Reed’s, Inc.’s rebranded Virgil’s soda line helped spur a 29 percent increase in gross margins in the third quarter, CEO Val Stalowir told investors during the company’s Q3 earnings report this week. According to Stalowir, buyer interest in Virgil’s Zero Sugar helped Reed’s to open 1,100 new doors in Q3.
Reed’s Inc., owner of the nation’s leading portfolio of handcrafted, all-natural beverages, today announced it has enlisted 12-time Jeopardy champion and New York City bartender, Austin Rogers, to represent its all-natural line of Virgil’s Handcrafted Sodas.
Reed’s Inc. announced a nationwide search for a spokesperson to represent the genius of their new Virgil’s Zero Sugar beverage product line.
Financial woes for Reed’s Inc. are finally on the mend with the company reporting a 5.7 percent increase in net sales in Q4 2017 during earnings call on Wednesday.
The rebranded Virgil’s, which is currently rolling out nationwide, features a “cleaner, more youthful, more energetic” label which highlights its “All Natural” claim and emphasizes the product’s craft quality, according to Reed’s CEO Val Stalowir.
On Monday, Reed’s Inc. announced it has retained Gordon Brothers, a Boston-based advisory, restructuring and investment firm, to manage the sale of its Los Angeles manufacturing facility, which was brought online in 2001.
Reed’s Inc. reported a 11.7 percent decline in net sales for Q3 2017 in an earnings call today in which the company also announced other brands in its sprawling portfolio would be discontinued to focus on the Reed’s and Virgil’s labels.
In an interview with BevNET, Stalowir explained that, after investing in a new production facility in Los Angeles that went online last year, Reed’s is well-positioned to reduce costs and operate more efficiently moving forward.
Mehmood Khan joins Indigo Ag board of directors; Val Stalowir begins as new CEO of Reed’s following founder’s resignation; Mamma Chia hires new sales SVP; Mark Ellis moves on to next project with Rally; Caribou Coffee announces new CEO and President
Industry veteran and Reed’s director Stefan Freeman has taken the reins as interim CEO while Reed assumed the newly created role of Chief Innovation Officer (CIO).
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.
The company, which includes Reed’s Ginger Brew, Virgil’s Soda in its brand portfolio, has been mired in controversy over the composition of its Board since August, when a group of activist investors, calling themselves The Committee to Rescue Reed’s, formed to pressure CEO Chris Reed into accepting changes to the board’s personnel.
This week the conflict took a more personal turn, with the dissident stockholders’ committee leader, Edwin Lozano, and Reed each questioning the other’s professional backgrounds, and a former board member who had tried to mediate the dispute joining Lozano’s faction.
Mr. Jaffe is considered an “independent” director and will serve on the board until the 2016 annual meeting where he will be a candidate on the slate of directors being presented by the Company to all shareholders.
