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Reed's Inc. Announces Mandatory Conversion of Series B Preferred Stock
LOS ANGELES, CA, Feb 08, 2013 (MARKETWIRE via COMTEX) --
Reed's Inc, a Delaware corporation (NYSE MKT: REED) today announced
that it will exercise its mandatory conversion right relating to all
the outstanding shares of its Series B Convertible Preferred Stock
("Preferred Stock"). The mandatory conversion date will be February
15, 2013 ("Mandatory Conversion Date").
On the Mandatory Conversion Date, holders of Preferred Stock will be
entitled to receive seven (7) shares of Reed's common stock, par
value $.0001 per share, for each share of Preferred Stock converted.
Fractional shares will be rounded up to the nearest whole number.
Dividends on the Preferred Stock ceased to accrue on December 31,
2012. An adjustment of 1.05 shares of Reed's common stock for each
share of Preferred Stock converted will be made upon conversion of
the Preferred Stock for accrued and unpaid dividends with respect to
the Preferred Stock. There are currently 45,052 shares of Preferred
Stock outstanding.
From and after the Mandatory Conversion Date, the Preferred Stock not
previously converted will be deemed to be no longer outstanding and
all rights of the holders with respect to such Preferred Stock will
terminate, except for the right to receive the number of whole shares
of common stock issuable upon conversion of the Preferred Stock, as
described above.
About Reed's, Inc.
Reed's, Inc. makes the top-selling natural sodas in the natural foods
industry sold in over 13,000 natural food markets and supermarkets
nationwide. 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. 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 Reed's Culture Club Kombucha line
of organic live beverages. Other product lines include: Reed's Ginger
Candies and Reed's Ginger Ice Creams. In 2009, Reed's started
producing private label natural beverages for select national chains.
Reed's products are sold through specialty gourmet and natural food
stores, mainstream supermarket chains, retail stores and restaurants
nationwide, and in Canada, as well as through private label
relationships with major supermarket chains.
For more information about Reed's, please visit the Company's website
at: http://www.reedsinc.com or call 800-99-REEDS.
Follow Reed's on Twitter at http://twitter.com/reedsgingerbrew
Reed's Facebook Fan Page at https://www.facebook.com/ReedsGingerBrew
Contact:
Investor Relations
Reed's, Inc.
(310) 217-9400 ext. 18
Email: Email Contact
www.reedsinc.com
SOURCE: Reed's, Inc.
http://www2.marketwire.com/mw/emailprcntct id=6E12C6FCE5348882
http://www.reedsinc.com/
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