maturities to January 1, 2019. There are separate 8K filings with the SEC on both topics.
Chris Reed, Founder and CEO of Reed’s Inc., stated, “I am excited that at our last Shareholder meeting, the shareholders elected the new board with an average of over 90% for the vote for management’s slate of directors. These distinguished executives are going to help drive the Company to new levels. Additionally, we are pleased to announce that PMC has extended the debt maturity deadlines and has provided us with an additional $1.5 million to invest in the new plant development,” Reed concluded.
John Bello, Chairman of the Board of Reed’s Inc., stated, “Reed’s is an iconic brand that has been on the cutting edge of better for you, great tasting carbonated beverages. Chris has formed a dedicated, talented and multidimensional board to help him take the brand to greater heights, broadened distribution, health focused, reduced sugar innovation, fun interactive marketing and to deliver more Reeds and Virgil’s superior products across America. I am privileged to be part of Reed’s and I am committed to helping Chris drive shareholder value,” Bello concluded.
Daniel Miles, CFO of Reed’s Inc., stated, “The addition of the new board brings welcomed industry and professional strength to the Company that can be leveraged in guiding the Company to success. The new funding from PMC will enable the company, which is in the final stages of the completion of the LA plant, to add the remaining equipment to the already finished infrastructure improvements. The new LA plant will be used to provide additional capacity to the supply chain including the ability to work with unique packaging and service customers in the western half of the country,” Miles concluded.
About Reed's, Inc.
Reed's, Inc. makes the top-selling sodas in the natural and specialty foods industry and 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.
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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.