LOS ANGELES, Jan. 03, 2018 (GLOBE NEWSWIRE) -- Reed’s Inc. (NYSE American:REED) (“Reed’s” or the “Company”), owner of one of the nation’s leading portfolios of handcrafted, natural beverages, announced today that on December 28, 2017, the Company filed a Form 8-K report with the Securities and Exchange Commission announcing that at December 22, 2017, on a pro-forma basis, its Stockholders' Equity was approximately $8,557,000. Subsequently, it received correspondence from the NYSE American LLC ("NYSE American" or the “Exchange”) dated December 28, 2017 confirming that Reed’s has resolved the previously cited stockholders’ equity deficiency and has regained full compliance with the Exchange’s continued listing standards related to stockholders’ equity.
Val Stalowir, Chief Executive Officer of Reed’s, Inc. commented “We look forward to starting the new year in good standing with our NYSE American listing and fully funded from our oversubscribed rights offering. We believe that we are positioned to complete our business transformation and re-accelerate the growth of our core brands. This is going to be an exciting year for Reed’s as we plan to focus on improving our net margins, move toward an asset light business model and invest in much needed sales and marketing programs. 2018 will also be a busy year in terms of new product news for the Reed’s and Virgil’s brands including refreshed package designs, new can packaging and the launch of our great tasting, all-natural Zero Sugar offerings.”
As previously reported, the Company was notified by the NYSE American that it was not in compliance with the exchange's stockholders' equity continued listing standards, and was instructed by the NYSE American to submit a plan of compliance addressing how it intended to regain compliance by December 22, 2017, which it did in due course. The Company has met the requirements and will continue to trade on the NYSE American exchange under the symbol "REED".
About Reed’s, Inc.
Established in 1989, Reed’s has sold over 500 million bottles of its category leading natural, handcrafted beverages. Reed’s is America’s #1 selling Ginger Beer brand and has been the leader and innovator in the ginger beer category for decades. Virgil’s is America’s #1 selling independent, natural craft soda brand. The Reed’s Inc. portfolio is sold in over 20,000 retail doors across the natural, specialty, grocery, drug, club and mass channels nationwide. Reed’s Ginger Beers are unique to the category because of the proprietary process of hand brewing its award-winning products using fresh organic ginger combined with natural spices and fruit juices. Reed’s Ginger Beers come in three levels of increasing ginger intensity that deliver a delicious and powerful ginger bite and burn that can only come from fresh ginger root. The Company uses this same handcrafted approach and dedication to the highest quality ingredients in its award-winning Virgil’s line of great tasting, bold flavored craft sodas.
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, Form 10-Q and Form S-1, 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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