Reed's, Inc. Issues Reminder of Expiration of Rights Offering
18 Dicembre 2009 - 5:43PM
Marketwired
Reed's, Inc. (NASDAQ: REED) (NASDAQ: REEDR), maker of the
top-selling sodas in natural foods stores nationwide, issued a
reminder today that its previously announced rights offering will
expire at 5:00 p.m., Eastern Standard Time, on Monday, December 21,
2009, unless extended.
The Company distributed to holders of its common stock as of the
close of business on November 13, 2009, transferable subscription
rights to purchase an aggregate of 225,000 shares of Series B
Convertible Preferred Stock at a subscription price of $10.00 per
share. Shareholders were issued 1 transferable right for each share
of common stock held on record date. Each four (4) subscription
rights will entitle the holder thereof to purchase one share of
common stock at the subscription price of $10.00 per share and
carries with it a basic subscription privilege and an
over-subscription privilege. The rights offering expires at 5:00
p.m., Eastern Standard Time, on December 21, 2009, unless
extended.
The Company also reminds shareholders that on December 4, 2009,
the terms of the Series B Preferred Stock were amended, and each
share of Series B Preferred will be convertible into shares of our
common stock at a conversion ratio of seven (7) shares of common
stock for each share of Series B Preferred held at the time of
conversion, representing an initial conversion price of $1.43 per
share, which is subject to adjustment.
The Company intends to offer any shares of Series B Preferred
that remain unsubscribed (after taking into account all
oversubscription rights exercised) at the expiration of the rights
offering to the public at $10.00 per share of Series B
Preferred.
If you are a beneficial owner of shares of our common stock
whose shares are registered in the name of a broker, custodian
bank, or other nominee and wish to participate in the rights
offering, you must instruct your broker, custodian bank or other
nominee to exercise your rights and deliver all documents and
payment on your behalf. Your broker, custodian bank or other
nominee will instruct you as to the steps required to exercise your
rights and may require you to act before the expiration of the
rights offering in order to timely submit payment and other
documents on your behalf. Your subscription rights will not be
considered exercised unless the subscription agent receives from
your broker, custodian, or nominee, as the case may be, all of the
required documents and your full subscription price payment before
the expiration of the rights offering. Holders of record must
complete the appropriate subscription rights certificates and
submit them directly to the subscription agent with the proper
payment.
Shareholders needing assistance in participating in the rights
offering should contact MacKenzie Partners, the Information Agent
for the Company at 800-322-2885 (toll-free) or (212) 929-5500 (call
collect).
About Reed's, Inc.
Reed's, Inc. makes the top selling sodas in natural food markets
nationwide and is currently selling in 10,500 supermarkets in
natural foods and mainstream. Its six 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.
In addition, the Company owns the top selling root beer line in
natural foods, the Virgil's Root Beer product line, and the top
selling cola line in natural foods, the China Cola product line.
Recently, Reed's added the Sonoma Sparkler brands to its line, a
celebration drink with an established customer base. Other product
lines include: Reed's Ginger Candies and Reed's Ginger Ice
Creams.
Reed's products are sold through specialty gourmet and natural
food stores, mainstream supermarket chains, retail stores and
restaurants nationwide, and in Canada. For more information about
Reed's, please visit the company's website at:
http://www.reedsgingerbrew.com or call 800-99-REEDS.
Follow Reed's on Twitter at:
http://www.twitter.com/reedsgingerbrew
Reed's Facebook Fan Page at:
http://www.facebook.com/pages/Reeds-Ginger-Brew-and-Virgils-Natural-Sodas/57143529039?ref=nf
Subscribe to Reed's RSS feed at:
http://www.irthcommunications.com/REED_rss.xml
More information can be found at:
http://www.irthcommunications.com/clients_REED.php
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-KSB
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.
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Contact IRTH Communications, LLC Andrew W. Haag Managing Partner
866-976-IRTH (4784) Email Contact http://www.irthcommunications.com
http://www.twitter.com/irthcomm MacKenzie Partners, Inc. 105
Madison Avenue New York, NY 10016 toll-free: (800) 322-2885
collect: (212) 929-5500 email: Email Contact
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