Farmingdale, NY, March 20, 2018 (GLOBE NEWSWIRE) -- Long Blockchain Corp. (Nasdaq: LBCC) announced that it has closed on a strategic investment in Stater Blockchain Limited, a technology company focused on developing and deploying globally scalable blockchain technology solutions in the financial markets. Stater’s wholly-owned subsidiary, Stater Global Markets, is a Financial Conduct Authority (FCA) regulated brokerage that facilitates market access across multiple instruments including spot FX, exchange traded futures and contracts for difference (CFDs).
“As previously announced, we had been in discussions to merge with Stater. As the expiration date of the letter of intent approached, both parties agreed that a minority investment with dual board representation would allow us to immediately formalize our partnership while maintaining our respective autonomy,” stated Shamyl Malik, Chief Executive Officer of Long Blockchain. “We are pleased to announce this strategic investment, which further demonstrates our shared commitment to building blockchain technologies.”
Ramy Soliman, Chief Executive Officer of Stater Blockchain, added, “We aim to provide value for shareholders through blockchain solutions, as well as a regulated institutional brokerage through Stater Global Markets. We believe this combination of fintech and brokerage is a compelling value proposition and we look forward to working with Long Blockchain to leverage our collective expertise.”
Under the terms of the agreement, Long Blockchain will acquire 9.9% of Stater in exchange for 9.9% of LBCC common stock. In conjunction with the closing of the transaction, Mr. Soliman has been appointed as a director of Long Blockchain and Mr. Malik has been appointed as a director of Stater. The Company’s previously announced letter-of-intent with Stater terminated on March 17, 2018. The parties may still seek to consummate a more comprehensive transaction together in the future subject to regulatory approvals, although there is no assurance that one will be agreed upon.
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®’.
About Stater Blockchain Limited
Stater Blockchain aims to be the global market leader in blockchain technology solutions for the financial markets. The organization focuses on developing and deploying innovative and scalable distributed ledger technology solutions for the financial services sector. Stater Blockchain owns Stater Global Markets, a UK-based FCA regulated prime-of-prime brokerage, which facilitates market access across multiple instruments including spot FX, exchange traded futures and contracts for difference. For further information, please visit www.staterblockchain.com.
