Long Blockchain Corp. Not Proceeding with Previously Announced Public Offering of Common Stock, Purchase of 1,000 Bitcoin Min...
January 09 2018 - 9:00AM
Long Blockchain Corp. (NasdaqCM: LBCC) (the “Company”) today
announced that it is not proceeding with its previously announced
public offering of common stock at this time. The Company is
continuing with its plan to consummate the purchase of 1,000
Antminer S9 mining rigs and 1,000 APW3++ PSUs, which it expects to
be shipped in January 2018 for immediate commencement of mining
operations. Notwithstanding its intent to close on the proposed
acquisition, the Company can make no assurances that it will be
able to finance the purchase of the mining equipment.
The Company continues to evaluate and explore
multiple specific opportunities involving blockchain technology,
including potential partnerships, investments and acquisitions.
Blockchain acts as a public, decentralized ledger. This ledger
provides a single, unified source of data, creating a clearer audit
trail and consistency across parties. The Company believes that
emerging blockchain technologies are creating a fundamental
paradigm shift across the global marketplace, with far reaching
applications across all industries.
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