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The Long Island Iced 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."
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 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 former Long Island Iced Tea Company is following the lead of other companies that have seen their value skyrocket after announcing blockchain-related moves. One small financial technology company saw its value skyrocket after it announced a blockchain-related acquisition. In October, a biotech company saw its value skyrocket after it renamed itself "Riot Blockchain."
Iced tea company rebrands as "Long Blockchain" and stock price triples
$24 million iced tea company says it's pivoting to the blockchain, and its stock jumps 200%
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(Score: 1) by khallow on Saturday December 23 2017, @11:37AM
In each case, most of the action happened in the last two years. When you have high levels of exponential growth or even superexponential growth, the last bit contains most of the growth in an absolute sense.