‘Growing Honest Tea’ Please respond to the followingAnswers 1Bids 1Other questions 10

‘Growing Honest Tea’ Please respond to the followingAnswers 1Bids 1Other questions 10.

‘Growing Honest Tea’  Please respond to the following:  Review the following documents:Honest Tea’s business plan for 1999 (PDF).A strengths, weaknesses, opportunities, and threats (SWOT) analysis based on Honest Teas’ business plan (PDF).Suppose Honest Tea has hired you as a consultant to evaluate the completeness of their strategy for future growth. Base your evaluation on the provided SWOT analysis. Provide a rationale for your response.     Business Plan for 1999 December 1998 4905 Del Ray Avenue, Suite 304 Bethesda, Maryland 20814 Phone: 301-652-3556 Fax: 301-652-3557 Email: [email protected]  Honest Tea Business Plan – December 1998  2TABLE OF CONTENTS  Mission Statement ..…………………………………………………………4 Executive Summary ..………………………………………………………..5 Company Story ..…………………………………………………………….6 Product.……………………………………………………………………….6 Product description ..…………………………………………..…….6-8 Flagship line of flavors and new flavors for 1999……………………..8-9 Production and manufacturing ..………………………………..……9-10 Market Opportunity …………………………………………………………10 Profile of target customer ……………………………………………12 Market research and market response ……………………………….13-16 Marketing and Distribution …………………………………………………..16 Distribution and promotion …………………………………………..16-17 Packaging and pricing …..……………………………………………17 International markets …………………..……………………….…….17-18 Product development and future products ……………………………18 Management …………………………………………………………………..18-20 Statement and aspirations for social responsibility ……………………………20-21 Financial Statements YTD and Projections ……………………………………21-23 The Investment Opportunity …………………………………………………..24 The Offering ……………………………………………………………24 Financing History ….…………………………………………………..24 Exit strategies ………………………………………………………….25 Investment risks ………………….…………………………………….25 Competitive Advantage ………………………….…………………….25-26 A Parting Thought .………………………………………………….……..…26Honest Tea Business Plan – December 1998  3Mission Statement Honest Tea seeks to provide bottled tea that tastes like teaa world of flavor freshly brewed and barely sweetened. We seek to provide better-tasting, healthier teas the way nature and their cultures of origin intended them to be. We strive for relationships with our customers, employees, suppliers and stakeholders which are as healthy and honest as the tea we brew.   Honest Tea Business Plan – December 1998  4Executive Summary  Honest Tea, a bottled iced tea company, has completed a strong summer of sales in the mid-Atlantic region and is now raising capital to fund the brand’s expansion across the United States as well as overseas. Since the all-natural tea first hit the mid-Atlantic market in June of 1998, Honest Tea has developed a loyal following of customers who have made the product the best-selling tea in its largest account, Fresh Fields/Whole Food Markets, significantly outselling Snapple and the Whole Foods 365 brand. In addition to success in retail channels, Honest Tea has also been warmly received in food service channels. Unlike the sweetened tea drinks made from concentrate or powder which currently dominate the $2 billion bottled tea market, Honest Tea is brewed with loose leaf tea and then barely sweetened with pure cane sugar or honey. The product is poised to take advantage of the rapid growth in the bottled tea, bottled water, and natural food markets, as well as the developing “tea culture” in the United States. It also has potential to tap into the large market of health-conscious diet soda drinkers. The target audience is an emerging subset of the population, which seeks out authentic products and is attuned to global and environmental issues. Toward the end of the summer and through the fall the company continued to penetrate large supermarket chains and is in the process of finalizing a national network of brokers and distributors for 1999. In September 1998 the company hired two sales managers, each of whom brings more than 15 years of experience and contacts to the business. Although there was an often painful and occasionally costly product development phase, the company has now perfected the brewing and production process to the point where it can produce several thousand cases in one shift with the desired consistency. In early 1999 the company will add a West Coast site to its current East Coast production site. In addition, the company will be implementing steps to consolidate its packaging operation which will widen the per case profit margin. The company has demonstrated an ability to gain free media coverage, including stories inthe Washington Post, the Wall Street Journal, and Fitness Magazine. It has also cultivated  a loyal customer base among some of the country’s most influential celebrities which it intends to publicize at the appropriate time. It has just entered into a contract with a wellrecognized public relations firm, which has demonstrated its success with several earlystage companies. Finally, the company has finalized a partnership with a Native American tribe that will position Honest Tea to emerge as a leader in the socially