Reed’s Announces Appointment of Interim Chief Financial Officer Joann Tinnelly

Rhea-AI Summary

Reed’s, Inc. (OTCQX: REED) announced the appointment of Joann Tinnelly as Interim Chief Financial Officer effective March 31, 2023, following the resignation of Tom Spisak, which was not due to any disagreements. Tinnelly, a Certified Public Accountant with over 30 years of experience and previously Interim CFO in 2019, is expected to lead the finance team during this transition. Norman E. Snyder, CEO, expressed confidence in Tinnelly's leadership. Reed’s is renowned for its handcrafted, natural ginger beverages and has expanded into the zero-sugar segment with proprietary sweetener systems.

Positive

• Joann Tinnelly's extensive experience (30+ years) positions her well as Interim CFO.
• Tinnelly's previous role as Interim CFO in 2019 suggests familiarity with company operations.
• The company is expanding into the zero-sugar beverage segment.

Negative

• Tom Spisak's resignation may raise concerns about leadership continuity.

NORWALK, Conn., March 31, 2023 (GLOBE NEWSWIRE) -- Reed’s, Inc. (OTCQX: REED) (“Reed’s” or the “Company”), owner of the nation’s leading portfolio of handcrafted, natural ginger beverages, today announced that Joann Tinnelly, current Vice President and Corporate Controller of Reed’s, was appointed by the Board of Directors to the position of Interim Chief Financial Officer, effective March 31, 2023.

On March 7, 2023, Reed’s announced the resignation of Tom Spisak from the role of Chief Financial Officer, effective March 30, 2023. Mr. Spisak’s resignation was not due to any disagreement with the Company on any matter, including matters related to the Company’s operations, policies, practices, financial reporting or controls.

Ms. Tinnelly is a Certified Public Accountant. She previously assumed the position of Interim Chief Financial Officer at the end of 2019 and is well positioned to again assume the role until a permanent replacement is appointed. Ms. Tinnelly has more than 30 years of finance and accounting experience in global public and private equity company environments.

“Joann’s extensive tenure at Reed’s, alongside her three decades of financial and accounting experience, uniquely positions her to step in as our Interim Chief Financial Officer,” said Norman E. Snyder, CEO of Reed’s. “I have full confidence in Joann's strength and capability to effectively lead our finance team during this transition.”

About Reed's, Inc.

Reed’s is an innovative company and category leader that provides the world with high quality, premium and naturally bold™ better-for-you beverages. Established in 1989, Reed's is a leader in craft beverages under the Reed’s^®, Virgil’s^® and Flying Cauldron^® brand names. The Company’s beverages are now sold in over 45,000 stores nationwide.

Reed’s is known as America's #1 name in natural, ginger-based beverages. Crafted using real ginger and premium ingredients, Reed’s portfolio includes ginger beers, ginger ales, ready-to-drink ginger mules and hard ginger ales. The brand has recently successfully expanded into the zero-sugar segment with its proprietary, natural sweetener system.

Virgil's^® is an award-winning line of craft sodas, made with the finest natural ingredients and without GMOs or artificial preservatives. The brand offers an array of great tasting, bold flavored sodas including Root Beer, Vanilla Cream, Black Cherry, Orange Cream, and more. These flavors are also available in nine zero sugar varieties which are naturally sweetened and certified ketogenic.

Flying Cauldron^® is a non-alcoholic butterscotch beer prized for its creamy vanilla and butterscotch flavors. Sought after by beverage aficionados, Flying Cauldron is made with natural ingredients and no artificial flavors, sweeteners, preservatives, gluten, caffeine, or GMOs.

For more information, visit drinkreeds.com, virgils.com and flyingcauldron.com.

Investor Relations Contact

Sean Mansouri, CFA
Elevate IR
ir@reedsinc.com
(720) 330-2829

FAQ

Who has been appointed as Interim CFO of Reed's?

Joann Tinnelly has been appointed as Interim Chief Financial Officer of Reed's, effective March 31, 2023.

Why did Tom Spisak resign from Reed's?

Tom Spisak resigned as CFO effective March 30, 2023, and there were no disagreements regarding company operations or financial practices.

What is Joann Tinnelly's background?

Joann Tinnelly is a Certified Public Accountant with over 30 years of finance and accounting experience.

What impact does the management change have on Reed's?

The management change may raise concerns about leadership consistency, but Tinnelly's experience could provide stability during the transition.

What products does Reed's offer?

Reed's offers handcrafted natural ginger beverages, including ginger beers, ales, and has recently expanded into the zero-sugar segment.