Jones Soda retained North Point Advisors in February 2009 to assist in evaluating the company’s strategic alternatives. Since that time, the company has reviewed a broad range of strategic alternatives to enhance shareholder value, including the continued execution of the company’s business plan, potential fundraising opportunities, strategic partnerships and distribution arrangements, and potential combinations with strategic and financial investors. The Board of Directors intends to conduct a thorough evaluation of Big Red’s indication of interest and all other strategic alternatives. The company may negotiate with Big Red and also intends to pursue all available avenues to enhance shareholder value.
Joth Ricci, the company’s President and Chief Executive Officer, commented, “We have strived over the last 12 months to streamline our business by reducing costs and focusing on our core glass bottle business. We have achieved improved year-over-year bottom-line results on lower case volumes, and we believe in the strength of the Jones Soda brand. However, adverse economic conditions have continued to negatively impact our liquidity and financial condition and caused us to explore strategic alternatives in an effort to enhance shareholder value. While the Board conducts this process, we will continue to focus on executing our strategy.”
There can be no assurance that the evaluation of strategic alternatives will result in any agreements or transactions. The company does not intend to disclose developments with respect to the evaluation of strategic alternatives unless and until its Board of Directors deems it appropriate.
About Jones Soda Co.
Headquartered in Seattle, Washington, Jones Soda Co. ® markets and distributes premium beverages under the Jones Soda, Jones Pure Cane Soda™, Jones 24C™, Jones GABA®, Jones Organics™, Jones Naturals® and Whoopass Energy Drink® brands and sells through its distribution network in markets primarily across North America. A leader in the premium soda category, Jones is known for its variety of flavors and innovative labeling technique that incorporates always-changing photos sent in from its consumers. Jones Soda is sold through traditional beverage retailers. For more information visit www.jonessoda.com, www.myjones.com, and www.jonesGABA.com.