March 23/Market News Publishing -- Reed's Inc. announced that Jones Soda Inc. has received an unsolicited offer by a third party and has terminated the exclusivity provision of the letter of intent (LOI) signed with Reed's Inc. on March 9, 2010.
As stated in the LOI, Reed's Inc. had come to mutual terms with Jones to acquire the company for approximately $9.8 million in cash and stock. On March 19, 2010, Jones informed Reed's that it received an unsolicited proposal that it would like to pursue while continuing to have discussions with Reed's Inc.