NEW YORK, Nov. 16, 2016 /PRNewswire/ -- The Committee to Rescue Reed's ("The Committee"), a group of concerned shareholders of Reed's, Inc. (NYSE MKT: REED) ("Reed's" or the "Company"), announced today that it has withdrawn its nomination of director candidates and proxy contest at the upcoming 2016 Annual Meeting of Stockholders after achieving virtually all of its near-term objectives for the Company, including a reconstituted Board with four new independent directors. The Committee grew concerned in recent weeks that a proxy contest could have unintended consequences on the tenuous financials of the Company and had grown wary of the Company's incumbent-favoring majority vote standard for contested elections. The Committee issued the following statement: "As a direct result of the steadfast efforts of The Committee, the Company has not only put forth four new independent Board nominees who seem to have the requisite industry, governance and financial expertise to properly oversee the Company, but has also finally separated the Chairman and CEO roles. While The Committee is grateful that the Company finally took the steps to enhance the composition of its Board, it remains disappointed, though not surprised, that CEO Chris Reed failed to appoint shareholder representatives to the Board, as agreed in principle a month ago. Nevertheless, The Committee believes its actions and recommendations are not only in the best interests of the Company but also of shareholders as evidenced by the 69% increase in the stock price to-date since The Committee formally engaged the Company on August 2, 2016."