Long Island Iced Tea Group, a business part-owned by expatriate New Zealand businessman Eric Watson, has tapped into the cryptocurrency craze by changing its name to Long Blockchain Group.
In a press release, Philip Thomas, the CEO of the NY company, assured folks they would still make drinks, stating the company was "incredibly proud of what we have accomplished in the beverage industry and we are committed to growing our business both on a national and worldwide scale".
Shares in a tiny United States soft drinks firm, Long Island Iced Tea Corp, have quadruple in value in just one day after it changed its name to Long Blockchain Corporation, the latest move by a string of obscure companies rebranding themselves in an attempt to ride the bitcoin bubble. Each of these companies' shares have experienced a significant boost after changing their name and announcing their shift.
Long Blockchain isn't actually offering Blockchain services yet, and Ars reports it's looking to partner with other companies to do so.More news: Community stepping up to aid Salvation Army after fire
Existing businesses, like Long Blockchain Corp., are leveraging their current reputations and assets to redirect focus on the blockchain market. It has also registered the new web domain www.longblockchain.com. The stock exchanged hands 15.03 Million shares versus average trading capacity of 170.23 Million shares, yielding a market cap of $67.1 Million.
Right after the announcement, the share price of the company skyrocketed and increased by around 500%.
Philip Thomas, Long Island Ice Tea Corp's chief executive, said: "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".
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