Hi Everyone,

I wanted to write to update you on some recent progress on a new product and other things we've been working on:

• PRODUCT DEVELOPMENT: We've been working hard on product development for our new 1:1 cocktail mixer (teaser photo below), and we're really excited about the results. Preliminary number suggest that the product will produce a margin for us with minimal equipment investment, estimated at a 55% product margin for wholesale, and a 15% product margin on Amazon. If we release a larger format (which may make sense given that it is a 1:1), margins will be higher than that. Customer taste-testing on it has been overwhelmingly positive. We're working on filtration, shelf stability, and a scheduled process for it now, with an aggressive timeline of launching it in about 6-8 weeks at the earliest. 

• RETURN CUSTOMER RATE: We mentioned in our Q&A that our return customer rate is 19% on Amazon, which is already high given that our product has a long shelf life and refrigerator life after opening (6-12 months after opening in the fridge). I also mentioned that we estimated this rate was low, since we've only been on Amazon for a year and a half. Our new numbers suggest that our assumption was correct- our return customer rate is starting to tick up, especially as we enter the summer cocktail season.
• 100K MARK: We've already exceeded our minimum investment goal, as updated last week. So we're setting our sights on $100K now. We have some larger investors who have expressed interest in investing once we reach that mark, so we'd like to hit that number. We have until June 14th- a little under one month. If you know anyone who might be interested in investing, don't hesitate to connect them with me ([email protected]) or show them the WeFunder profile. The more investment we raise the farther your investment goes. 
• NEXT 6-12 MONTHS: We're going to focus sales efforts and use the next 6-12 months to prove out two new markets with our wholesale business. We're considering two  east-coast cities to reduce shipping/fulfillment costs and also to allow us to easily travel to do events, trade shows, and cocktail classes there regularly. 
• ADVISORY BOARD: We're starting to build our advisory board. We want it to be an active board of experts in our industry who have time to contribute to a small, fast-growing startup like ours. What I'm looking for is the smartest business people we can find, ideally with experience in scaling and selling F&B CPG businesses. If you know anyone who fits that, please introduce us. 
• PROMOTIONS: Follow us on instagram and facebook @prattstandard- we're going to have a great promotion coming up for memorial day weekend on Amazon, so don't miss out!
• And finally, a cocktail recipe: 

1.5oz Vodka (or Gin/Whiskey/Rum/Tequila)

2oz grapefruit juice

1oz Pratt Standard Grenadine

Mint

Combine all ingredients except mint in a glass filled with ice, stir vigorously to combine until the grenadine is fully incorporated. Take a single leaf of mint and place it in your palm. Smack it to release its aroma, and place it on top of the cocktail. Enjoy on a porch somewhere in the sunshine, with friends and family. (To batch this for 16 drinks, use one 750mL bottle vodka, one 16oz bottle of our grenadine, and one liter of grapefruit juice, mix well and serve over ice in each glass).