Newspaper article The Florida Times Union

Beverage Company Shakes Up Board Investors Gain Control; Chairman, CEO Removed; President Resigns

Newspaper article The Florida Times Union

Beverage Company Shakes Up Board Investors Gain Control; Chairman, CEO Removed; President Resigns

Article excerpt

Universal Beverages Holding Corp. yesterday announced a shake-up of its top management after an investor group appointed two new members to the company's board of directors.

The Jacksonville-based company, which produces Syfo brand bottled waters and other beverage products, said the board removed chairman and chief executive officer Jonathan O. Moore and that president Cydelle Mendius resigned. Mendius remains on the board of directors and has been retained as a consultant to the company.

Donald A. Rett, a Tallahassee securities law attorney who has served on Universal Beverages' board, was named the new chairman, and the board is searching for a new chief executive officer.

The moves came after two investors, Carlos Ripley of Humble, Texas, and John Koelle of Gurnee, Ill., were appointed to the board as representatives of a group that invested in Universal Beverages last year. That group acquired shares of preferred stock that entitled the investors to put two representatives on the board. When those two board members were appointed at a weekend meeting, it gave the investor group control over management, Ripley said yesterday.

"We just felt it was time for some new leadership," he said.

Universal Beverages was formed in 1996 by Moore, Mendius and company treasurer Jay D. Marsh to acquire Syfo, which was then a brand of sparkling water which had been around for a half-century. Universal Beverages expanded the brand to include a Syfo purified drinking water product and has also been producing private-label brands for retail chains, such as Sam's Club.

Although its corporate offices are in Jacksonville, the bottled water is produced at a plant in Leesburg.

The company reported sales of about $3 million and a net loss of $921,113, in the first nine months of 2000. But the company was projecting big growth in the fourth quarter, with sales for that three-month period alone expected to hit $3 million. Universal Beverages has not yet released its fourth-quarter financial report. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.