- Provides Financing to Support Transition into Blockchain Technologies -
Farmingdale, NY, Dec. 26, 2017 (GLOBE NEWSWIRE) -- Long Blockchain Corp. (NasdaqCM: LTEA) (the “Company”) today announced that it has entered into a two-million-dollar convertible debt facility, with an additional two-million-dollar option, to support the shift of the Company’s primary corporate focus towards the exploration of and investment in specific ventures relating to blockchain technology.
The lender of the convertible debt facility, Court Cavendish Ltd., is a UK-based investment firm that has agreed to provide financing to support the working capital requirements of the Company while the Company moves into specific ventures relating to blockchain technology. Pursuant to the arrangement, the lender has been granted the right to appoint two new members to the Company’s Board of Directors, which such members shall be mutually agreed upon between the Company and the lender. Such new board members have not yet been agreed upon.
Philip Thomas, Chief Executive Officer of the Company, commented, “Our company recently announced we would be taking a series of steps relating to the pivot into blockchain technology, including the assembly of a world class team of industry professionals. Our new financing arrangement with a UK-based investment firm that shares our vision is the first step of many, and further validates our commitment to a swift, responsible pivot into blockchain technology.”
For more information on the terms of the convertible debt facility, please see the Company’s Current Report on Form 8-K which was filed on December 22, 2017 with the Securities and Exchange Commission.
About Long Blockchain Corp.
Long Blockchain Corp. (formerly Long Island Iced Tea Corp.) is focused on developing and investing in globally scalable blockchain technology solutions. It is dedicated to becoming a significant participant in the evolution of blockchain technology that creates long term value for its shareholders and the global community by investing in and developing businesses that are “on-chain”. Blockchain technology is fundamentally changing the way people and businesses transact, and the Company will strive to be at the forefront of this dynamic industry, actively pursuing opportunities. Its wholly-owned subsidiary Long Island Brand Beverages, LLC operates in the non-alcohol ready-to-drink segment of the beverage industry under its flagship brand ‘The Original Long Island Brand Iced Tea®’.
Forward Looking Statements
This press release includes statements of the Company’s expectations, intentions, plans and beliefs that constitute "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to come within the safe harbor protection provided by those sections. These statements, which involve risks and uncertainties, relate to the discussion of the Company’s business strategies and its expectations concerning future operations, margins, sales, new products and brands, potential joint ventures, potential acquisitions, expenses, profitability, liquidity and capital resources and to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements include any statement that does not directly relate to a historical or current fact. You can also identify these and other forward-looking statements by the use of such words as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "thinks," "estimates," "seeks," "predicts," "could," "projects," "potential" and other similar terms and phrases, including references to assumptions. These forward looking statements are made based on expectations and beliefs concerning future events affecting the Company and are subject to uncertainties, risks and factors relating to its operations and business environments, all of which are difficult to predict and many of which are beyond its control, that could cause its actual results to differ materially from those matters expressed or implied by these forward looking statements. These risks include the Company’s history of losses and expectation of further losses, its ability to expand its operations into blockchain technologies, its ability to develop or acquire new brands, the success of its marketing activities, the effect of competition in its industry and economic and political conditions generally, including the current economic environment and markets. More information about these and other factors are described in the reports the Company files with the Securities and Exchange Commission, including but not limited to the discussions contained under the caption “Risk Factors.” When considering these forward looking statements, you should keep in mind the cautionary statements in this press release and the reports the Company files with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and the Company cannot predict those events or how they may affect it. The Company assumes no obligation to update any forward looking statements after the date of this press release as a result of new information, future events or developments, except as required by the federal securities laws.
Contacts: For Investors Philip Thomas Long Blockchain Corp. 1-855-542-2832