responsible business movement. Honest Tea is looking to raise up to $1.2 million in equity capital to finance the national distribution of the product as well as the introduction of two new flavors and international sales.Honest Tea Business Plan – December 1998  5Company Story   Honest Tea is a company brewed in the classic entrepreneurial tradition. After a parching run through Central Park in 1997, Seth Goldman teamed up with his Yale School of Management professor, Barry Nalebuff, to reignite their three-year old conversation on the beverage industry. While at Yale Goldman and Nalebuff had converged on the opportunity in the beverage market between the supersweet drinks and the flavorless waters. The energy they share around the idea of a less-sweet beverage leads to several marathon tea-brewing sessions. Their conversation is fueled in part by their extensive travels through tea-drinking cultures such as India, China and Russia. As ideas and investors for the company gather critical mass, Seth takes the dive. He leaves his marketing and sales post at Calvert Group, the nation’s largest family of socially and environmentally responsible mutual funds, and launches Honest Tea out of the guest room in his house. Using five large thermoses and label mock-ups, he sells the product to the eighteen Fresh Fields stores of the Whole Foods Market chain. Once the tea has been manufactured, the company moves into a small office and distributes tea out of U-Hauls until other distributors start carrying the product. By the end of the summer, Honest Tea has become the best-selling tea throughout the Fresh Fields chain and has been accepted by several national supermarket chains and distributors.The Product   The Taste: Bottled tea that tastes like tea, freshly brewed and barely sweetened  Somewhere between the pumped-up, sugar-saturated drinks and the tasteless waters, there is a need for a healthier beverage which provides genuine natural taste without the artificially conc
octed sweeteners and preservatives designed to compensate for lack of taste. Honest Tea allows people to enjoy the world’s second most popular drink the way hundreds of civilizations and nature intended it to be. Tea that tastes like tea — A world of flavor freshly brewed and barely sweetened. The concept of Honest Tea is as direct and clear as the tea we brew – we start with select tea leaves from around the world, then we brew the tea in spring water and add a hint of honey or pure cane sugar. Finally, we filter the tea to produce a pure genuine taste that doesn’t need a disguise. Unlike most of the bottled teas in the marketplace, Honest Tea is not made with bricks of tea dust, tea concentrate, or other artificial sweeteners or acids. The tea has no bitter aftertaste or sugar kick, and does not leave a syrupy film on the drinker’s teeth. To make a comparison with wine, today’s leading iced teas are like jug wine and Honest Tea is like Robert Mondavi Opus One. But unlike fine wine, premium bottled tea is quite affordable, usually priced under $1.50 for 16 ounces. Although taste is the primary benefit of drinking Honest Tea, the product has three other benefits which enhance its acceptance and marketability:Honest Tea Business Plan – December 1998  6Low in calories: A 12-ounce serving of Honest Tea has 17 calories, dramatically less  than other bottled teas or comparable beverages. We have found that the low-calorie profile of Honest Tea makes the drink attractive to three key audiences – 1) Disenchanted bottled tea drinkers who think the drinks are too sweet, 2) Bottled water drinkers who long for taste and variety and 3) diet soda drinkers who are interested a low-calorie beverage that doesn’t contain artificial sweeteners such as Nutrasweet. The following table illustrates the difference between Honest Tea and the rest of the beverage market: There are three other players in the less-sweetened bottled tea market that can be considered among the competition for Honest Tea: TeJava, Malibu Teaz and The Republic of Tea. All three brands are currently based and primarily focused on the West Coast. We are heartened by their existence because it confirms our belief that there are untapped opportunities in the beverage market, particularly on the East Coast, where none of the new entrants has any significant presence. TeJava, which is enjoying a warm reception in California, is a mild-tasting, zero-calorie unsweetened tea produced by Crystal Geyser that comes in only one flavor. We believe this product, which has been described by a beverage consultant as “water with a tea aftertaste,” would be more flavorful if it were barely sweetened. While TeJava clearly competes with our product, we believe there is room for more than one product in the low-calorie tea marketplace. We also believe that Honest Tea has an edge over TeJava because our drinks are more flavorful and come in a wider variety of flavors.Calories per 8-ounce serving  0 20 40 60 80 100 120 140 160 180   Honest Tea Nestea Tazo Tazoberry Tradew inds Honey w / Ginseng Lipton Lemon Mistic SoBe Oolong AriZona Coca-Cola Snapple Lemon Tropicana Pure Premium Fruitopia Fruit Passion Nantuckt Nectrs Pnpple Orng Guva Starbucks Frappucino Ocean