Jones Soda

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Date Submitted: 02/22/2012 03:00 PM

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This annual report contains information about future expectations, plans and prospects of the company which constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, for example, such words as “aims,” “anticipates,” likely,” “expects,” “believes,” “intends,” “plans,” “predicts,” “toward” or “should,” the negatives of these words or similar words or expressions. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Some of these risks and uncertainties are described in this report under the headings “Cautionary Notice Regarding Forward Looking Statements” and “Risk Factors” and in the other documents we filed publicly with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance upon these forward-looking statements that speak only as to the date of this annual report. Except as required by law, we do not assume any obligation to update the forward-looking statements we make herein.

April 2011 Dear Jones Soda Co. Shareholders: I now have one full year in my tenure as the CEO of Jones Soda Co. and am very pleased with the progress that we have made towards strengthening our company. It has been gratifying for me and our team to present to you considerable improvements in 2010 in gross profit, earnings and balance sheet strength. We have emerged from a period of questions into an era of answers on the strength of our brands and team in the beverage marketplace. We have a clear vision which we are pursuing with a sense of urgency that the company hasn’t had in recent years. I have heard and read your support and want to thank you for it. Reorganizing staff and cutting product lines are never pleasant decisions to make, but we are witnessing many of the related benefits in our results....