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Long (Island) Blockchain: Iced tea company follows tech craze and pivots
24 December 2017, 12:56 | Floyd Cook
Image Long Island Iced Tea Corp Gizmodo
The more interesting fact is that according to the press, Long Blockchain Corporation does not now have a project or a partner involved in blockchain, but has already added the "Blockchain" word to its name.
During the internet bubble, some companies were able to boost their stock prices simply by inserting a "dot-com" in their names or, virtually overnight, refashioning themselves as e-commerce companies.
The cryptocurrency market is now approaching huge tremendous market capitalization of around $600 billion, with bitcoin and ethereum being the two biggest digital currencies by market caps.
Watson, whose fortune was estimated at $420 million in the National Business Review Rich List this year, entered into an agreement in early 2015 to merge his U.S. dairy farming venture Cullen Agricultural with the Long Island Iced Tea corp. At least, that worked for the Long Island Iced Tea Corp after changing its name to Long Blockchain Corp.
Currently Long Island Iced Tea Corp (NASDAQ:LTEA)'s shares owned by insiders are 1.5%, whereas shares owned by institutional owners are 1.8%.
Long Blockchain plans to follow in a similar path. It has no agreements with any blockchain firms, and says "there is no assurance that a definitive agreement with these, or any other entity, will be entered into or ultimately consummated".
Right after the announcement, the share price of the company skyrocketed and increased by around 500%.
"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", Thomas said in the press release. The company could not be reached at this time and so far we have not heard back from the SEC for comment.
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