Spray CranGrape  Honest Tea Business Plan – December 1998  7 Malibu Teaz is a company focused on lightly sweetened herbal tea, 35 calories for an 8 ounce serving. The products seem to have limited distribution and the label, which features a topless mermaid, seems designed to cater to a different clientele than Honest Tea. The Republic of Tea is a well-established producer of loose leaf teas which has recently begun selling unsweetened bottled tea exclusively through its catalogue and premium restaurants. The cost of a four-pack in the catalogue is $15.00, or $3.75 for a 17 ounce bottle. We believe that this price is not viable in retail channels and have spoken with several disillusioned distributors whose experience confirms that assumption. Even if the Republic of Tea changed its sales strategy, we still see room for more than one player in the low-calorie tea market. We also think the modest amount of natural sweetener in Honest Tea helps create a superior flavor. One other brand that can be considered competition is Tazo, which presents itself as “The reincarnation of Tea.’ While Tazo is enjoying some success in natural foods channels, we feel that Honest Tea is different from Tazo in three important ways: first Honest Tea is genuine tea whereas Tazo is usually tea mixed with juice or other sweeteners, (usually 80 calories for an 8-ounce serving). Secondly, Tazo’s packaging, with its mysterious symbols and discussion of “the mumbled chantings of a certified tea shaman” is designed to reach a New Age audience. In contrast, the colorful art on the Honest Tea labels are accessible to a wider audience, offering a more genuine tea experience. Finally, Tazo’s price point is significantly higher than Honest Tea in supermarket channels, selling for $1.69 versus Honest Tea’s price of $1.19. Where the two brands have competed head-tohead, Honest Tea has significantly outsold, and in many cases, eliminated Tazo from the shelf. Our response to Tazo’s “reincarnation of tea” is that tea doesn’t need to be reincarnated if it is made right the first time.Health benefits of brewed tea: The curative properties of tea have been known for  thousands of years. Because Honest Tea is brewed from genuine tea leaves it imparts many health benefits not found in tea-flavored drinks. In addition to serving as a digestive aid, tea has powerful antioxidants, which impair the development of free radicals which contribute to cancer and heart disease. The antioxidants in green tea are believed to be at least 100 times more effective than Vitamin C and twenty-five times better than Vitamin E at protecting cells and DNA from damage believed to be linked to cancer, heart disease and other potentially life-threatening illnesses.Cultural experience of tea: Each Honest Tea flavor is brewed based on a recipe  perfected over generations in a specific region of the world. As a result, drinking Honest Tea becomes a cultural experience, from the genuine tastes to the distinctive international art and information on the label. While some bottled teas seek to cloak themselves in a cosmopolitan mantle by including exotic-looking drawings on the label, the front of each Honest Tea label features authentic art from the culture of origin.Flagship line of flavors – Our flagship line of teas come from four different continents:   Honest Tea Business Plan – December 1998  8Kashmiri Chai – The people of Kashmir have mixed spices into their chai for generations.  Our recipe is made with spring water, premium tea leaves, crushed cardamom, cinnamon, orange peel, cloves, pepper, ginger, malic acid and a touch of sucanat evaporated sugar cane juice. Approximately one third the caffeine of coffee.Black Forest Berry — Our Black Forest Berry tea is a fruit infusion made with spring  water, hibiscus, currants, strawberries, raspberries, brambleberries, elderberries, and a touch of unrefined organic cane sugar. Caffeine-free.Moroccan Mint — Our Moroccan Mint is a tightly rolled green tea from China blended  with a generous amount of peppermint, brewed in spring water with citric acid and a touch of white clover honey. Approximately one fourth the caffeine of coffee.Gold Rush — Our Gold Rush tea is an herbal infusion made with spring water, rooibush,  rosehips, chamomile, cinnamon, peppermint, ginger, orange peel, malic acid, and a touch of raw cane sugar, and a natural flavors. Caffeine-free.Assam – These golden-tipped flowery leaves from the Sonarie Estate gain their distinctive  taste from being picked as tender leaf buds at the height of the season. Brewed in spring water with Vitamin C, malic acid, unrefined organic cane sugar, and a hint of maple syrup. Approximately one half the caffeine of coffee. In e
