Wednesday, 19 September, 2018

Long Island Iced Tea Corp changes name to Long Blockchain

Facebook shift on 'fake news'; Tesla tax break; from iced tea to Blockchain Long Island Iced Tea Corp changes name to Long Blockchain
Kelvin Reese | 22 December, 2017, 01:12

Long Island Iced Tea Corp.is one of the top movers today, all because it wants to get into blockchain.

The company formerly operated in the ready-to-drink segment of the beverage industry.

Blockchain is a ledger sheet where cryptocurrency transactions are recorded. Shares spiked as much as 500 percent in premarket trading, eventually settling at a 275-percent gain, never mind that the company plans to maintain its focus on ready-made, grab-and-go drinks, and thus far has little to show for its supposed aspirations to expand into blockchain technology. It even rebranded to "Long Blockchain Corp.", reserved the affiliated web domain, and announced plans to seek a ticker change to accommodate the shift.

280% 625% in the pre-market after the company announced it was rebranding itself as Long Blockchain Corp.

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"The discussions are only in the preliminary stages but indicate the areas of focus for the company", it said "There is no assurance that a definitive agreement with these, or any other entity, will be entered into or ultimately consummated".

But for now, it remains a tiny beverage company based in Farmingdale that reported total sales of just $1.6 million in its latest quarter and whose stock was down more than 40% this year before it chose to become a blockchain player. "We are pursuing our new direction in a thoughtful and deliberate manner".

As part of the company's pivot to blockchain, a previously filed offering with the Securities and Exchange Commission for up to US$10 million in stock was withdrawn.

"Your support over the years has helped to drive our growth and elevate our brand, and we remain committed to maintaining and fostering these relationships", he said.

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