Iced Tea Company's Stock Price Triples after Rebranding to "Long Blockchain Corp".

Iced Tea Company's Stock Price Triples after Rebranding to

The company said it would request to change its trading symbol as well.

Some 15 years after the internet crash, Long Island Iced Tea Corp.

Several other small USA firms in recent weeks have reshaped their business models to capitalize on the craze for blockchain technology, which supports cryptocurrency. But that all changed on Tuesday morning, when the company announced in a press release that it would rebrand as a blockchain-technology company. Shares of the company have taken off since late September, when it announced a joint venture to develop a trading platform that aims to develop the security token market.

But the company said in a statement it would remain in the ready-to-drink beverage industry through a subsidiary while shifting to the cryptocurrency sphere. It has no agreements with any blockchain firms, and says "there is no assurance that a definitive agreement with these, or any other entity, will be entered into or ultimately consummated".

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Shares took off, exploding 164% to 6.45 in the stock market today after hitting 9.49 intraday.

CEO Philip Thomas commented, "We view advances in blockchain technology as a once-in-a-generation opportunity, and have made the decision to pivot our business strategy in order to pursue opportunities in this evolving industry".

"We will, in the coming weeks and months, be taking a series of steps related to our efforts to assemble a world-class team of industry professionals to help us realise this vision".

Though the company says it doesn't have any agreements in place, the company has switched its domain to and the new site says Long Blockchain is in the "preliminary stages of evaluating specific opportunities".

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