arly 1999 we will be introducing two new teas:Decaf Ceylon — In response to feedback from more than 500 sampling events where we  continually heard requests for a decaffeinated black tea, we will be introducing a Decaf Ceylon with lemon grass. The label for this tea features original art which captures the cultural and relaxing attributes of the tea.First Nation’s Peppermint – After months of negotiation and a consultation with the tribal  elders, we have developed an organic herbal tea in conjunction with a woman-owned company based on the Crow Reservation in Montana. This tea is exciting not only for its flavor but also for the partnership we have developed with the tribe. In addition to licensing the flavor and artwork from the tribe, we are also buying the tea from our partner on the reservation with the understanding that over time the community will develop the capacity to grow all the ingredients on the reservation. This unprecedented relationship should prove to be a valuable public relations tool.Production and Manufacturing  Though we had our share of “learning experiences” along the way, we have developed several proprietary brewing tools and techniques which enable us to manufacture several thousand cases of tea a day on both coasts with the desired consistency. In addition, since we have a full-time brewmaster on staff, the company retains the knowledge of manufacturing the product, instead of relying on a co-packer for that information.Honest Tea Business Plan – December 1998  9 The tea is brewed at a brewing and bottling facility located within driving range of the target market. The site was selected based on numerous criteria including capacity, reputation, quality control, production efficiency and willingness to invest in a long-term partnership with Honest Tea. All partners involved in the production process meet United States Department of Agriculture Hazard Analysis Critical Control Plant (HACCP) standards. We are in the process of obtaining Kosher certification from the Orthodox Union (“Circle U”). In early 1999 we will be making a change in our manufacturing process that will not affect the quality of the product but will have important ramifications for our profitability. Instead of a two-step packaging process, we will consolidate the brewing and labeling under one roof. This consolidation will save Honest Tea more than two dollars a case. Our tea leaves are provided by internationally known companies that specialize in tea buying, blending and importation. Our primary source is Hälssen & Lyon of Germany, the largest specialty tea company in the world. Another, Assam Tea Traders, has direct ties to tea estates in the Assam District of Northern India. The other ingredients are commodities which are in plentiful supply. As the Company grows in size, we anticipate dealing more directly with the tea growers. We intend to visit the tea estates so that we can verify that the labor conditions of the tea workers meet international standards and International Labor Organization conventions. We also aspire to ensure that the tea is grown organically.Market Opportunity  Beyond Snapple – The Emerging Market for Quality Bottled Tea  We have identified four market trends that are fueling demand for Honest Tea within the $72 billion non-alcoholic liquid refreshment beverage market.1. Explosive growth in Ready-to-Drink (RTD) tea and bottled water markets —  Although carbonated soft drinks still dominate the beverage market, in the past ten yearsExplosive growth in RTD tea & water markets Boom in Natural Foods Demand for a healthier, genuine bottled tea Rise of Cultural Creatives Emergence of tea culture  Honest Tea Business Plan – December 1998  1 0 Ready-To-Drink teas and bottled water have emerged as alternatives. Since 1992 the US tea market has enjoyed 60% annual growth, reaching sales of $2 billion in 1996. The bottled water market has grown to $2.4 billion, with most of the growth fueled by sales of single-serving bottles.RTD Tea (estimated) Water Sof t Drinks 0 2 4 6 8 10 12 14 16  1997 U.S. Beverage consumption in billions of gallons*   *Water and Soft drink figures come from Beverage Marketing, Inc. The RTD Tea figure is based on 1997 sales estimate of $2.5 billion, which equates to roughly one billion gallons.  2. Beyond the tea bag — The emergence of tea culture – Snapple and similar brands  helped make tea accessible to a broader population. But now in the same way that gourmet coffees have become popular, consumers are beginning to develop an appreciation for finer teas. Over the last six years U.S. loose leaf tea sales have more thandoubled, from $1.8 billion in 1990 to $4.2 billion in 19961. According to the Tea Council,  there are over a thousand tea houses or tea parlors in the country, mostly opened within the last two or three years. These parlors focus almost exclusively on tea, products that go with tea as well as tea hardware. They carry names such as Teaism, TeaLuxe, Elixir Tonics and Teas, and Tea & Company. Even Lipton is opening a flagship tea bar in Pasadena, California. In addition to the burgeoning of tea cafes, tea culture is spreading in the form of tea magazines, tea-flavored ice cream, frozen tea ice bars, tea-scented perfume and bubble bath, tea jelly, tea calendars and even books about tea. The paperback Loving Tea was recently spotted as a “cash register book” at the bookstore, commanding prime space next to Dilbert and Chicken Soup for the Soul.3. The natural foods boom – The natural product category has also exploded in the past  6 years. Fueled by an increase in health consciousness and rising environmental awareness, demand has grown for foods and products which are best when eaten or used as close to their original state in nature. According to Natural Foods Merchandiser, the natural products industry has nearly tripled in size since 1990 from $4.2 billion to $11.5 billion in 1996. And the boom is expected to continue well into the next decade. Analysts, such as Mark Hanratty of Paine Webber, are forecasting 15-20 percent annual growth over the next three to five years, reaching $50 billion by 2003.1 Investor’s Business Daily, “Tea: Are you Prepared to Join the Party?”, January 30, 1998, p1.   