Jones Soda
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Jones Soda Co. announced Wednesday beverage industry veteran William R. Meissner as its president and CEO has been hired to replace Joth Ricci who has left the company for other opportunities.
The move came when Jones Soda was losing its revenue and lost a potential buyout deal with premium soda maker Reed's Inc.
Jones Soda's revenue reportedly dropped 30 percent to $4.3 million from $6.1 million. Sales at the company, which targets high end consumers with its cane-sugar-laced soft drinks, have been on the decline during the recession.
Early in the spring, Jones Soda was in talks with Reed's Inc for a buyout for which Reed's may pay $9.8 million in cash and stock. But Jones Soda later withdrew to pursue other options. The company was said to continue its search last month.
In the announcement of the new CEO, the company did not mention any buyout.
Jones Soda used Urban Juice and Soda Company LTD for its business before Aug 21, 2000.
For more information on Jones Soda, visit http://www.jonessoda.com
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