Beverage maker Long Island Iced Tea Corp's shares jumped almost 300 per cent on Thursday after the company said it would rebrand itself Long Blockchain Corp, the latest USA firm to tap into the frenzy surrounding cryptocurrencies.
The small business, which produces a range of soft drinks on Long Island, said it was still going to continue making the iced tea based drinks but was "shifting its primary corporate focus towards the exploration of and investment in opportunities that leverage the benefits of blockchain technology". "Emerging blockchain technologies are creating a fundamental paradigm shift across the global marketplace", the company said.
Long Island, for example, dropped more than 18 percent at the market open this morning, Yahoo! Exactly how it intends to get into the cryptocurrency business isn't made explicitly clear, but the press release does say that plans are at their "preliminary stages", twice.
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As part of the company's pivot to blockchain, a previously filed offering with the Securities and Exchange Commission for up to US$10 million in stock was withdrawn. One potential partner is providing "blockchain infrastructure for the financial services industry".
"The move is reminiscent of the late 1990s, when companies could see their stock prices soar if they added ".com" to their names.
As reported by Bloomberg, there's also Nodechain Inc., formerly vaping firm Vapetek inc.; Intercontinental Technology Inc., whose old name was Rich Cigars; biotech company Bioptix Inc., which is now called RiotBlockchain; and Ping Shan Tea Group Limited, now named Blockchain Group Co Ltd.