Reed's Inc. Announces Extension of the Expiration Date for Its Transferable Rights Offering Until 5:00 PM EST, Wednesday, Decemb
22 Dicembre 2009 - 1:11PM
Marketwired
Reed's Inc. (NASDAQ: REED) (NASDAQ: REEDR), maker of the
top-selling sodas in natural food stores nationwide, announced
today that the Company has extended the period to accept
subscriptions to purchase shares of its Series B Convertible
Preferred Stock ("Series B Preferred") until 5:00 PM EST on
Wednesday, December 23, 2009.
Reed's is extending the Rights Offering in order to allow for
settlement of the Rights traded on December 16, 2009. The Company
experienced very heavy trading in the Rights on this last day and
is extending the expiration date of the Rights in order to give all
parties who purchased Rights on that day ample opportunity to
participate in the Rights Offering and purchase Series B
Preferred.
The company currently has subscriptions for 117,342 shares of
Series B Preferred at $10.00 per share, representing over half of
the shares offered. Each share of Series B Convertible Preferred
Stock converts into seven (7) shares of common stock, or a
conversion price of $1.43 per share. Investors may purchase Series
B Preferred shares for $10.00 per share by exercising four (4)
transferable rights (NASDAQ: REEDR). Each share of Series B
Preferred carries a five percent (5%) annual dividend for a term of
three (3) years.
Following the subscription period, the Company may accept
subscriptions under the terms of the prospectus for a period of 30
trading days (the reoffer period) to the extent that the offering
is not fully subscribed.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state. The
securities may only be offered by means of a prospectus, additional
copies of which may be obtained, when available, by contacting the
information agent, MacKenzie Partners, Inc., at 105 Madison Avenue,
New York, NY 10016, toll-free: (800) 322-2885, collect: (212)
929-5500 or via email at reedrights@mackenziepartners.com.
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.
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.
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Contact: IRTH Communications, LLC Andrew W. Haag Managing
Partner 866-976-IRTH (4784) Email Contact
http://www.irthcommunications.com 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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