Honest Tea Business Plan – December 1998  1 14. Rise of Cultural Creatives – Market research in the past three years has identified a  consumer mindset which would seem to be particularly receptive to Honest Tea. A 1996 study by the market research firm American LIVES identified a subset of the population,roughly 44 million Americans, which they labeled “Cultural Creatives”2. Among the key  characteristics and values identified for this group, the following seem to make them ideal customers for Honest Tea:• Experiential consumers – they want to know where a product came from, how it  was made, and who made it• Holistic – they view nature as sacred; they form the core market for alternative  health care and natural foods• Aggressive consumers of cultural products, love of things foreign and exotic • Desire for authenticity – favoring high integrity over high fashion • Disdainful of mainstream media and consumerist culture which, in their view, is  too superficial, not enough attention to the full story• Attuned to global issues and whole systems, have a sense of belonging to a global  villageProfile of Target Customer – When we combine these four trends and compare them  with the demographics of the Cultural Creatives study as well as other marketdemographic information3, we are able to develop a profile of our target customers: • 60% women, 40% men • Median age 42, with a range from 30-65 • Likely to live near a concentrated urban area • Likely to have graduated college or have an advanced degree • Likely to currently be bottled water or RTD tea drinkers, occasionally drink  iced cappuccino• Interested in running, hiking and outdoor healthy activities • Avera
ge family income $52,000 Market Research – To test the receptivity of this audience to Honest Tea, we held two  focus groups in New York. The sessions, facilitated by an independent market research firm, provided encouraging results and helpful guidance in terms of product line and label presentation. The first focus group consisted of health-conscious women between the ages of 30 and 60, all of whom occasionally drink bottled tea or bottled water. The second2 American Demographics, February 1997, Dr. Paul H. Ray 3 1997 MRI Spring data, population weighted   Honest Tea Business Plan – December 1998  1 2 group was a mix of men and women who were selected based on their responses to questions which identified them as fitting the Cultural Creatives profile. The sessions began with a discussion of what was missing in the beverage market. Within 5 minutes, unprompted by the moderator, both groups agreed that they wanted something that was not as boring as water but didn’t have all the “junk” in commercial bottled tea. One important lesson from the focus groups was that most consumers have a limited understanding about the differences between tea varieties. The situation may be comparable to the way many consumers thought about wine several decades ago. At first people distinguished wines in terms of red and white wine, then in terms of rose and chablis, then in terms of California wines versus French wines, later by the kind of grape, and today some people select wines based on the estate. The focus groups suggested that the American tea market is still in the red versus white stage. One implication of this finding was that our labels and other communications needed to include some educational information about each tea, including health benefits, history and country of origin.Market Response — More important than our pre-market focus group is the market  response to Honest Tea, i.e. sales. In the eighteen Fresh Fields/Whole Foods Markets of the mid-Atlantic region Honest Tea has become the best-selling bottled tea, outselling Snapple and the house brand. During the month of August, when Honest Tea was promotionally priced at 99 cents, 22,417 bottles of teas were sold, with several stores averaging more than 100 bottles per day. Perhaps more important than the numbers from one region are the thousands of responses we have gotten from our customers via unsolicited emails, letters, phone calls, and conversations at hundreds of sampling events. The feedback we have received make it clear that we have created something that was missing in the marketplace. Every week we receive several unsolicited emails and letters from customers. Typical comments include the following (see Exhibit A for more tea-mail):Subject: BEST TEA EVER! Dear Honest Tea, I have never bought a product that I thought was so fantastic that I felt the need to write about it. I love tea, but I always would brew it myself and cart it around because I can’t stand the syrupy-sweet ‘tea’ that is sold most places. I saw your tea at Fresh Fields in Annapolis, MD. At first I was hesitant because I have it in my mind that all bottled iced teas = yucky sweet. But I was intrigued by the flavor choices and yes, the pretty bottles and bought one of each. Well, I went to my car and proceeded to drink all of them right then and there. The first one was so good and so different that I couldn’t help myself and had to try the rest. It actually tasted like tea! THEN… when I turned the bottle over and saw how few calories were in it I flipped! There is no reason not to drink this tea! You guys have truly done it, this is quality stuff! So keep it up and get this tea out there! I wish you success and happy brewing! -Cindy W., Annapolis, MD RE: Help! I need Honest Tea!  