Jones Soda Enters into $5 Million Loan Agreement and Announces New CEO and CFO

Jones Soda Co. (OTCMKTS:JSDA) made significant announcements in its recent 8-K SEC Filing, dated February 5, 2025. The company’s wholly-owned subsidiary, Jones Soda Co. (USA) Inc., has entered into a loan agreement with Two Shores Capital Corp., allowing the subsidiary to borrow up to $5,000,000. This loan bears an interest rate of 13.75% per annum and is secured by a first priority security interest in all assets of the company and its subsidiaries.

The loan agreement includes standard events of default such as missed payments, misrepresented information, failure to meet covenants, bankruptcy proceedings, and material adverse effects, among others. Further details of the agreement will be disclosed in the company’s quarterly report on Form 10-Q for the period ending March 31, 2025.

In a strategic move, Jones Soda Co. appointed Scott Harvey as President and Chief Executive Officer, replacing Paul Norman. Harvey, with an extensive background in the food and beverage industry, previously served at companies like Dunn Brothers Coffee and Nathan’s Famous. His employment agreement includes an annual salary of $350,000, potential bonuses based on performance, and non-qualified stock options for 4,000,000 shares of the company’s common stock.

Additionally, Brian Meadows was appointed as the Chief Financial Officer, succeeding Paul Norman. Meadows brings significant experience from roles such as CFO for Simply Better Brands Corporation and Atmofizer Technologies Inc. His employment agreement includes an annual base salary of $250,000, possible annual bonuses, and non-qualified stock options for 1,250,000 shares of the company’s common stock.

These strategic appointments aim to enhance Jones Soda Co.’s leadership team and drive the company’s growth and financial strategies in the future.

Furthermore, Jones Soda Co. recently secured a new $5 million revolving credit facility with Two Shore Capital Corp. to support sales growth in 2025. The facility, replacing a previous $2 million credit facility, is expected to aid the company in advancing its modern soda and adult beverage categories.

For further details on Jones Soda Co.’s recent developments, including the loan agreement and executive appointments, investors can refer to the company’s official filings on the Securities and Exchange Commission’s EDGAR database. The company remains focused on strengthening its position in the beverage market and pursuing growth opportunities.

The press release attached to the filing highlighted Jones Soda Co.’s commitment to innovative beverage offerings and anticipated sales growth, emphasizing the valued partnership with Two Shores Capital Corp. as a significant step towards future success. Financial statements and detailed exhibits can be accessed through the appropriate channels as per regulatory requirements.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Jones Soda’s 8K filing here.

Jones Soda Company Profile

Jones Soda Co, together with its subsidiaries, engages in development, production, marketing, and distribution of beverages primarily in the United States, Canada, and internationally. The company provides craft sodas under the Jones Soda and Lemoncocco brands; and tetrahydrocannabinol infused cannabis products under the Mary Jones brand name.