Ice Tea Company Rebrands as 'Long Blockchain' and Stock Price Triples (arstechnica.com)

The Long Island Ice Tea Corporation is exactly what it sounds like: a company that sells people bottled iced tea and lemonade. But today the company announced a significant change of strategy that would start with changing its name to "Long Blockchain Corporation." From a report: The company was "shifting its primary corporate focus towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology," the company said in a Thursday morning press release. "Emerging blockchain technologies are creating a fundamental paradigm shift across the global marketplace," the company said. The stock market loved the announcement. Trading opened Thursday morning more than 200 percent higher than Wednesday night's closing price. The company isn't getting out of the iced tea business. "The Company will continue to operate Long Island Brand Beverages, LLC as a wholly-owned subsidiary," the company writes in its press release. The new blockchain efforts are only in their "preliminary stages," the press release says, and will likely involve investing or forming partnerships with other companies. One potential partner is providing "blockchain infrastructure for the financial services industry." Another is building a "new smart contract platform for building decentralized applications."

Comments

Angel Investor Wanted!

[slacktide]

You won't want to miss getting in on the ground floor of the Dirty South House of Chicken, Waffles, and Blockchain.

Re:Reminds me of Snap Interactive isn't Snap Inc.

[DarkOx]

15% own stocks DIRECTLY. Much much larger percentages of the public have mutual fund holdings, often in IRAs or 401ks.

That 15% number is talking point for people with a political agenda, and has little relationship with reality.

Note I am not saying the 401K and IRA schemes are models of good public policy just that its not true only 15% of Americans 'own' stocks.