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4/12/16

Backer update

Hey backers,

In this email Im going to share a path forward that will get every remaining backer their Coolest
Cooler. If you are one of the 2/3rds of our backers who is still waiting for your Reward, let me
start by saying Im sorry. Every Kickstarter project has its ups and downs, but most progress
more smoothly and with less delays than ours has. This project became far bigger and more
complex than I ever expected, but we have succeeded in making the Coolest Cooler a reality for
more than 20,000 backers. Now we need to get it to the rest of you.

In our last update, we shared that the Coolest Cooler ultimately cost more than we expected to
develop and manufacture. Unfortunately, we just didnt set the pledge levels high enough to
cover the final quality of the Coolestand of course we didnt plan for manufacturing delays
and a factory strike. This is why we need more money that we currently have to make and ship
the remaining Coolest backers.

Please read the update in its entirety, especially if you have not yet received your Coolest.

Here are our parallel paths to completing this campaign:

Path #1. Secure a new partnership
We are in advanced discussions with a number of potential partners but these deals take time
to close and while I wish I could give you more detail, we cannot publicly discuss the specifics. I
can tell you that if and when the right partnership deal goes through, our primary focus will be
to accelerate the shipment of Rewards to all remaining Backers.

Path #2: Backers Faster Option
People have been very clear they want their Coolest this Summer, yet we may not have the
funding by then to make that happen for everyone.


Weve received many helpful suggestions and requests from individual backers who want to
contribute in some way or pay the extra cost to cover the gap in funding their Coolest sooner
than we can deliver on our own. We appreciate all the ideas youve shared with us.

When you sign up to back a Kickstarter project, you, your fellow backers and the team behind

the creation are all along for the journey. Understandably many of our backers (2/3 of whom
are first-timers to Kickstarter) are tired of this rough road and just want their darn cooler.

These requests have forced difficult conversations here, but ultimately we are open to making
alternate options possible for those who have requested them if enough people want them.

One request we have been receiving from backers is to pay the remaining cost of the Coolest
versus waiting for us to get investors. (Remember, the amount backers pledged was way less
than the actual cost to make and ship the Coolest). We are open to this idea, but honestly it
simply would not work if enough people dont want it, but it would mean starting production
up earlier.

To gauge the interest and viability of this idea, heres how it would work:

1. We would allow backers to pay for the remaining cost of their Coolest to get it
faster, with a guaranteed delivery date before July 4th. Remaining cost is what it
sounds like the remaining part of the deposit to pay the factory and ship your
Coolest. This would be approximately another $97 per unit.
2. Backers interested in this plan would still save 25%-33% over the final retail price of
the Coolest Cooler.
3. If you are interested in this option click here or respond to the separate email were
sending to all unfulfilled backers tomorrow.
4. People who dont want to pay more dont have to, and everyone ultimately gets
their Reward faster with fewer people in line in front of them.
5. IF enough of the community says they actually want this option, we will let you
know the specifics and we will make it possible for people to pay the extra $97 and
receive their Coolest faster.

Again, we are open to this option and exploring it here because you have asked us to do so.

If this pay extra for speed isnt right for you, then no worries. As long as there is breath in my
body we are committed to getting each and every backer their Coolest Cooler. Please just
remain patient and once we receive funding or complete the option below, well get your
Coolest to you.

Path #3: Retail Funds Backer Units

As weve shared, the manufacturing process is locked in, but we lack capital to restart volume
production. The motor strike and manufacturing ramp-up challenges are behind us. The
factories have materials on hand and are ready to start making product as fast as we can pay
them.

Since we may not get funding as fast as we had hoped, and since many backers arent
interested in paying more, we have to do something to get more backers their Rewards without

charging them.

This leaves us with one other option: generate revenue as a business in order to fund backer
units. And the only way to do that, as some of you have suggested, is to sell at retail. This
means selling the Coolest for more than you pledged for to the general market, and then using
100% of the profits to make and ship backer units.

While it may upset some folks that there are retail units being sold before they receive their
own Coolest Cooler, this is the only option open to us right now that allows us to get
production up and running. Im actually in China right now trying to make this happen.

Weve done the math on this and depending on how quickly retail sales happen in stores,
online or through our website, weve estimate that for every 2-4 sales we can make and ship
another backer unit.

So thats what well do in parallel with point 1 (securing a new partnership) and Path #2 (faster
option) above. This summer, well sell as many Coolest Coolers as we can and well use 100% of
the profits from those sales to make and ship more backer units.

To Sum Up
In a perfect world we wouldn't rely on new sales to help fund the delivery of backer Rewards,
but in a perfect world you'd already have your Coolest. This is the financial reality we are in and
were being transparent about it and seeking to meet your requests to get your Coolest Coolers
faster.

When you pledge for a reward on Kickstarter, youre backing the inventors idea and that will
always be a new and sometimes challenging journey to fulfillment. There are just no guarantees
about the process, and its certainly been more difficult than I ever imagined.

The reality of funding an idea versus buying an existing product is that there is an element of
risk we all accept. Somewhere near 10% of all Kickstarter projects fail, and thats why the
Kickstarter Terms of Service spell out theres no promised delivery dates, only best estimates.
While we cant promise how long it will take to ship the very last backer the final Coolest we
can promise to keep at it, and that is what we will continue to do.

I know there will be frustration until every last backer unit is fulfilled. All we can do is keep
pushing forward with the options above until that is achieved.

Until then, I thank you all for any patience you are able to share. We are especially thankful to
those who have given us such positivity and cheered for us in even the toughest of times. We
wont let you down.

Ryan

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