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Thursday
Dec212017

Long Island Iced Tea Corp. changes name to Long Blockchain; stock soars

jenifoto/iStock/Thinkstock(NEW YORK) -- A New York-based beverage company is seeing dollar signs after changing its name in an homage to the ongoing interest in Bitcoin and shifting its focus towards the technology behind the cryptocurrency.

Long Island Iced Tea Corp. announced on Thursday that it would "shift its primary corporate focus towards the exploration of an investment in opportunities that leverage the benefits of blockchain technology." As a tie in with that plan, the company will also change its name to Long Blockchain Corp.

The company will still operate Long Island Brand Beverages as a subsidiary, according to a press release.

"We view advances in blockchain technology as a once-in-a-generation opportunity," CEO Philip Thomas said in a press release.

"I am incredibly proud of what we have accomplished in the beverage industry and we are committed to growing our business both on a national and international scale," Thomas added.

In Thursday's trading, the company's stock jumped significantly, finishing the session up 4.47 to $6.91 per share.

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