In a move to tap into the ongoing blockchain wave, beverage company Long Island Iced Tea Corp. has announced that it is rebranding as “Long Blockchain Corp.”
The company said that it has reserved the web domain www.longblockchain.com and intends to request Nasdaq to change its trading symbol accordingly. Long Island Brand Beverages, LLC will continue to operate as a wholly-owned subsidiary and maintain the focus of this business on the ready-to-drink segment of the beverage industry.
“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. 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. We are pursuing our new direction in a thoughtful and deliberate manner,” Philip Thomas, Chief Executive Officer of the Company, said.
CNN reported that the company’s stock surged by 200 percent on the news (see image below). Other companies, including RIOT Blockchain, LongFin, Rich Cigars, and Vapetek have also soared recently after announcing their involvement in the bitcoin and blockchain space.
In its official release, the company said that it is already in the preliminary stages of evaluating specific opportunities, such as potential partnerships, investments or acquisitions, involving blockchain technology.
