Long Island Iced Tea Corp. rebrands as Long Blockchain Corp.
The Long Island Iced Tea Corp., a beverage company, has rebranded as Long Blockchain Corp., part of a plan to explore opportunities in blockchain technology. The company's stock rose more than 200 percent on the NASDAQ following the announcement, according to a press release.
Long Blockchain does not have definitive plans, but it is looking at several blockchain partnership opportunities, including:
- Blockchain software developer
- Smart contract platform
- Global financial blockchain market
"We view advances in blockchain technology as a once-in-a-generation opportunity, and have made the decision to pivot our business strategy in order to pursue opportunities in this evolving industry," Long Blockchain Corp. CEO Philip Thomas said in the release. "We are committed to enhancing shareholder value and believe that our new focus is the best path towards this goal. We will, in the coming weeks and months, be taking a series of steps related to our efforts to assemble a world-class team of industry professionals to help us realize this vision."
Long Blockchain will continue to operate Long Island Brand Beverages LLC. as a subsidiary, according to the release.