Long Island Ice Tea renames itself Long Blockchain, shares to rocket

The beverage maker wants to focus on crypto currencies, but will continue making lemonade and other drinks

Beverage maker Long Island Iced Tea has renamed itself Long Blockchain Corp to re-focus its business on blockchain technologies and crypto currencies.

After announcing the re-brand, the company's shares rose by a whopping 300% as investors backed the opportunity. Although it's quite a shift for a company used to making lemonade and other soft drinks, it seems to have made a big impact on speculators, with its market capitalisation rising from $23.8 million up to $92 million.

However, at the moment, Long Blockchain Corp doesn't have any agreements with other blockchain businesses, nor does it really seem to have any plans to get into the blockchain industry.

As a result of the change, the company has also cancelled its plans to sell shares, which it was going to do to recoup losses after merging with Cullen Agricultural Holding Corp. back in 2015.

Advertisement
Advertisement - Article continues below
Advertisement - Article continues below

Long Island Ice Tea joins a whole raft of other companies moving their focus to fintech from non-tech-related businesses, including other drink-makers (SkyPeople Fruit Juice, Ping Shan Tea Group Limited), e-cigarette creators (Vapetek), sports bra manufacturers (Croe Inc.) and sofa retailers (Nova LifeStyle). Each of these companies' shares have experienced a significant boost after changing their name and announcing their shift.

"It's so reminiscent of what happened in the late 1990s," Scott Nations, author of A History of the United States in Five Crashes,' told Bloomberg. "A company that had nothing to do with the internet would put out a press release that they were going to become an internet company now, and the same sort of thing would happen."

Featured Resources

What you need to know about migrating to SAP S/4HANA

Factors to assess how and when to begin migration

Download now

Your enterprise cloud solutions guide

Infrastructure designed to meet your company's IT needs for next-generation cloud applications

Download now

Testing for compliance just became easier

How you can use technology to ensure compliance in your organisation

Download now

Best practices for implementing security awareness training

How to develop a security awareness programme that will actually change behaviour

Download now
Advertisement

Most Popular

Visit/policy-legislation/data-governance/354496/brexit-security-talks-under-threat-after-uk-accused-of
data governance

Brexit security talks under threat after UK accused of illegally copying Schengen data

10 Jan 2020
Visit/security/cyber-security/354468/if-not-passwords-then-what
cyber security

If not passwords then what?

8 Jan 2020
Visit/policy-legislation/31772/gdpr-and-brexit-how-will-one-affect-the-other
Policy & legislation

GDPR and Brexit: How will one affect the other?

9 Jan 2020
Visit/web-browser/30394/what-is-http-error-503-and-how-do-you-fix-it
web browser

What is HTTP error 503 and how do you fix it?

7 Jan 2020