Honest Tea Business Plan – December 1998  1 3I just returned from a trip to Wash, DC (I live in Pittsburgh) and found that your tea is not available here. I love it and must have more. Can you ship it to me? Price is no object (to some degree). If you cannot ship it to me please advise me of any support groups or counseling that I may seek in order to recover from this lack of Honest Tea. I must warn you that I may get desperate, causing me to highjack an Honest Tea truck in the Washington area and bring it back to Pittsburgh. I am becoming a heartless, Honest Tea junkie. I hope that you can help. Thanks, EEOber Subject: Chai tea was great! I just came from my local Fresh Fields Market in Reston, VA after trying a bottle of your Kashmiri Chai tea. Fantastic! Imagine my surprise to learn the entire bottle was only 34 calories and 1/3 the caffeine of coffee! This is great stuff folks – my only complaint is that I can’t seem to find anywhere that sells it by the case. I don’t mind buying a couple bottles at a time for occasional consumption, but I would appreciate being able to purchase a case to bring to work and a case to keep at home. It would be a great way to replace soda and other sugary, high calorie drinks in my diet. Unfortunately, I cannot spare the time to stop at the store everyday to pick up a couple bottles. Any plans to sell by the case (hopefully at a slight discount)?? Colin C. Reston, VA Re: Honest Tea! Your tea is fabulous! I have never written a letter in support of a food product before, but ever since I stumbled across your Honest Tea last week at Fairway, I’ve been raving about it! At last, someone intelligent enough to realize that not all people like that syrupy junk that is on the market, and that nutri-sweet and artificial sweeteners taste like crap. I’ve grown so tired of ‘well, it’s what the consumers are demanding.’ Not. The rest of us have spent the last decade or so brewing tea at home and keeping it in our refrigerators since traditional marketing researchers have been incapable of using their research to produce anything innovative. Bravo, bravo, bravo. Nice labels, too. Lisa P., New York City  The response from grocery buyers at the corporate level has been equally as exciting. The new products buyer for Wild Oats/Alfalfa Community Market approved Honest Tea for sale in all of the chains 60+ stores. Here is her comment to the grocery buyers which she sent out on the Product Approval Form (see Exhibit B):Mark My Words: Honest Tea will be a success. The only bottled  tea that is not loaded with sugars and tastes great. This is what people (like me) have been seeking for years. Too good to be true? No! I mean it now – BRING THESE IN! The natural foods buyer for Harris Teeter chose to carry the product in all 140 stores. Her buying committee told her this was the first innovation in the iced tea market they’d seen in about five years. Some even said that Honest Tea represents a new beverage category.Honest Tea Business Plan – December 1998  1 4 In addition to this feedback, Honest Tea has been presented with several promising opportunities to be plugged into several large supermarket chains. The status of these opportunities is as follows:Store # of outlets Region Status Penetration  Albertson’s 96 Florida December decision Food Emporium 40 NY/NJ December decision Genuardi’s 32 NJ/PA/DE Approved for all stores Will go on sale in December ‘98 Giant 179 C/MD/VA/DE NJ/PA Approved On sale in flagship store Harris Teeter 140 NC/SC/GA/VA /KY/TN Approved for all stores On sale in all stores Shaw’s 127 New England Approved On sale in test market store Superfresh 78 NJ/PA Approved for all stores On sale in some stores Ukrop’s 40 VA Approved for all stores On sale in some stores Whole Foods 117 Nationwide Approved for mid- Atlantic and SE On sale in 20 stores Wild Oats/ Alfalfa’s 60 Nationwide Approved for all stores On sale in 12 stores In addition to success in the supermarket channel, Honest Tea is also being warmly received in food service and retail accounts. We have experienced strong repeat sales in cafeterias such as Bear Stearns, Lazard Freres and hav
e just been approved for sale in the NFL corporate cafeteria. Honest Tea is the best-selling beverage at the Mangia gourmet eatery in Manhattan where it is priced at $2.50 a bot

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‘Growing Honest Tea’ Please respond to the followingAnswers 1Bids 1Other questions 10


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